There is no one-size-fits-all approach to planning for the future. Every estate plan is different, and these plans can be custom-tailored to suit the specific needs of the Maryland individual and his or her family. Once these documents have been drafted, however, the work isn’t necessarily over. Changes will be necessary over time as circumstances and needs change. Holes in an existing plan could lead to complications in the future.
Life is constantly changing, and an estate plan should also change with significant alterations in circumstances. This includes changes in income, divorce, remarriage, the birth of children and more. Life changes could lead to holes in a plan that will eventually need to be filled. Some possible updates that could be necessary include:
- Naming a trusted individual to be the executor of the estate
- Drafting powers of attorney for health care and finances
- Creating a living will
Most people start the estate planning process simply by drafting a will, but it is often necessary to have more that this basic document. Over time, a more thorough estate plan could be necessary to protect the interests of beneficiaries and control increased wealth or assets.
The goal of an estate plan is to create long-term security and peace of mind. However, it may be necessary for a Maryland individual to review existing plans to see if updates are necessary to have full protection. Gaps in a plan could lead to complications, stress and unexpected costs in case of an unexpected death or incapacitation.