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Go into the New Year with a solid estate plan in place

On Behalf of | Dec 4, 2021 | Estate Planning

The end of the year is a good time to reflect on important changes one should make in the upcoming months. One of the changes a Maryland adult may need to make is updating or creating a solid estate plan that matches his or her needs and objectives. Planning for the future is an important step for virtually everyone, and planning now will allow one to enter the New Year with confidence and a sense of security. 

Why now? 

Many people put off the estate planning process because it does not seem like a pressing need at the moment. The benefits of having an estate plan are not reserved only for the wealthy, ill or elderly. Every adult has the right to have a say over personal financial and health care matters in case of death or incapacitation. Planning now allows one to enter the upcoming year confident in the knowledge that his or her interests are protected. 

It is also a beneficial time to look at any existing plans and make important updates or changes. Life is always changing, and this sometimes necessitates adjustments to certain types of financial and legal plans. One important consideration is the possibility of including changes that reduce tax penalties and provide additional protection for beneficiaries. 

Professional guidance is key 

Creating an estate plan or updating an existing plan is not something to put off until a later date. The end of the year is the perfect time to consider what protections and steps will be most appropriate in the New Year. Working with a Maryland legal professional allows one to create a plan that is sustainable and suited to the individual’s needs.