What happens if I don't have an estate plan?

If you do not have an estate plan, the state of Maryland will determine how your assets and property are distributed after you die. Without an estate plan, Maryland’s “intestacy laws” will decide your fate and you will have no say in the matter. These laws offer a general plan for distribution of your property and assets based on a certain hierarchy, such as the surviving spouse or registered domestic partner, adult children, or lineal descendants, parents, or siblings and any living relatives, even if you are not in close relationship with them. Likewise, without an estate plan, the court will decide who raises or takes care of your minor children, as well as manage any remaining assets. This can be a drawn out, expensive process that can result in unanticipated and undesired outcomes. Estate planning can provide you with the comfort and certainty of knowing that your wishes will be carried out after you are gone. An estate plan can also provide you with tax benefits, legal protection, and minimize other costs associated with your estate. Therefore, if you are a resident of Maryland, it is highly recommended that you create an estate plan to ensure that your wishes are carried out and your loved ones are provided for.

Related FAQs

What is a charitable remainder trust and how does it work?
How can I protect my assets from creditors?
What is a beneficiary designation and how does it work?
How can I transfer real estate without probate?
What is a testamentary trust?
What is a testamentary trust and how does it work?
What happens if I move to another state while my estate is still in the process of being settled?
What is an irrevocable trust?
How can I ensure that my estate is distributed according to my wishes?
Who should be included in an estate plan?

What happens if I don't have an estate plan?

Related FAQs

Related Blog Posts