It’s true, there are many options out there for creating wills and trusts on your own, any may people take this route for convenience and cost. Many products that commoditize estate planning documents exist in today’s market; however, these products are grossly inadequate in providing for tax planning and tailoring for special family considerations and concerns.
Moreover, a common misunderstanding is that a will takes care of all of your assets at death. However, retirement accounts, life insurance proceeds, and other assets are controlled by beneficiary designations. If these designations are not reviewed and updated periodically, as your review and update your will, the intended beneficiaries of your estate may be out of luck. It is especially important to note that under current Maryland law, a former spouse is automatically written out of your will, but you will need to update revocable trusts and other beneficiary designations upon divorce to divert those assets from your ex-spouse at your death.
Consulting with an experienced estate and trust attorney can craft tailor-made estate planning documents that suit your individual needs, including tax savings and planning for various intra-family concerns. An estate planning attorney will also work with you to ensure that all assets are considered in a unified plan, so that beneficiary designations, wills, trusts, and the like work in conjunction to achieve your desired results.
