Dispelling Estate Planning Myths

Estate planning often carries with it a sense of mystery, or at the very least, a cloud of misinformation. It's a topic that most people don't want to think about until it's absolutely necessary. Working in an office owned by an estate planning attorney with 30 years of experience, we've seen firsthand how these myths can create unnecessary confusion and stress. Today, we're here to set the record straight. So grab your cup of coffee, sit back, and let's tackle some of the most common estate planning myths together.

Myth 1: "I Don't Need an Estate Plan Because I'm Not Rich"

One of the most pervasive myths we've encountered is the idea that estate planning is only for the wealthy. People often believe that if they don't own a mansion or have a seven-figure bank account, estate planning doesn't apply to them. The truth is that everyone has an estate, whether it's a home, a car, personal belongings, or even a modest savings account. Without an estate plan, the state of Maryland will decide how your assets are distributed. This can lead to outcomes that might not align with your wishes, and let's face it, the state isn't exactly known for its psychic abilities.

Estate planning isn't just about wealth distribution; it's also about making sure your healthcare wishes are honored, appointing guardians for minor children, and even deciding who gets that collection of rare comic books you've been hoarding for decades. Whether you have a lot or a little, an estate planning attorney can help you create a plan that reflects your specific circumstances and desires.

Myth 2: "My Family Knows What I Want; I Don't Need to Write It Down"

Ah, the classic "my family knows me best" argument. While it's heartwarming to believe that your loved ones will honor your wishes without any written instructions, reality often tells a different story. Emotions run high after a loss, and even the most harmonious families can find themselves at odds over what they believe you would have wanted. We can tell you that even the closest families can be torn apart over disagreements, sometimes over something as trivial as Grandma's favorite teacup.

In Maryland, if you don't have a written will or estate plan, your estate will be subject to intestacy laws. This means the state decides who inherits what, which might not align with what you discussed with your family over Thanksgiving dinner. By working with an estate planning attorney, you can create clear, legally binding documents that make certain your wishes are carried out exactly as you intended. It spares your loved ones from guesswork and potential conflict.

Myth 3: "Estate Planning Is Only About What Happens After I Die"

Estate planning isn't just a posthumous affair; it has plenty of relevance while you're still very much alive. One of the most critical aspects of estate planning is preparing for potential incapacity. Who will make decisions for you if you're unable to do so yourself? Without the proper documents, your loved ones may need to go through the courts to obtain guardianship—a process that can be both time-consuming and expensive.

An estate planning attorney can help you draft documents like a durable power of attorney, a healthcare directive, or a living will. These tools allow your financial and medical decisions to be handled by someone you trust if you’re ever unable to make them yourself. It's like having an insurance policy for your peace of mind, except this one doesn’t come with a mountain of paperwork to fill out every year.

Myth 4: "Once My Estate Plan Is Done, I Can Forget About It"

We wish we could tell you that estate planning is a "set it and forget it" kind of deal, but unfortunately, life has a funny way of throwing curveballs. Marriages, divorces, births, deaths, and changes in financial circumstances are just a few of the reasons why your estate plan might need a refresh. Maryland laws can also change, potentially affecting the validity or effectiveness of your plan.

We recommend revisiting your estate plan every three to five years or after any major life event. An estate planning attorney can help you make any necessary updates to keep your plan current and effective. It's a bit like taking your car in for a tune-up; it's not something you do every day, but it’s essential for keeping things running smoothly.

Myth 5: "I Can Just Use a DIY Will Kit; It's Cheaper"

In an age where you can learn how to do pretty much anything online, the temptation to create your own will using a DIY kit is understandable. Those kits are indeed less expensive upfront, but they often come with a hidden cost. Maryland estate law is intricate, and a one-size-fits-all approach rarely covers all the bases. We’ve seen DIY wills that were too vague, improperly executed, or didn’t comply with state law, leading to confusion, additional legal fees, and even court battles.

An estate planning attorney doesn't just fill in the blanks on a form; our attorney will tailor your plan to your specific needs and circumstances, making sure it holds up in court and effectively carries out your wishes. In the end, a professionally crafted estate plan is often more cost-effective than trying to fix a poorly done DIY job down the road. It’s like trying to save money by cutting your own hair. Sure, it might work out fine, but there's a good chance you’ll end up needing a professional to fix it.

Myth 6: "Only Older People Need to Worry About Estate Planning"

It’s easy to think of estate planning as something that can wait until retirement, but that’s another common misconception. Life is unpredictable, and having an estate plan in place is essential at any age. Whether you're in your 20s and just starting to build your wealth or in your 40s with a growing family, an estate plan provides protection and peace of mind. Plus, let’s face it, we’re all getting older every day, so why not be prepared?

In Maryland, having an estate plan guarantees that your wishes are respected, regardless of your age. Whether you’re single, married, have children, or own a business, an estate planning attorney can help you create a plan that’s right for you. Estate planning is a proactive step that protects your assets, your family, and your legacy, no matter how many candles are on your birthday cake.

If You’re Planning an Estate, Help Is Available

Now that we’ve tackled some of the most common myths, let’s talk about how we can help you with your estate planning needs. With 30 years of experience and a background in tax law from her time with the IRS, our attorney brings a unique perspective to the table. Our goal is to make the estate planning process as straightforward and stress-free as possible.

We take the time to listen to your concerns, explain your options, and craft a plan tailored to your specific situation. We’re here to guide you every step of the way, from drafting your initial documents to updating them as your life changes. Our commitment is to keep you informed and comfortable with every decision, so you can rest easy knowing your estate is in good hands.

Estate planning is an essential part of life, regardless of your financial situation or age. By dispelling these common myths, we hope we've provided some clarity and peace of mind. Remember, an estate plan is not just about what happens after you're gone—it’s about protecting your wishes, your assets, and your loved ones while you're still here.

If you haven’t already, now is the perfect time to sit down with our estate planning attorney at the Law Offices of Julie A. Schejbal, CHTD, and get your affairs in order. With an office in Dunkirk, Maryland, we also serve clients throughout the greater Calvert County area, Prince George's County, Charles County, and St. Mary's County.