Many Maryland residents believe estate planning is only for those with significant wealth. They assume that if they have a “simple” estate, such as a house and some savings, their family can easily divide things. This belief, however, is a common and costly myth.
Skipping a will does not save money. It often creates expensive, complex and public problems for the loved ones left behind.
The real costs of dying intestate
When you die without a will, you die “intestate.” Maryland’s intestacy laws, not your family, take control. A judge must follow a rigid legal formula to decide who gets your assets. This process is rarely simple and introduces several unexpected costs.
- Higher administrative fees: The probate process is often longer and more complex without a will, leading to higher court costs and administrative fees.
- Bonding requirements: The court may require the person managing the estate (the “personal representative”) to purchase a costly insurance bond, which is an expense paid by the estate.
- Potential for litigation: When the state’s formula does not match the person’s verbal wishes, family disputes can erupt and lead to expensive legal battles.
These financial burdens can shrink the very estate you worked to build.
Your wishes are not the default
The “simple” estate is often where the most painful family conflicts begin. Intestate law might legally require your assets to be split with other relatives you did not intend.
You may have wanted to leave a specific heirloom to a grandchild or ensure a stepchild was included. Without a will, these personal wishes are legally unenforceable. The state’s formula is impersonal and does not account for your specific relationships or promises.
A will is more than a legal document; it is a financial and emotional protection for your family. It replaces a costly, public and rigid court process with a personal, efficient plan that reflects your precise wishes. An experienced attorney can review your situation and explain the most effective tools to protect your assets.