When it comes to estate planning in Maryland, there are many misconceptions. Over the years, I have noticed some common themes in the way some people think about Wills. In this post, I will discuss 4 common misconceptions I regularly encounter when helping people in Bethesda and Upper Marlboro get their financial affairs in order.
Misconception #1: A Will avoids probate. No. A Will is the primary tool of the probate system. Your Will is like a letter to the Court telling the Court how you want your property distributed. Then you must make sure that you prove to the Court that all your property is collected and appraised, and all your bills and taxes are paid, before your property can be distributed to your heirs.