One of the last things that many Massachusetts families consider doing is planning their estate. For many folks, they do not see the value in spending time and resources to plan their future when their immediate situation is satisfactory, comfortable and successful. However, people who fail to plan ahead and take initiative when it comes to preparing their estate, may be in for a rude awakening when their assets are not distributed the way they would have envisioned. Their procrastination can also create major stress and contention for surviving family members.
When people do their research and understand the process of coordinating, planning and implementing an estate plan, they can execute the process with a lessened chance of making critical errors. For starters, they should remember that waiting for the perfect moment is nothing but a myth. There is no better time for anyone to begin planning their estate than right now. They should also put aside the false notion that planning an estate is hard, complicated and lengthy. Working toward creating a plan is actually fairly simple and when done without rushing, can actually be a bit of an enjoyable experience for some.
People should remember that while a will functions as a valuable definition of their final wishes, it does not account for every single item they may wish to gift to their heirs. Once their will has been created, it is imperative that people regularly read its contents to identify areas where modifications should be made as their life continues to change.
If people are interested in starting the process of building out their estate plan, an attorney is a valuable mentor to have. When they work with a legal professional, people can have the added confidence that their future is secure and that no pieces of their plan are missing.
Source: U.S. News, “6 Common Myths About Estate Planning,” Rachel Hartman, Jul. 5, 2018