Planning an estate may seem unimportant to people who are young, have a stable income, are healthy and do not have any significant obligations to dependents. However, waiting too long to plan for the future can be more damaging than many people realize and create stress, contention, and disappointment in a person's later years. The more proactive people are about planning their estate in Massachusetts, they may be able to set the foundation for a lifetime of preparation that will ultimately make the end of their life more enjoyable and more rewarding.
Perhaps the most advertised benefit of having an estate plan is the tax benefits it provides to policyholders. However, while tax benefits are incredibly helpful to have, they are indeed not the only reason why having an estate plan is so important. For example, people that develop a well-written plan earlier in their life can avoid unwanted publicity in delegating their assets at the end of their life. Instead, the details of their estate will remain private and only be disclosed to the heirs named on the plan.
Other benefits include the ability to avoid probate which can often be costly and stressful to family members who are responsible for heading such efforts. An estate plan can also be an effective way to organize a person's affairs to make end-of-life decisions easier. Finally, with a clear expectation of where and how assets will be allocated, people may be able to prevent the chances of familial conflict from destroying their family following their death.
If people are interested in planning their estate and unsure of where to begin, an attorney is an excellent option to consider. A legal professional has the resources to educate people and guide them through the process of creating an estate plan.
Source: The National Law Review, "PCS Advisory: Non-Tax Reasons for Estate Planning," Oct. 3, 2018