For a lot of people, creating an estate plan (or making important revisions) can be tough for a number of reasons. In some instances, there are other difficulties which make the estate planning process more complex, such as conflict in the family. For example, siblings may be involved in a heated, long-term rivalry, and your estate plan could be at the heart of the dispute. Or, you may be unsure of how to address these conflicts with respect to your estate plan, whether you are unsure of how to distribute your assets or who to leave in charge of your estate.
Conflict in the family and your estate plan
3 myths about estate plans
Everyone benefits from having an estate plan. It gives you relief as you think about distributing your assets and provides guidance for your heirs. But setting up documents regarding your finances and health can seem daunting.
Terminal illness and estate planning
Some people set up an estate plan when they are in good health and are not aware of any major health concerns. However, others may decide to create a will or a trust when they discover that they have a terminal illness. Whether someone is diagnosed with late-stage cancer or another illness that threatens their life, this can be an overwhelming and emotionally devastating position to be in. People struggling with a terminal illness may have many questions and a lot of uncertainty about their future, their assets and how this illness will affect those they love. Fortunately, estate plans can offer peace of mind and security.
Probating small estates
The probate process can indeed prove costly the longer it takes an estate case in Wakefield to be resolved. Yet the court does not want to see one' assets eaten up in probate, leaving nothing to settle a decedent's debts and liabilities or to pass on to their heirs. Thus, special circumstances exist that may allow estates with lower overall values the opportunity to expedite the process and settle their cases faster.
Estate planning and post-traumatic stress disorder
Those who struggle with post-traumatic stress disorder (PTSD) may face many challenges in daily life. Whether someone has difficulty in the workplace or in their personal relationships, PTSD can be very difficult to deal with. Moreover, this can carry over into other facets of one life. For example, someone may have high levels of anxiety and be hesitant to set up an estate plan even though doing so would be in their best interests. Fortunately, creating an estate plan may be helpful for some people who struggle with PTSD and other mental health challenges by creating a sense of security.
Choose your guardian with care
When creating your Massachusetts estate plan, there are many factors to consider, from who gets the jewelry and car to setting up a trust for your minor children or grandchildren. However, establishing a legal guardian in the event you become incapacitated is crucial to maintaining your care and finances. At Curley Law Firm LLP, we help clients protect their assets and minimize general liability risks by ensuring a responsible person can make decisions if mental capacity becomes impaired.
What you should know about beneficiaries
It is completely natural to worry about what will become of your assets after you are gone. You spent your whole life working and saving so that you and your descendants could enjoy the fruits of that labor. You have every right to ensure it passes into the right hands.
Ademption explained
There are a number of complexities that can be inherent with the estate planning process. One would think, however, that remembering exactly what properties and assets comprise one's estate in Wakefield might not be one of them. Yet people often draft their wills several years prior to their deaths. During the time between the writing of the will and a testator's passing, properties that were included as part of an estate can change hands, thus causing them to fall out of a will's purview.
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