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November 2019 Archives

Estate planning in today???s diverse family environment

The family dynamic in Massachusetts and elsewhere around the country is changing. This is particularly important to be aware of as people approach retirement age. In prior generations, the majority of people entering retirement and approaching old age relied, to some extent, on the aid and support of their families and particularly their children. More and more people are now deciding not to marry and many married couples are opting not to have children. This has significant implications for estate planning.

Estate administration carries significant responsibility

Creating an estate plan is becoming more widely recognized as a necessity as the consequences of not having one are made evident by several famous people who died without having a will or other documents in place. In addition to having an estate plan, a person may be called upon to be an executor of a will in Massachusetts. Estate administration comes with its own set of responsibilities.

Estate planning is vital for families of all kinds

The makeup of a family has changed considerably over the years in Massachusetts and around the nation. As couples divorce and remarry, blended families have become more and more common where the makeup of a family can consist of half and stepsiblings. Estate planning, particularly for older couples, should take all of this into account in order to ensure that one's final wishes are carried out as intended. In addition to blended families, more and more older couples are living together without getting married. A recent study shows that the number of couples aged 50 or older who are living together but not married has increased 75% since 2007.