Thinking about the future is not always easy. Most younger and healthy adults don't give a lot of thought to what will happen if they pass away unexpectedly, but in reality, estate planning is important at every stage of life. From young college students to older couples with grandchildren, having certain plans in place are important for future security regarding finances and health care.
Estate planning is crucial at every stage of life
Check your estate plan for these 3 common mistakes
It can be uncomfortable to think about death. Still, whether you have considerable assets or just a few, you likely want to have some control over what happens to your wealth. You also want to be sure that your family members, friends and health care professionals respect your end-of-life wishes.
Do college students really need wills and estate planning tools?
Life is unpredictable, and there is no telling when it will be necessary to have certain types of protections in place. Every Massachusetts adult, starting at the age of 18, will benefit from having wills and other types of estate planning documents drafted and executed. These types of plans can allow an adult to plan for his or her care in case of incapacitation and outline how to deal with assets in case of death. Many college students overlook the importance of estate planning.
Where should an adult start with the estate planning process?
One of the main reasons that Massachusetts adults delay starting the estate planning process is because they assume they are too young or healthy enough to where this process is not necessary. However, estate planning is beneficial for every adult, regardless of income level, health status and age. When deciding to start this process and put certain protections in place for the future, it is not always easy to know where to start.
Estate planning in the age of COVID-19
Spring is in the air, which typically brings plans for summer vacation and travel. This year, with the advent of COVID-19, people in Massachusetts may be considering travel closer to home. They may also be thinking of making sure their affairs are in order before vacations begin. No one knows how widely the virus may spread and being prepared for the worst can allow one to better enjoy a hard-earned vacation. Having basic estate planning documents in place is a smart move to consider.
Estate planning information should be shared to be effective
Some families are very close-knit and communicate regularly on issues both great and small. Other families may be less communicative and keep important information to themselves. There is one area in which open communication can greatly benefit families in Massachusetts. Sharing estate planning information with loved ones may be a sensitive topic but it can save a tremendous amount of heartache at a future date.
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