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.
Starting the estate planning process can be a daunting task. The first step is to simply identify the objectives and decide what is most important. This may include establishing a trust for charitable giving, designating a guardian for minor children or simply outlining how the distribution of assets would work in case of death. The main goals will determine the direction of the process and the complexity of the final plan.
Certain life events of often cause a Massachusetts adult to recognize the necessity to think about the future. It may be after a marriage or the birth a child, or it may be when a certain income level is achieved or a new business started. These are some of the common reasons for making or updating an estate plan.
Estate planning goals are different for each individual. There is no one-size-fits-all solution for the legal and financial protections that may be necessary for the future, which is why it may help to start with an assessment of the situation. Working with an experienced estate planning attorney can ensure that the final plan suits the unique needs and goals of the individual.