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June 2020 Archives

DIY wills can lead to complications in the future

Estate planning is prudent and practical for every Massachusetts adult, and some may look for ways to save time and money during this process. One way someone may try to do this is by drafting these documents independently and without relying on the guidance of legal and financial professionals. This is not the ideal way to draft wills or any other important legal documents, and this approach can lead to complications in the future.

Estate planning in the digital age

The 21st century has opened a new can of worms regarding estate plans. Now on the estate planning menu for many Massachusetts residents are digital assets. Many things have been digitized and not everything everyone owns is in a hard copy format. Anything online that a person owns is considered to be a digital asset. 

Estate planning tools for different life stages

Massachusetts adults can benefit from making plans and looking to the future, regardless of age or income status. Estate planning is not something reserved only for the old and wealthy, but it is useful for individuals of all life stages. Having a plan in place will provide certain benefits and protections that may be specific to the individual stage of life or unique objectives. 

Estate planning documents include more than just a will

There is one thing people can do before they pass on to make things easier on their loved ones. No Massachusetts resident likes to think about his or her own demise, but taking some time out to work on estate planning documents may provide some comfort in knowing family members won't be saddled with the task of sorting through personal and financial effects. There is much more to an estate plan that a will.

Trusts can be an important estate planning tool

When a person passes away, loved ones left behind will look at his or her will and other estate planning documents to determine what to do with assets and personal property. Having a plan is important, but a simple will may not be enough for a Massachusetts adult who has specific goals for his or her estate. Trusts can be a useful tool that allows an individual to set aside assets, protect them and designate them for a specific purpose.

Without meeting certain requirements, wills may not be valid

When Massachusetts adults consider planning for the future, they may draft certain documents. Through wills and other tools, they can outline what they want to happen to their personal property after they pass, name a guardian for minor children, protect assets for the future and more. Even in thorough estate plans, certain mistakes can invalidate plans or make things difficult for beneficiaries. To avoid unpleasant surprises, it is prudent to make thoughtful decisions while planning or carefully review existing estate plans.