No part of the estate planning process is a one-and-done kind of thing. These plans must evolve to work with life changes. For example, Massachusetts residents who have taken the time to write wills may want to review and update them for any of the following reasons.
Many Massachusetts residents believe that as long as they have a will, their estates will be fully protected and their wishes honored when they die. Unfortunately, wills may end up being ruled invalid if not properly prepared or prepared under questionable circumstances. Here are a few reasons why one's will may end up being contested.
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.
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.
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.
The term "estate planning" can conjure up morose and morbid thoughts and the mere idea of that can be enough to prevent discussions from taking place. The fact remains that no one gets out of this life alive and that if the issue is not addressed, what happens after a person passes away could be left to the courts. While wills are important, there are other issues that may need to be addressed in a comprehensive Massachusetts estate plan. One of the most important things is to start the conversation.
Abatement of a will in Massachusetts is the process of reducing the dollar amount of certain gifts so that the estate can cover the promises it makes. This is somewhat common due to the fact that fortunes fluctuate. The original terms of a will may not apply to the real-world situation of settling the estate.
Many people in Massachusetts need more than a will. This basic document is meant to ensure that the property of a deceased person goes where intended. Whether you need to take other steps would depend on your family and financial situations.
Estate planning experts recommend that Wakefield residents create a will and other important estate instruments early on in their adult lives. Yet having said this, it is also recognized that much can change over the course of one's life, and that their desires and wishes when they die may not be the same as those they held when they first created their wills. If you or a loved one are concerned about making changes to already-documented estate plans (and how those changes should be properly communicated to those who are party to the estate), not to worry; many have come to us here at the Curley Law Firm LLP with the same questions.
When you start the process of organizing the plan for your future and how you will distribute your estate to your surviving family members, your first concern may not be telling your family the details of what you are doing. However, your willingness to be open about your intentions may have quite an impact on preventing disagreements between your family after your death. AT Curley Law Firm LLP, we are experienced in helping families in Massachusetts with estate planning.