Oftentimes, the main purpose of estate planning is to maximize the value of your estate for your heirs. However, the process serves other important purposes as well, including taking away uncertainty and leaving a lasting presence on those you love.
One of the decisions that will generally come before a person when they are getting their estate plan in place is how much in assets to leave to their various loved ones. There are many different concerns a person may have when it comes to the issue of how much to leave to loved ones. One thing they might be worried about is that they will end up leaving a beneficiary more than is ultimately good for the beneficiary.
When it comes to their estate planning, an elderly individual may have a great many different goals. Wills can be a very useful estate planning tool when it comes to quite a few different types of estate planning goals. However, there are some estate planning goals that wills, generally, are unable to help with. We will go over two such goals in today's post.
Sometimes, after having previously made a will, a person will make a new will. A question a person may have in such a situation is: What effect does the new will have on the old will?
A person generally has quite a bit on their mind following a divorce. Thus, they may be tempted to not give much thought to estate planning during this often-stressful time. However, estate planning can be a very important thing to address after a divorce.
For many people today, their Facebook page and their other social media pages play a significant part in the way they project themselves to the world. Thus, it makes sense that one thing individuals may have very strong thoughts about is what will happen with their social media accounts when they pass away. They may want their accounts to simply be shut down when they die. Or perhaps they would rather have their accounts kept up as memorials to their life. They may also have strong opinions about who should be able to access/control the accounts upon their death.
One thing a person may wonder when it comes to estate planning is: Are there any limitations on who can form a will? According to Massachusetts law, there are only two such limitations.
One of the things that generally needs to happen for a Massachusetts will to be valid is for the will to meet the state's witness requirement. To meet the state’s witness requirement, the signing of the will or an acknowledgment of the will/signature must be witnessed by two or more people. These witnesses must then add their signatures to the will.