It is not unusual for individuals, including those in Massachusetts, to have misconceptions about estate planning. They may think that they do not need wills because they are not wealthy, only have a few assets or that they can wait until they are older to create a plan. However, these notions may not prove true as anyone at any time could need an estate plan.
It was recently reported that a survey conducted by a wealth management company indicated that at least half of those surveyed do not have an estate plan. Additionally, one quarter of the married individuals who participated in the survey stated that only one spouse knows where important documents are kept. Both of these results could present issues for individuals when the time comes to address an estate.