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Facing mortality is necessary to protect your assets for heirs

Like most people around the country, Massachusetts residents do not want to contemplate their own mortality. This often stops them from protecting their assets so that their chosen heirs ultimately inherit them. Without some estate planning, those assets could unintentionally end up with some family members while other loved ones, friends and charities receive nothing.

Furthermore, without some planning, an estate can be significantly diminished by taxes and other financial obligations that could exist when an individual passes away. In addition, surviving loved ones will be left to deal with everything without any instructions or preparations. Under these circumstances, the probate process can quickly become time consuming, frustrating and expensive.

Even though the conversation might be uncomfortable, Massachusetts residents need to make plans for the disposition of their property after death. It would also be helpful to have a discussion with family members. That way, they will have some idea of what to expect and where to find pertinent documentation and instructions when the time comes. An estate plan can be useful to every adult, regardless of age. As an individual ages, changes can be made to the documentation as needed.

Facing mortality with a plan for the disposition of assets could be considered much better than doing so without one. Many would say that putting a plan in place to protect the inheritances intended for an individual's heirs outweighs any temporary discomfort in contemplating death. Everyone involved will most likely be given peace of mind from knowing a plan is in place that affords surviving family members the ability to rely on the decedent's wishes when handling matters during their time of grief.

Source: Forbes, "What Every Estate Planning Lawyer Wants You to Know About Death and Dying", Jeena Cho, June 13, 2016

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