Estate planning is something most people seem to think should be done later in life. Why would a fairly young person need or want to plan for incapacitation or death, right? Well, the truth is that estate planning for family and asset protection is not something that one should delay. There are plenty of reasons why Massachusetts residents may want to consider creating an estate plan now.
One of the top reasons to consider creating an estate plan is one’s children. Even if one is just starting to build a family, taking care of them in the event of one’s death or incapacitation is likely a top priority. In order to do this, though, it is important to get all of the legal ducks in a row. Certain documents must be filled out and signed, a guardian should probably be named and how assets are to be passed to children or used for their growth and development must be carefully outlined.
After making sure one’s children are protected, one can then move on to the asset protection part of the estate planning process. Documenting how one wants assets distributed in the event of his or her death or managed in the event of incapacitation is certainly a must. Without providing details as to what one wants, loved ones could be left dealing with a big mess that could create a lot of hurt feelings.
Massachusetts residents of all ages can benefit from creating estate plans. Do not wait to do estate planning for both family and asset protection. By working with an experienced attorney, one can be sure all legal bases are covered and the desired protections are put in place for if or when they are needed.
Source: nerdwallet.com, “Congrats on Your New Baby! Now It’s Time for an Estate Plan“, Brian Mccann, Dec. 22, 2016
