Typically, in various aspects of life, there are always some people who tend to procrastinate. If the situation at-hand is minor and considered unimportant, it doesn’t necessarily mean that the person who is putting off whatever it is he or she needs to do will suffer adverse consequences. However, there are certain issues that can be crucial for Massachusetts residents and others, and continuing to place them on a back burner, so-to-speak, can have negative effects somewhere down the line. Creating an estate plan, documenting wills and considering the best means for asset protection in one’s life are among matters that are best addressed in good time.
Some people find that discussing their own mortality is difficult. They tend to avoid the topic altogether. However, the one thing that is certain in life is that every person is going to die some day. Therefore, it is advisable to make certain that one’s plans and wishes are documented insofar as what will happen to one’s property and assets after death.
When a person dies with no estate plan set, the decisions about what is to happen to his or her assets, including money and property, goes to the court. For parents of minor age children, it is also advisable to protect them by putting in writing who is to be their guardian if they become orphaned. One family financial education specialist stated that a person can never know how much time he or she has left in life; therefore, it is not wise to put off creating an estate plan, wills or other directives that can help avoid stress and discord for family members when the time to administer an estate arrives.
Depending upon individual circumstances, matters of estate planning can be simple or complicated. Some Massachusetts residents choose to seek guidance under an experienced legal professional before attempting to write their own wills or develop estate plans. Doing so can help a person determine all options that are available to him or her and how best to proceed when taking steps to provide for the future well-being of one’s family after one dies.
Source: houstonherald.com, “Expert: Establish an estate plan before death comes knocking“, Sept. 30, 2015