Having misconceptions about estate planning could quickly result in Massachusetts residents feeling as if they do not need to create a plan or cause them to plan incorrectly. Therefore, it is important that individuals interested in creating wills and other documents understand the functions of those documents. Estate planning is important for any adult, regardless of age.
It is not uncommon for people to have the idea that estate plans should only be created if a person has considerable wealth. This notion is simple untrue as these plans offer many benefits for parties regardless of income or assets. For instance, even if two parents do not have much wealth they hope to distribute after death, they may wish to use their will to name a guardian for their children in circumstances where both parents pass away.
Additionally, some parties may also think that by creating a will, their estate does not have to go through probate. This notion is another misconception. Probate works to validate a will and ensure that the estate is taken care of by adhering to the details of the will. If individuals hope to avoid probate, they may wish to look into other planning options, such as trusts.
By having a clear understanding as to what wills can accomplish, more Massachusetts residents may feel inclined to create this type of document. Because reliable information may seem hard to come by, interested parties may wish to utilize local legal resources in order to ensure that they gain the best knowledge. Consulting with experienced attorneys could help those parties determine what planning tools may best suit their needs.
Source: tcpalm.com, “Misconceptions about wills and trusts“, Robert D. Schwartz, June 16, 2017
