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February 2018 Archives

Wills and naming beneficiaries

There are many people who have difficulties creating an estate plan. Some are unsure of what they wish to include in their wills, and others know what they wish to include but are unsure of how to do so. Naming beneficiaries can be especially confusing for some. However, there are some tips that Massachusetts residents may find helpful when naming or changing beneficiaries. 

How often should I review my estate plan?

Creating an estate plan is only the beginning of establishing protections for your property and your loved ones. Over time, changes in your circumstances, e.g., the addition or loss of family members and other beneficiaries, along with any changes in tax laws may affect the provisions of your estate plan. To make sure that your beneficiaries receive your estate precisely as you intend, it is essential to review your estate plan regularly to account for these changes.

Lack of conservatorships can lead to legal fees

There are a large number of married couples in Massachusetts who assume that their spouse will be asked, by default, to make medical and financial decisions for the other. Unfortunately, many of these couples discover that this is not the case. Sometimes, a power of attorney isn't enough. Obtaining conservatorships can be time-consuming and expensive for those who aren't expecting to need it. 

Digital asset protection

Nearly everyone has a digital presence today. Technologies such as social media and email have made it possible for people from Massachusetts to Hawaii to stay connected to one another. Many people also have important documents stored online, or they use the internet to access financial accounts. Unfortunately, because technology is advancing so quickly, laws and other policies are often forced to play catch up. People are realizing that many asset protection laws or policies do not cover a significant portion of their digital assets. 

Technology and estate planning

These days, it seems as though nearly everything can be done or found on the internet. Estate planning is no exception. There are a number of sites that offer seemingly simple and cheap solutions or step by step instructions for do-it-yourself wills and estate plans. However, important details may be overlooked and corners cut in the search for an easy or cheap solution.