Many people across the country make an effort to plan for their future, including their death. However, as many Massachusetts residents may know, sometimes mistakes are made during estate planning, and even a person’s most carefully laid plans can be ineffective. Fortunately, there are ways to correct these mistakes that would otherwise prevent a person’s wishes from being carried out as they had intended.
Not too many years ago, it was enough for people to keep their wills in a safe or lockbox inside of their homes. While this can be effective in some cases, there are other times where family members are unsure of where such documents would be kept and are ultimately unable to locate them in a timely fashion. However, today, many organizations are offering ways for people to store their estate plans online for easy access. Discussing plans with family members so that they have an idea of what their loved one’s wishes are in advance can also be helpful.
Breaking down estate plans into smaller pieces can also be helpful. This can help both the benefactor and his or her beneficiaries to know what documents are needed in which situation. Some of the important documents that an estate plan might have are a will, a power of attorney, financial documents, health care directives or a list of usernames and passwords for online accounts. Keeping these documents up to date can help to ensure that the individual’s wishes are able to be carried out quickly and effectively.
Estate planning can be a difficult or overwhelming process for some. Many Massachusetts residents may find it easier to create and organize these documents. An attorney may also be able to help his or her clients to alter or update existing documents.
Source: cnbc.com, “These costly estate planning mistakes can be fixed“, Lorie Konish, May 10, 2018