Having something to pass on to loved ones is often desired. Many Massachusetts residents may consider the assets they have, wonder who would want them and how they could make sure that they are still available to pass on. Fortunately, estate planning can prove immensely useful when it comes to asset protection and making distribution designations.
Both wills and trusts can help with protecting assets. Wills can details how assets that are still part of the estate should be distributed, though the assets will still need to go through probate proceedings. For those interested in keeping assets out of probate, trusts can go a long way to accomplish that. Additionally, trusts can lower estate taxes in certain situations, and they also help individuals maintain privacy due to staying out of the public record.
In order for these documents to remain effective, they need updating from time to time. Because state laws differ when it comes to estate plans, documents need updating if individuals move. It is also wise to modify plans when any family changes take place, like divorce, the death of a loved one or birth of a child.
Creating estate plans is a great way to ensure asset protection, but it must be done correctly for the protection to remain effective. Fortunately, Massachusetts residents can get help from legal professionals when creating or updating their plans. Estate planning attorneys can offer insight and guidance throughout the planning process that can help individuals feel more comfortable with the end-of-life decisions they are making.