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.
As you age, it only makes sense to pay close attention to your estate plan.
Becoming a parent is one of the most important events in a person's life and many men across Massachusetts celebrated their very first Father's Day this past weekend as a new dad. Parenting a child is no easy feat and many mothers and fathers look forward to having a day every year to hopefully relax and spend time with family.
As many of us in Massachusetts and nationwide know, the Internet continues to change and play an ever-increasing role in most people's lives. It has become a tool that many of us use to store and create data, share photographs, or create online personas. The issue of who controls this digital information after a person has died has therefore been widely discussed. While we have tools like wills and estate plans to assign heirs and beneficiaries for our tangible assets, assigning these roles to handle digital information has been much trickier.
Having a proper will in place can be essential in making sure that a person's wishes are carried out after he or she has passed away. Even if the assets that are to be distributed are relatively insignificant, it can become a serious weight for others to carry when they must try and figure out what to do finances, debts or properties if a person has not left a will.
The legacy that people leave when they pass away is not simply limited to the money or properties they include in a will. However, a person's estate plan is often all that some family members and loved ones can try to understand after losing someone close to them. In some cases, the strain of some familial relationships leaves scars that are only exacerbated when a person dies.
When people in Massachusetts are developing an estate plan that involves setting up a trust, they likely intend to do so in order to benefit their children, grandchildren and generations to come. They likely assume that the money they are setting aside for them in a trust will help them achieve financial stability and security. However, a growing trend among young people highlights a flaw in this line of thought.
We often discuss some difficult topics in this blog. People do not necessarily like to or want to think about what will happen to them and their estates after they are gone and many people avoid making appropriate plans. Some folks in Massachusetts decide that there is already enough to worry about with the stresses of a career, finances and a family so they put off unpleasant tasks, including long-term care planning. However, neglecting to deal with this issue can end up having a very serious impact on everyone around you.
As our loved ones get older, the reality is that many of them will need increasing levels of medical assistance. The stress of coping with these changes emotionally can be difficult enough for families in Massachusetts. Add in the confusing paperwork, the rigid restrictions of certain care programs and the high costs of certain levels of care and it can all be too much for a spouse or family member to handle.
It is often a challenge for people to come to terms with the fact that they need to put together an estate plan. Some people do not think they need one or they may find it too difficult to make plans for their assets in the event of their death. While it may not be an enjoyable experience, developing an estate plan in place can make an enormous difference for the loved ones and family members who are also involved.