When people in Massachusetts get divorced, they likely know that they need to change any existing estate plan that is already in place. They may change their wills, designate new beneficiaries or review their health care directives. But what happens to a person's estate if he or she dies before the divorce is finalized? Though that scenario sounds far-fetched, it can happen, and is actually the case for the estate of Ric Ocasek, former lead singer of the band The Cars.
Most families recognize just how important it is to have a comprehensive estate plan. The problem they may encounter is just what facets of an estate plan make the most sense for their personal financial circumstances. Many people in Massachusetts wonder whether using a will or a trust is the right choice. Fortunately, experts have advice when comparing wills and trusts.
It is common for Massachusetts residents and those elsewhere to form attachments to their property. They may want to keep certain assets for sentimental reasons or because they are valuable. In some cases, individuals want to protect their assets for future generations. When it comes to asset protection, having an estate plan is vital.
Planning for the settling of one's final affairs takes a considerable amount of effort. Massachusetts residents will need to go over several documents, such as wills and trusts, that they may want to use in their estate plans. They will also need to consider including other information in their plans that could make their wishes for various aspects known.
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.
Many Massachusetts residents may not consider themselves the most organized people. For now, their disarray may not cause them much issue, but in the event of their deaths, disorganization could cause a significant number of issues for family members. Because of this possibility, it is often wise for even the most disorganized people to attempt to get their wills and other estate planning documents in order.
There are many times in life when families need to have discussions that will not always go easily or as planned. One topic that some Massachusetts families may not easily discuss is estate planning. Adult children may not want to think about their parents' eventual demises, and parents may worry about children will react to their end-of-life wishes. Nonetheless, it is important to have this conversation.
For some Massachusetts residents, ensuring that their loved ones will be taken care of after their passing is an important goal. Often, this desire means that individuals may need to take part in asset protection. Fortunately, many aspects of estate planning can help parties make sure that they understand their assets and account for various changes.
In many cases, people can put off estate planning until it is too late. Even if a person is still alive, his or her mental capacity may have declined to a point at which sound decisions are no longer possible. As a result, wills created after this point will likely not be considered valid when it comes time to probate Massachusetts estates.
Small business owners in Massachusetts and elsewhere have a number of variants to consider when starting and running their companies. While a business plan can help address many important aspects, they may also want to consider having an estate plan. Wills and other end-of-life documents can help business owners detail how they want their companies' affairs handled after their passing.