Putting together an estate plan is one of the most important things you can do in life. You don't have to be married or have children to plan out your estate. As soon as you exit school and enter the working world you should begin to plan your estate. Life can happen without warning and you don't want your assets and property to fall into the wrong hands. Here are some issues that can derail your estate plans in Massachusetts.
Typically, the beneficiary designation on an account is more important than your will. For instance, if your will says to split your retirement fund between your two children but your ex-spouse is named as your beneficiary, your ex is going to get the money.
In a perfect world, you would go through the estate planning process without running into any roadblocks. At that point, you would never have to touch your plan again.
There's a good chance that your estate planning decisions will impact many other people, so it's important to share your thoughts, challenges, and strategy with the appropriate family members.
There is more to estate planning than creating a will or trust that helps pass your assets along to your loved ones after your death.
When creating an estate plan, you need to turn your attention to your assets, what will happen to them upon your death, and how to take care of your loved ones after you are gone.
With the new tax law in effect, you need to review many parts of your life. For example, this could have an impact on your estate plan.
Estate planning can be complex on many fronts, especially if you have many assets to leave behind to your family.
If you have a pet, there may come a point when you wonder what will happen to it in the event of your death.
The new federal tax law brought on a number of changes, some of which could impact your future plans for your estate. It's important to update your estate plan periodically, especially after major new laws are passed.