Casey & Lundregan, P.C.
Call For Your Free Consultation
Local: 978-224-8893 Toll Free: 800-785-3588

The consequences of failing to do estate planning: A family feud

Famous musical artist Prince died without a will - and the battle for his estate is only now beginning. The consequences of failing to do any estate planning could be devastating for Prince's beneficiaries, who now have to mount legal challenges in order to get their due. Surprisingly, situations like this occur just as much for everyday Massachusetts residents as they do for celebrities. Here is how to prevent your family from starting a feud after your death by planning for your asset distribution.

First, a written estate plan is absolutely crucial for all Massachusetts families. Even if you do not have a vast number of assets, your beneficiaries deserve a clear plan for asset distribution. Help avoid conflicts among your family members by developing an organized approach to dividing your personal property. Make sure that you are updating these plans after major family events such as marriages, the births of children, divorce, deaths and others.

Next, be sure that you communicate your intent to your beneficiaries. Asset division that is equitable and fair is not always equal - that is, you may have a special-needs child that needs additional resources. Explain your reasons for asset allocation, and consider the fact that some of your beneficiaries may need gatekeepers in the form of a trust or other protection.

Finally, do not delay your estate planning process until you are too sick or mentally incapacitated to distribute your assets. Older people can be manipulated to create property transfer plans that are not in their best interests - so take care of your documentation early. A qualified attorney can help you learn more about your estate plan options, and avoid that "family feud" situation.

Source: Bradenton Herald, "Planning for your estate: How to avoid the next episode of ‘Family Feud’," Karin Grablin, May 01, 2017

No Comments

Leave a comment
Comment Information
Email Us For a Response

How Can We Help You? Schedule Your Free Consultation Today!

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location
71 Washington Street
Salem, MA 01970

Toll Free: 800-785-3588
Phone: 978-224-8893
Fax: 978-745-3607
Salem Law Office Map

Phone Numbers