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.
A common problem is running into issues with your beneficiaries. You might have an adult child who is headed for divorce. You likely don’t want some of your assets getting into the hands of that child’s soon-to-be former spouse upon your death. You will need to revise your estate documents to include specific language preventing this possibility.
A death in the family can also cause problems with your estate plans. You will need to name quite a few people in your estate plan who will handle different things when you become incapacitated or when you die. If one of these named people dies before you, the documents need to be updated so no issues occur at the time of your death.
A change in your marital status will also throw a wrench into your estate plans. One thing that works in your favor in Massachusetts is that a divorce automatically nullifies provisions in your estate that name your former spouse or their family members.
This was not an exhaustive list of problems that could hurt your estate plans in Salem. There are other issues that can arise that you must be on the lookout for so your plans do not suffer.