Estate Planning Archives

Blow the dust off that estate plan, and take a second look

Estate planning isn't something that is done in one attempt, and then set aside forever. In fact, failing to revisit one's estate plan from time to time can be a critical error. This is because life brings constant changes that could affect how a person wants their affairs and property handled at the end of their life and upon their death. The following are some tips for Massachusetts residents to keep in mind if they have an estate plan.

Don't underestimate sentimental value when estate planning

When making a will, people in Quincy may initially think of how they're going to distribute their big-ticket items, such as their house, automobiles, stocks and bank accounts. However, they should not underestimate pieces of personal property that, while they might not have a great deal of actual value, have a great deal of sentimental value.

When should a person's estate plan be reviewed?

Some people in Quincy may have created an estate plan years ago and considered the matter settled. However, as time progresses, big changes can happen in a person's life. For this reason, estate planning is not a "one and done" process, but instead estate plans should be reviewed periodically, to ensure their provisions are still appropriate.

Is your power of attorney legally enforceable?

Many people in Massachusetts may have taken the wise step of estate planning years or even decades ago, and, as part of their estate plan created a medical power of attorney and financial power of attorney. However, that does not mean that those documents should be left to collect dust. They need to be reviewed periodically, to make sure they are still in line with any changes in law that may have occurred.

What's the difference between revocable and irrevocable trusts?

When people are considering adding a trust to their estate plans, a common question is whether to make it revocable or irrevocable. Both types of trusts have advantages and disadvantages, and a lot depends on individual circumstances.

What needs to go in your will?

If you are just starting the estate planning process, then you probably do not have a lot of experience with the documents and processes that go into creating a fully realized estate plan. That is all right, and it is true of most people, but the first step is getting educated about the basic instruments that go into the process. The most well-known is an individual's will.

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