There may be many individuals in Massachusetts and elsewhere who place a high level of importance on planning for the future. However, when it comes to making plans for what happens after one is gone, the process may appear somewhat more intimidating. There are also certain myths about estate planning that may create unnecessary hesitation, and debunking these misconceptions could prove essential to making informed decisions.
One of the most common myths about estate planning is the idea that such a strategy is only beneficial for the wealthy. There are a variety of potential benefits of planning an estate, some of which might not involve the process of distributing assets. Some of these benefits include the ability to appoint someone to act as guardian for the kids in the event of death, and the option of setting guidelines on the type of medical care one will receive in the event of an emergency.
Another myth surrounding the process of planning an estate pertains to the belief that, once a plan is created, no further action is necessary. However, there are a variety of scenarios in which it could prove essential to revisit or update an estate plan. For instance, a person’s preferences may change over time, and keeping a plan up to date may be essential to ensuring it reflects one’s current wishes.
Individuals who wish to explore the potential benefits of estate planning could benefit from seeking advice from someone with experience in such matters. By consulting with an attorney, a person in Massachusetts could obtain much-needed guidance in understanding all his or her available options. An attorney can address all a client’s concerns and assist in creating a plan that is in keeping with his or her wishes for the future.