When it comes to making important decisions, it might not be uncommon for individuals in Massachusetts and elsewhere to feel pressured into a certain course of action. While in some cases, this outside pressure might not have a significant impact on one's life, sometimes the influence of another party could have detrimental ramifications. With estate planning, those who experience undue influence could feel pressured into making decisions that do not align with their preferences and wishes for the future.
There are a variety of scenarios in life that may seem difficult to think about, let alone plan for. Once a person comes to grips with the idea of passing on and decides to implement a plan for the future, with a multitude of strategies to consider, he or she may find it difficult to distinguish between the options. For instance, some individuals in Massachusetts might not be aware of the differences between estate planning options such as a living trust and a will.
While there may be a multitude of individuals in Massachusetts and elsewhere who feel it necessary to plan for the future, some might not always get around to putting their plans in writing. Recent reports indicate that nearly 40% of Americans over the age of 45 do not currently have a will. Those who wish to explore the benefits provided by a similar estate planning option could find it helpful to understand to crucial topics to address when drafting a will.
The belief that time is on their side may lead many individuals in Massachusetts into delaying the process of planning for the future. However, for those who live with a chronic illness, the reality that time is finite may prompt a sense of urgency toward seeking guidance on available estate planning options. With a variety of factors to address in developing a plan for the future, seeking guidance early in the process could prove imperative.
If you are like others here in Boston, or elsewhere for that matter, you may believe that you should save inheritances for after your death. When you begin your estate planning process, you consider the gifts you want to give to those you love.
There are a variety of circumstances in which a person in Massachusetts or elsewhere may encounter a sudden and substantial increase in wealth. While this may seem like a dream come true for many, those who experience a significant increase in financial standing may also have a great deal to consider when planning for the future. Sudden increases in wealth could change a person's estate planning preferences considerably and taking steps to update one's plans and protect his or her financial future could prove essential.