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While having a will could be vital, is it always enough?

While many individuals in Massachusetts and elsewhere may feel it is vital to have a strategy in place for the future, they might not be always be aware of all their available estate planning options. Studies indicate that there are a multitude of individuals who do not have a plan in place, while others may be content with having only a will. While wills may play a vital role in the estate planning process, experts indicate that exploring the benefits of all available options could prove imperative.

There are a variety of potential benefits to drafting and executing a will. For instance, the terms of a will can provide guidelines for guardianship of minors and the division of assets. However, those who have concerns over how their loved ones will manage their assets may also find it helpful to consider the possible benefits of using a trust, as the terms of a will may have little to no influence over the spending habits of beneficiaries.

Experts also indicate that keeping beneficiary designations updated may also be a vital component of estate planning. When it comes to transferring funds from retirement accounts, these designations could take precedence over the terms of a trust or will. In a technological era, many individuals may have a variety of digital assets and understanding all the available options to help protect these interests could be vital.

While having a will can be beneficial in various ways, there may be multiple estate planning options that could help safeguard a person's wishes for the future. Those who wish to better understand the possible benefits of each estate planning option could benefit from retaining the services of an attorney for guidance in navigating the process. An attorney can help a client in Massachusetts develop a plan that is in keeping with his or her wishes for the future and provide future assistance in keeping the plan up to date.

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