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.
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.
Many individuals in Massachusetts and elsewhere may feel that one of the most intimidating aspects of planning an estate pertains to considering the unknown. The prospect of asking questions about what will happen should one become incapacitated or pass away can seem a daunting task. However, asking and answering certain estate planning questions could help alleviate a great deal of uncertainty.
In a digital era, it is becoming more and more common for individuals in Massachusetts and elsewhere to store a significant portion of their information online. Although there may be a variety of estate planning options that cover how digital assets will be handled, this part of the process could go overlooked at times. Those who wish to gain a better understanding of how to incorporate these assets into their estate plans could benefit from obtaining insight into what constitutes a digital asset.
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.
Estate planning can be complicated if you're married because you and your spouse may not agree on how you should split up your assets.
You know that writing a will and creating an estate plan can help your heirs, and it can in this way help you in the future. However, you will be gone when your estate plan actually goes into action, so it's easy to think that you're really doing all of this planning for someone else.
Legally speaking, unmarried couples are not "together." You can live together for 20 years, but, unless you officially tie the knot, the state does not care.
It used to be that all wills were written by hand. Today, though, most are typed out. Often, you have both electronic copies and paper copies.
When writing a will and doing estate planning in general, the age of your heirs makes a dramatic difference in how you plan. This is one reason why it's so important to update the plan moving forward.