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.
Do you assume that estate planning essentially just means writing out a will that says which one of your heirs gets which assets? That's part of the process, but it's definitely not the entire process.
Traditionally, a will is a written document that is drafted and filed long before you actually pass away, and your heirs need to use it. However, you may have also considered simply using an oral will to save yourself these steps. Is it a good idea?
People make a lot of mistakes when they do their estate planning, but one of the most common ones is that they don't do it often enough. They make the plan, but they fail to update it or look at it again. They simply trust that it's going to work.
Writing a will and drafting an estate plan is something that you want to take very seriously. It has a drastic impact on your family after you pass away.
One of the worst mistakes you can make in life -- from an estate planning perspective -- is to try to draft a last will and testament by yourself. There are just too many pitfalls that the untrained testator can experience when trying to draft a will without professional help. While you can read and understand the law, there are some things you simply won't know without appropriate training.
No matter who you are, if you're an adult, it's to you and your family's benefit to draft and execute a legally valid last will and testament. Indeed, your will is one of the most vital documents in your estate planning arsenal. However, if you don't create your will in compliance with state laws in Massachusetts, your efforts to draft the document could be wasted.
There are many trusts to choose from when you are going through the process of planning your estate. Learning about all of them can feel time-consuming and overwhelming. However, it is important to do so in order to make the best decision for your estate and beneficiaries.