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.
Planning an estate is a very important process in anyone's life. It can give people peace of mind to know that their legacy will go on after the end of their life. But while planning on how your assets will be managed at the end of your life is important, it is also important that you manage and protect your assets during your lifetime.
When a loved one passes away, it is likely that their assets will be subject to a will that they created in their lifetime. Usually, a will's contents are distributed to the beneficiaries with no dispute. Occasionally, though, loved ones may feel that the will was surprising or suspicious in some way.
While making a will is a positive and proactive decision to make sure that your wishes are heard at the end of your life, there are some things that should not be included in the will. This is because they are not legally recognized as part of a will. Some wishes must be dealt with using other strategies, for example, through the creation of a will or a trust.
Wills can come in many different forms. They are most commonly written down and formally submitted during the lifetime of the willmaker. However, not everyone makes a will formally before the end of their life; therefore, in some limited circumstances in the state of Massachusetts, certain people can make an oral will before the end of their life.
When a person does not make a will, or when a person's will cannot be legally validated, intestate law is the name for the procedure that is put in place in order to transfer the remaining estate to the appropriate beneficiaries. This can be very difficult to do, because the wishes of the deceased person are not known.