Over the course of this blog I’ve advocated for immediate design of an estate plan under the advisement of an estate planning lawyer like me. As this is National Estate Planning Week, it’s only fitting that I should make another attempt at getting the word out to Fields and Dennis blog readers: please create an estate plan as soon as possible.
Estate planning in Massachusetts is not reserved for your grandparents or parents, it’s for everyone. If you have properties, especially if you have or are expecting children, then you should have a comprehensive estate plan set up.
A recent article in the Wall Street Journal lists a few simple tips for various age groups; for example, if you’re over 18 years, you have the right to a power of attorney for your finances, health and medical care, and to designate beneficiaries including siblings, parents or a charity of your choice.
If you’re in a partnership but not legally married, you should also make an estate plan, else wise your partner may not receive your properties after death, as they would be passed on to next of kin by law.
If you’re married, your partner will receive your assets in the case of death, and without a tax burden. It’s beneficial in this case to draft a life insurance plan to ensure all properties are properly dispersed.
If you have children, if you’re a senior, or if you’re wealthy, an estate plan is absolutely essential. While these are the types of people who usually think they should plan their estates, it’s the aforementioned types who we’re trying to reach out to.
In the vein of Estate Planning Awareness, I ask you to pass this information on to your friends and family! Please contact us if you have any questions. Thank you.