Massachusetts Estate planning lawyers can provide invaluable assistance to those who are hoping to plan ahead for their future. Estate planning involves asset protection and involves making plans for what will happen at the end of your life. Your estate plan should also protect your heirs and should explain what you want to happen to your assets after you pass away.
Estate planning is very important if you want to make sure you control your legacy, and you cannot afford to make mistakes during the estate planning process. To ensure that no errors affect the inheritance you plan to leave for your heirs, it is best to get legal help.
The Law Offices of James A. Miller, P.C. can provide invaluable assistance with all aspects of estate planning. Give us a call so you can avoid the types of mistakes that could be costly and damaging to your loved ones.
Common Massachusetts Estate Planning Mistakes
There are many different mistakes that people make during the estate planning process. Some of the most common errors include:
- Waiting too long to create an estate plan. Many young people feel invincible. If you are confident nothing can happen to you, you may not have an estate plan in place. Unfortunately, if tragedy strikes, this will leave your loved ones uncertain of your wishes and leave your family in a bad situation. Your family could have a lot of legal hassle to deal with and the value of any inheritance could go down significantly if you haven’t planned ahead.
- Not keeping your estate plan updated. When life milestones happen, like getting married or having a child or getting divorced, you need to make sure you change your estate plan to accommodate the new reality. After a divorce, for example, you may want to change your will and change the beneficiaries on a life insurance policy so your ex-spouse does not end up inheriting any of your wealth.
- Not making your estate plan comprehensive. Too many people believe they only need a last will and testament for their estate plan. The reality is, your last will could end up being just a small part of your detailed plan. You may need to use trusts and other legal tools to protect your assets and to facilitate the timely transfer of your assets. You also need to address other important things as part of the estate planning process, like what kinds of medical care you want to receive or decline in an emergency.
- Not taking steps to protect assets. If your estate is subject to estate taxes, this could be a situation where there is a lot of money at stake. You can take steps to reduce estate taxes or to eliminate your tax obligations altogether, but many people fail to consider tax avoidance in their estate planning process. This is a costly error.
Your estate plan should be customized to your specific needs and your goals for the future. Without legal help, you could end up making these mistakes or other less common errors that can cost you and your loved ones unnecessary time, money and stress. It is not worth taking a chance on your legacy when you can get estate planning help to avoid errors.
How to Avoid Errors in Estate Planning
You can avoid errors in estate planning by:
- Creating your estate plan early. Don’t wait until it is too late.
- Updating your estate plan when life changes. Don’t forget to make modifications to your plan as your circumstances change.
- Getting help from a qualified Massachusetts estate planning lawyer. Your attorney provides the legal guidance you need to make informed choices.
Everyone should have an estate plan in place, and you should take steps to make sure your plan is free of mistakes. By the time errors are discovered at the end of your life or after death, it is generally too late to do anything to fix the issue.
You don’t want to put your family in a bad situation because of estate planning mistakes. You also don’t want the value of your estate diminished. Call us today to make sure none of these things happen to you.
Getting Help from a Massachusetts Estate Planning Lawyer
You cannot afford to make mistakes that harm your family or your legacy. You need a Massachusetts estate planning lawyer you can count on. James Miller is here and ready to help.
Give our Worcester and Burlington estate planning lawyers a call today at 866-370-3888 or contact us online to learn more about the personalized service we can offer as you make your legacy plan for the future.
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