Five Reasons Why You Need an Estate Plan in Massachusetts
Everyone should take a moment to consider their estate plan, regardless of their age or medical condition. Although this might seem like a tedious process, you will likely feel a sense of relief after you put all of your affairs in order. There are many reasons why taking your estate plan seriously might be beneficial. Some of these reasons are obvious, while others could surprise you. An experienced estate planning lawyer can guide you through the process.
If you are ready to approach the estate planning process with efficiency and confidence, you should get in touch with a qualified attorney as soon as possible. Our legal professionals can explain some of the most important issues associated with writing wills and establishing trusts. We can also help you avoid many common and costly mistakes.
Avoid Conflicts Between Family Members
Although there are many reasons to develop an effective estate plan, one of the most common priorities is to avoid conflicts between family members. If it is not really clear who receives what, your family members may quarrel after your passing. For many individuals, this is the last thing they want. A clear, well-organized estate plan can make sure that there is no confusion whatsoever when it comes to gifts and beneficiaries. When there is less confusion and uncertainty, there is far less potential for arguments.
Avoid Unnecessary Taxes
Another reason to develop an estate plan is to avoid unnecessary taxes. You obviously will not have to pay any of these taxes personally after your passing, but your family members may be left with quite a substantial tax bill. With assistance from your attorney, you can keep these taxes down to an absolute minimum.
Keep Your Fortune Away From Unwanted Individuals
If you do not take the time to figure out your estate plan, your hard-earned fortune may fall into the hands of people who you see as undeserving. This might be former spouses, estranged children, or other unwanted parties. An estate plan ensures that only people you choose get access to your fortune.
If you fail to write a will or establish any kind of estate plan, you will die “intestate.” This means that the government will follow a specific set of guidelines when splitting your estate among your beneficiaries. This may result in problematic scenarios. For example, a family member with a severe gambling problem may inherit hundreds of thousands of dollars, against your wishes.
Donate to Charities
Finally, you can use your estate plan as a way to make the world a better place. Speak with your attorney about how you can use your estate plan to distribute final donations to your favorite charities if this is something that is important to you.
Enlist the Help of a Qualified Attorney Today
If you have been searching the Massachusetts area for an experienced estate planning attorney, look no further than the Law Office of Rachel M. Matos. We have helped countless individuals establish effective estate plans, and we can do the same for you. When you begin planning for the future with us, you will start to see how important an effective estate plan can be. Book your consultation with an estate planning lawyer today.