What steps should Woburn residents take to update their estate plans?
Why is it Vital to Keep Your Estate Plan Up to Date?
Although some people may consider an estate plan a one-time project they can create and forget about, the truth is that a comprehensive estate plan requires regular reviews and updates to maintain optimum effectiveness. Our experienced Massachusetts estate planning attorney can provide guidance on how to keep your estate plan current so it can protect you, your beneficiaries, and your assets effectively. Our experienced
Massachusetts estate planning attorney
can provide guidance on how to keep your estate plan current so it can protect you, your beneficiaries, and your assets effectively.
What Types of Events Should Trigger an Estate Plan Review?
Most people should undertake a general review of their estate plans every three years to make certain it still fits their needs and goals. Every person’s situation is different, so more frequent updates might be recommended. Certain situations, including the following events, may also warrant an immediate update to your planning documents:
Experiencing Major Life Events
Any significant changes in your life warrant reevaluating your estate planning documents. Births, divorces, deaths and marriages can all affect your plans. If you have named someone as a beneficiary in your estate plan who dies before you, it may be necessary to adjust the distribution of your assets. If you have named someone as a beneficiary in your estate plan who dies before you do, you may want to adjust the distribution of your assets.
Moving to a New State
Although some out-of-state planning documents may remain valid in your new home location, they may not function well with the local tax laws and estate codes, which could lead to increased costs, stress, and delays for your beneficiaries. If you’re new to the Woburn area, our law firm can assist you with reviewing and updating your estate plan to ensure it meets Massachusetts’ state guidelines.
Spending Significant Time Out of the State
If you have recently started to spend more time at a vacation home or winter residence, ensuring your estate plan is designed to protect you and your assets wherever you are can be crucial. Remember that real property is probated where it is located. Consult with an experienced lawyer to ensure that your second home will be passed on to your beneficiaries in a way you prefer and with the least amount of hassle. It is important to have a backup plan in case you are suddenly incapacitated and your primary agents cannot make quick decisions about your care. Changes in Health Status
As people age, their health status may change. If you are facing a new illness, you are starting to show signs of cognitive decline or you have other health concerns it is important to have robust estate planning documents to protect you and your estate in the event you become incapacitated. Incapacity planning can be aided by a healthcare proxy or a durable powers of attorney. You should notify your family and medical provider when you create or update these documents so that everyone is aware of what you want. Clear communication can prevent disputes, misunderstandings, and delays if you experience a future health emergency.
Acquiring New Assets
Wills, trusts, and other elements of your estate plan are only effective if they include all of your current assets. You can make changes to your will or trust at any time, as long as you have the mental capacity to do so. It’s important to work with an attorney to make these changes to avoid any mistakes or oversights which could invalidate your documents in the future and cause significant issues for your family. Working with an estate planning attorney is essential to ensuring that your plan adapts to the changing economic and legal landscape. Tax laws are constantly changing, so it is important to regularly reassess strategies to minimize tax liabilities for your estate and protect your assets for those you care about. You may also want to consider how newer financial products, such as cryptocurrency and other digital assets will fit into your plan. Intellectual property is a valuable asset that is often overlooked. It requires careful planning to ensure that your beneficiaries receive the full benefit of your hard work. What Are the Benefits of Working with Our Skilled Attorney?
At Heritage Law Center, our goal is to build strong client relationships in order to provide customized legal advice throughout your entire life. We can guide you through the complex laws of state and federal law so that you can be confident that your wishes will be carried forward and your beneficiaries will receive their inheritances. To discuss updates to your current estate plan,
contact our Woburn office
