Issues with Estate Planning in New Bedford

To avoid problems during estate planning, you must be aware of special considerations and issues. That begins with thoroughly understanding the state’s lengthy and expensive probate process.

Tools are available to you, such as revocable trusts, that can ensure planning, including the distribution of assets, in accordance with your final wishes. Schedule an appointment with a lawyer to help avoid issues with estate planning in New Bedford. A knowledgeable estate planning attorney could help you put your wishes in writing and ensure they are honored after you are gone.

Valuable Estate Planning Tools

Estate planners have many practical tools to protect their estate and beneficiaries from costly and time-consuming probate while minimizing tax liabilities.

People often forget about the importance of planning for end-of-life care. This includes drafting durable powers of attorney and completing state-specific healthcare proxies. The available tools allow planners to protect their assets, heirs, and legacy. Some effective estate planning documents include:

  • The Last Will and Testament, which can include guardianship desires for parents of minor children
  • Revocable living trusts allow makers to transfer assets to the trust while living while also offering flexibility to amend or revoke if necessary
  • Healthcare proxies allow the individual to designate someone they trust to make vital medical decisions on their behalf when they cannot speak for themselves
  • Living Wills (heath care directives) outline preferences for life-sustaining measures and medical treatment
  • Powers of Attorney allow a person to select a trusted party to make crucial financial decisions on their behalf

Everyone beginning the process has distinctive backgrounds, circumstances, and wishes. Therefore, planning and tailoring a plan to meet their desires are required.

Mistakes to Avoid

Errors can undermine the planner’s intent while diminishing their legacy, and knowing which mistakes to avoid provides security and peace of mind. Common missteps to avoid include:

  • Procrastinating or failing to make estate plans
  • Failure to review estate plans, including beneficiaries, yearly or on a set schedule leads to outdated documents and problems
  • Neglecting to name contingent beneficiaries in the event something happens to those named as primaries
  • Failing to discuss the plan with family and friends so there are no surprises after death
  • Forgetting to include digital assets in the plan, including how surviving family members should handle the accounts
  • Failing to include a living will (health care directive) and end-of-life planning includes proxies, giving the person they select authority to make medical decisions or review records

Naming a personal representative to handle the estate upon death is also vital, as the court may have to decide on the estate planner’s behalf without selecting someone. Working with an attorney in New Bedford could help a person avoid this common issue with estate planning.

Making a Will

Ensuring the will complies with state law is essential to prevent challenges, invalidation, and disputes among family members. Unfortunately, disagreements involving a loved one’s estate can quickly turn contentious. Creating and finalizing a basic will that complies with the rules of the statute is relatively simple.

Under Massachusetts General Laws Annotated § 2-501, the will maker must be at least 18 and of sound mind when finalizing the document. A lawyer experienced with estate planning issues in New Bedford could help with each step of the process, ensuring compliance with the law.

Speak to a Knowledgeable Attorney About Issues With New Bedford Estate Planning

Estate planning is essential for every adult with assets, not just the rich or elderly. It is not easy think about what will happen after death, but planning now could help your family avoid disputes and expensive probate in the future.

A hard-working lawyer knowledgeable about issues with estate planning in New Bedford can help select the essential documents to meet your needs and draft them on your behalf.

Contact us today to schedule a private consultation.

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