While an uncomfortable subject for many, proper estate planning is something that should be taken care of sooner than later. No one likes to think about what would happen to their children or their assets after they are gone, but failing to make a will, name an executor or ensure that loved ones will be taken care of after a person’s death can be even worse.
Wills are one of the most important documents to have, even if there are trusts or other arrangements that have been made. A will should be prepared by a lawyer who can ensure that everything is set up the way the person wants. A will makes it clear how a person’s assets should be distributed and who should be named as a guardian of any surviving minor children. A will should also name an executor who is in charge of ensuring that the wishes in the will are carried out.
Naming a guardian is extremely important for those with young children, as there is often an understood agreement of who is to take the child in the event of the parents’ death. If this is not listed explicitly in the will, however, disputes about who should be the guardian can arise. In these cases, it is the judge who gets to make the decision over who will take custody of the child, and that person may not even be a relative.
When someone dies, the person’s surviving loved ones may have trouble making decisions during their grief, and estate planning can ease this burden. An estate administration attorney can advise Massachusetts residents of possible issues that may come up with the will and help ensure that the planning is as complete as possible.
Source: CNBC, “Where there’s a will, there’s a way” David Mendels, Mar. 02, 2014assets
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