6 Estate Planning Mistakes You Should Avoid

estate planning mistakes

You want peace of mind knowing that your loved ones are taken care of after your death. While it may be difficult to think about, preparing a will and revisiting former estate plans are the best way to prevent needless mistakes in the future, many of which could cost your family thousands of dollars.

Attorneys that are experienced in this area can help their clients avoid making these six disastrous estate planning mistakes:

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Are You Prepared for These 5 Major Life Moments?

major life moments estate planning

There are some moments in life it’s impossible to prepare for on an emotional level. But when it comes to your finances, it is possible to be proactive. An estate planning lawyer can help.

Estate planning can help you at all times in your adult life, but you will see the greatest benefit the earlier you begin. Here are five key milestones where estate planning is essential:

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You’re Richer Than You Think

massachusetts estate tax

What You Need to Know About Massachusetts Estate Tax

Everyone has an estate. It may not look like a sprawling mansion in the countryside, complete with a butler and a carriage driver, but in the eyes of Massachusetts law, if you have any assets to your name (even just a bank account), you have an estate.

It’s highly likely that your estate makes you richer than you think, and here’s why: your estate is more than just your home and your current bank account balance. It includes life insurance, annuities, business interests, retirement accounts and more.

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5 Reasons a Will Alone Isn’t Enough

will estate planning

Even though it’s not a topic you like to think about on a day-to-day basis, you know you need to prepare for your family’s life after your death.

A will is one of the most common estate planning documents, but surprisingly, this legal document probably doesn’t suffice and won’t guarantee your wishes are carried out. If you’re relying on a will as your sole estate planning document, you could be leaving your family unprotected. While writing a will is a great start, it isn’t comprehensive enough to account for all of the complexities of your finances and your life.
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