Estate plans do not fit a general rule of one-size-fits-all. Your goals will influence what kind of estate planning documents you’ll need. If you have children, for example, you’ll want to be sure to appoint a guardian and conservator.
If you want to maintain control over assets after you pass, then you will want to use a trust. There are a variety of different tools and strategies that can all be used to help you accomplish your estate planning goals. In total, these 10 things are just a sampling of what you can accomplish with estate planning and more advanced planning strategies are available.
Some of the biggest benefits of estate planning include:
- Avoiding probate
- Maintaining control over your estate
- Protecting your children and spouse
- Reducing income and estate taxes
- Protecting your inheritance from creditors
- Providing for any disabled children
- Planning for continuity for asset management
- Reducing conflicts among heirs
- Provide for disability planning
- Prevent delays related to your estate
No matter whether you want to accomplish one or all of these goals, you should only leverage estate planning with the support of an experienced lawyer. A knowledgeable estate planning attorney can provide a specific set of recommendations based on your personalized goals so that you can structure your strategies to match.
When meeting with a Massachusetts estate planning lawyer, you’ll get the chance to talk through your primary goals and any other important considerations to note before creating your personalized plan.
