If you have already completed the general process of estate planning, when did you do so? Where are those documents stored? Does your family know where these documents are located? Estate planning is something that should be reviewed every year as well as when any major life event happens like a birth, death, divorce, or a marriage.
If you have not completed any of your estate planning, now is a good time to get started but it’s also a good opportunity to review existing documents that you’ve already created and put together. Many individuals make the mistake of thinking that they don’t need to engage in the estate planning process because they don’t have enough money to warrant a will.
An estate plan helps to document how your assets will be distributed when you pass away but it can also accomplish more. For example, if you have minor children, your estate plan is your opportunity to name a guardian for your children if you and your spouse pass away.
It’s a good idea to keep your estate planning documents in a safe location and make sure that your helpers know where you keep them and can get access to them when needed. You may want to consider giving a copy of estate planning documents to the individuals named in those documents (a.k.a. ‘helpers’) – however be careful of providing copies if you plan to make changes. Although the latest dated signed document normally controls, it may make things more difficult if there are copies of old documents outside of your control.
If you are going through the process of conducting your Spring cleaning, review your documents and determine whether or not it’s necessary to update them. Get the help of a Massachusetts estate planning attorney for your concerns.
