The summer months in Massachusetts are a time for fun in the sun, vacations, and relaxation. However, it’s important to remember that estate planning is a year-round task that should not be neglected. In fact, summer can be a great time to review and update your estate plan. Here are some reasons why estate planning is important to do even during the summer months.
Incapacity Documents
Estate planning is not just about what happens after you pass away. It’s also about making sure that your wishes are respected if you become incapacitated and are unable to make decisions for yourself. Incapacity documents such as a power of attorney and a healthcare directive can ensure that the right person is making decisions on your behalf.
During the summer months, accidents can happen more frequently. Whether it’s a boating accident, a bike accident, or a slip and fall, it’s important to have incapacity documents in place to protect yourself and your loved ones.
Trusts
Trusts are a powerful estate planning tool that can help you avoid probate, minimize taxes, and protect your assets. Summer can be a good time to review your trust and make sure that it still aligns with your wishes. If you have experienced any significant life changes, such as the birth of a child or a change in marital status, you may need to update your trust to reflect these changes.
Wills
Your will is the cornerstone of your estate plan. It outlines how your assets will be distributed after you pass away. If you don’t have a will, your assets will be distributed according to state law, which may not align with your wishes. If you already have a will, summer can be a good time to review it and make sure that it still reflects your wishes.
In addition, summer can be a good time to talk to your loved ones about your estate plan. Letting them know what your wishes are can help prevent disputes and ensure that your wishes are respected.
Conclusion
Estate planning is an important task that should not be neglected, even during the summer months. Incapacity documents, trusts, and wills are all important components of a comprehensive estate plan. Taking the time to review and update your estate plan can give you peace of mind and protect your loved ones. Talk to our MA estate planning lawyer now for more help.
