As 2023 draws to a close, it’s a perfect time to revisit your Massachusetts estate plan and
ensure it’s up-to-date and aligned with your current wishes and the latest legal requirements.
Estate planning is an ongoing process, and making the necessary updates before the new year
can provide you with peace of mind and protect your legacy. Today we’ll explore the essential
steps you should take to refresh your Massachusetts estate plan.
Review Your Will and Beneficiary Designations
Your will is the cornerstone of your estate plan. Reviewing it at the end of every year will ensure
it accurately reflects your current wishes. Additionally, check beneficiary designations on
accounts, life insurance policies, and retirement plans to confirm they align with your intentions.
If you’ve experienced life changes such as marriage, divorce, or the birth of children, update
your beneficiaries accordingly.
Assess Your Estate Tax Liability
Massachusetts has specific estate tax laws with thresholds that can change over time. It’s vital
to assess your estate’s current value and confer with an estate planning attorney to determine
whether you are subject to Massachusetts estate tax. If your estate’s value is near the taxable
threshold, you may need to explore strategies to reduce potential tax liability.
Update Your Healthcare Proxy and Power of Attorney
Life circumstances can change, and the individuals you previously designated to make medical
and financial decisions on your behalf may no longer be suitable. Review and update your
healthcare proxy and any power of attorney documents to confirm they reflect your current
preferences and trusted representatives.
Evaluate Trust Documents
If you have established trusts as part of your estate plan, review them to ensure they still meet
your objectives. Consider any changes in your assets or beneficiaries that may necessitate
amendments to trust documents.
Examine Your Digital Assets
In today’s digital age, it’s crucial to consider your digital assets and how they will be managed
after your passing. Include instructions for accessing online accounts, passwords, and other
relevant information in your estate plan. This ensures that your loved ones can handle your
digital legacy appropriately.
Update Guardianship Provisions
If you have minor children, your estate plan should designate a guardian for their care if
something happens to you. Review and update these provisions as needed, considering your
children’s best interests.
Consider Long-Term Care Planning
With the rising costs of long-term care, it’s wise to explore your options for planning ahead.
Updating your estate plan to include provisions for long-term care can help secure your assets
and ensure you receive the care you need without depleting your estate.
Consult an Estate Planning Attorney
The most important step in updating your Massachusetts estate plan is consulting an
experienced estate planning attorney. They can provide valuable guidance, ensure your plan
complies with current state laws, and help you make informed decisions to preserve your assets
and provide for your loved ones.
As 2023 comes to an end, take the time to review and update your Massachusetts estate plan
to reflect your current wishes, life circumstances, and the ever-evolving legal landscape. By
making the necessary changes before the new year, you can safeguard your legacy and ensure
that your estate plan continues to serve your best interests and those of your loved ones. Take
these crucial steps to secure your family’s financial future and bring peace of mind as you enter
2024.
As always, we are here to help. Give us a call at 508-202-1818.
