There are many reasons why it is practical to stop procrastinating about planning for the future. Making an estate plan may not seem necessary now, but failure to have the right documents and protections in place can lead to disputes and complications in case the unexpected happens. By estate planning now, a Massachusetts adult can prevent problems in the future.
Estate planning can prevent issues by allowing someone to decide how and when a beneficiary will get his or her inheritance. This can be especially important in situations where there are concerns over how an heir may handle money if left all at once. There are also tools that will let someone give directly to a charitable organization if he or she wants to do so.
A detailed estate plan will make things easier for a family in the future. Certain planning tools allow one to make specific choices regarding medical care, plan for the potential need for a nursing home and name someone to make important decisions in case of incapacitation. Making these decisions now may seem unnecessary, but it is extremely helpful to have these things in place in case of an emergency. They can reduce stress, eliminate disputes between loved ones and make things easier during a difficult time.
There is an increased chance for complications regarding how to care for an incapacitated loved one or how to settle his or her estate when there are no estate plans in place. This can also happen when plans are out-of-date. Crafting a thoughtful plan with the help of an estate planning attorney or updating an existing plan is a prudent course of action for Massachusetts adults of all ages.