You might have already completed some of the estate planning process without realizing. If you have a retirement savings account or a 401(k), you’ve probably already established a beneficiary designation form. This gives instructions to the company about who is eligible to receive the assets inside this account if something happens to you.
Beneficiary designations are used to dictate who will receive those assets after you pass away but these should not be overlooked as they do override things inside your will. This means that if you have a will with separate instructions, the company with the beneficiary designation form on file will follow the listing in your beneficiary designation form. Any time that you make an update to your will, you will likewise need to make an update to your beneficiary designation form.
After you have these forms filed, it is appropriate to draft a will. Your family can avoid unnecessary conflicts, delays, expenses and taxation by ensuring that you have sat down with a knowledgeable estate planning lawyer to discuss some of the key components of your will.
This can also be used to establish who will serve as guardian for your minor children when you pass or in the event that you and your spouse become incapacitated.
These cornerstones of estate planning might initially seem overwhelming to approach but a trusted estate planning lawyer in MA can help walk you through the process of what to consider and how to move forward.
Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. For legal advice specific to your situation, please consult with a qualified attorney.
Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. For legal advice specific to your situation, please consult with a qualified attorney.