Lynn, Massachusetts, United States - May 30, 2022 —
Avoiding the pitfalls of estate planning can help reduce the stress and confusion of loved ones when the time comes to apply it, Elder Law attorney Brendan L. Ward said this week.
For more information please visit https://cherrytreelegal.com
Taking time out from his busy schedule, Ward revealed the most common mistakes to avoid when considering what to do around the subject of planning your estate.
The Managing Partner of Cherry Tree Legal, PLLC, in Lynn, MA, said that to safeguard your legacy, the biggest mistake was to either ignore or not even make time to make a plan.
“Too many people put estate planning on the back burner until it is too late to react,” he commented. “Failing to do so could imperil your assets and what your loved ones are expected to do when you die. Now’s the time to start planning. The earlier, the better.”
He said that discussing your estate planning options with loved ones and close friends is an opportunity to outline what you have planned for your assets and lessen the risk of disagreement after your passing.
Estate planning, he added, is all about detail. That means asserting a power of attorney or naming someone to act on your behalf if you become incapacitated and are unable to make medical decisions independently.
“Rather than assigning just one beneficiary per asset, it would be better to have a contingent beneficiary if the primary one dies before you do,” he added.
Ward pointed out the need to write your funeral details in the estate plan so that everyone was clear on your final arrangements. Equally, detailing your wishes for end of life care should also be stipulated.
“While there is so much focus on traditional estate planning options, you shouldn’t forget the need to address your digital assets and how these should be handled. These can range from social media accounts to your online banking accounts.”
Ward went further and urged people to seek advice from an estate planning attorney who would offer a broader scope of options that you may not have considered – such as leaving money to your favorite charities and planning for your children’s futures in terms of how assets can be left for specific uses and who takes care of them.
He said that any estate plan should also consider creditor or tax liabilities and to thoroughly understand the tax laws of the state you live in so that you can plan accordingly.
“While making sure you update the plan regularly, so it remains current to your life events, you will also need to make sure your loved ones know where your estate plan is when you pass away as it is useless if they can’t find it. So let them know,” Ward concluded.
source: http://RecommendedExperts.biz
Contact Info:
Name: Brendan Ward
Email: Send Email
Organization: Cherry Tree Legal, PLLC
Address: 85 Exchange St Suite 302, Lynn, MA 01901
Phone: 781-496-2017
Website: https://cherrytreelegal.com
Release ID: 89075804
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