All you have to do is ask around and you’ll easily find plenty of horror stories surrounding estate planning. When someone passes away with no estate plan, family members often start disputes over who gets to take over what. They may spend tons of money on lawyers, even when what they’re arguing over is worth less than those fees. Don’t let your busy life prevent you from contacting the Law Offices of Tara M. George, Estate Planning Lawyer Fall River MA. Often when families are divided, it’s over items with zero value. Other times, people even destroy things just so no one else will get them. The best solution is to simply plan ahead. Put a list in writing that clearly designates which important items go to whom. You can then make this a legal document, which has to be followed to the letter later on.
Choose an Executor Ahead of Time
Choosing the right person as estate executor can be difficult. Select someone who’s organized and emotionally stable. Having co-executors can cause indecision or major disputes. There are times a third party licensed to act as estate trustee or executor is the best idea. They help take emotions and family attachments out of the equation.
Keep An Eye On All Funds
Watching the value of assets is very important. Fixed amounts can be a bad idea, especially since the value of an estate can change dramatically from the time of the original planning. This is why it’s recommended to specify a dollar amount and an alternative percentage. Otherwise, major financial disputes can occur.
Use Careful Thought
Consider how best to ensure funds are used wisely and last longer. Some assign trusts and place incentives into them, such as reaching a specific age, completing college, passing drug/alcohol testing, and so on.
A Simple Will Solves Many Problems
While you might think it can be put off until later, the truth is that no one knows when the time will come. It’s always better to plan way in advance than to leave it to chance. Even just a simple will can solve many of the common issues that come up when someone passes away without an estate plan. For more advice, use your PC contact an experienced Estate Planning Lawyer Fall River MA, such as the Business Name.
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