Part 3: When Do You Begin Thinking About an Estate Plan?

by Jack Morrison on August 25, 2011

Have you ever heard the quote, “life is what happens to you while you’re busy making other plans?” As a Worcester Estate Planning attorney with more than 17 years experience, I know how true this is. I’ve seen many people who have ended up frustrated and kicking themselves for not putting legal precautions into place that they should’ve planned for long ago. But I understand—after all, life does get in the way.

There’s a very easy way to know when the time is right to create, or update, your estate plan. It’s when something significant changes in your life. That’s why we’ve taken the last few weeks to review a few of these scenarios:

  • Buying a house
  • Getting married
  • Having a baby
  • Getting divorced
  • Remarrying
  • Getting ill
  • Acquiring an asset

Did you catch our first article sharing about buying a house and getting married? Or our second article about starting a family and getting divorced? Today we’re going to pick back up and explore in further detail two more significant events.

  • Remarrying: if you have recently gotten remarried, then you know there are a few legal and emotional items you have to sort through. One of these is the creation, or updating of your estate plan. You need to sit down with your new spouse and discuss your assets and how you want your estate wishes carried out. You need a will that shows the intent of what your wishes and desires are for your loved ones upon your death.
  • Acquiring an asset: when you acquire an asset, you have a new responsibility on your hands. It’s your duty to understand how to legally protect that asset and know how taxes and liability will affect your loved ones upon your death.  The value of your assets, and your overall estate, are important to determining taxes and other financial obligations.

Are you ready to take the next step and make sure you’ve properly planned for you and your loved ones?

My name is Attorney Jack Morrison. As a Clinton and Worcester Estate Planning Lawyer, I assist clients every day with creating and updating their Massachusetts estate plans. Call my office at 508.852.7800 or reach out via our contact form

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