The Outcomes of Poor Planning

There are five major problems that can arise as a result or no, or poor, estate planning. Here’s what you want your family to avoid:

1. Living Probate. If you become disabled, the probate court will decide how your estate is to be managed so your medical and nursing home care bills can be paid. This can include the decision to sell your home, for example, to pay nursing care expenses. The Living Probate process is, in and of itself, costly, lengthy, and stressful for your heirs.
2. Death Probate. As mentioned earlier, the court process used to distribute your estate after your death is lengthy and expensive for your family.
3. Death Taxes. In Massachusetts, the combined state and federal death taxes can consume over 50% of your estate’s worth.
4. Nursing Care Expenses. If you or your spouse needs to be in a nursing home or rehabilitation facility, or need home care, expenses mount quickly and can deplete your estate.
5. Death of your Values. Without proper planning, the values and principles you hoped would be reflected in the distribution of your assets may be glossed over or worse, ignored altogether.