How to Protect Your Assets Before the New Year: Estate Planning Tips for Massachusetts Families

The end of the year is a natural time to get organized, reflect on your goals, and make sure your financial and legal affairs are in order. For many Massachusetts families, that includes reviewing or creating an estate plan. Even simple updates can protect your assets, reduce future stress, and give you a stronger, more confident start to the new year.

Here are key estate planning tips for Massachusetts to consider before January arrives.

1. Review (or Create) a Revocable Trust

A revocable trust is one of the most effective tools for protecting your assets and avoiding probate in Massachusetts. Many families assume trusts are only for the wealthy, but they’re often helpful for:

• Homeowners

• Blended families

• Individuals with savings or investments

• Anyone who wants to simplify what happens after they pass

• Parents who want to delay or structure how children receive assets
  

A trust allows your assets to be transferred privately, efficiently, and according to your wishes without the delays and costs of the probate court.

2. Update Beneficiaries on Accounts

Beneficiary designations override wills and trusts, which means outdated information can cause serious problems. Before the new year, review:

• Bank accounts

• Retirement accounts (401k, IRA)

• Life insurance policies

• Investment accounts
  

Make sure everything aligns with your current wishes.

3. Review Powers of Attorney and Health Care Proxies

Two of the most overlooked estate planning documents are:

• Durable Power of Attorney – allows someone you trust to manage financial affairs if you cannot

• Health Care Proxy – appoints someone to make medical decisions on your behalf
  

If you already have these documents, confirm your chosen agents are still the right fit. If you don’t have them yet, now is the perfect time to create them.

4. Organize Important Documents

Having your legal and financial documents in one place ensures your family can find what they need if something unexpected happens. This may include:

• Your will and/or trust

• Property deeds

• Bank and investment information

• Insurance policies

• Contact information for your attorney, accountant, or financial advisor
  

Even a simple, organized folder can prevent confusion later.

5. Consider Tax and Asset Protection Strategies

Year-end is an ideal time to talk with an attorney or financial professional about:

• Gifting strategies

• Asset protection options

• Planning for long-term care

• Reviewing real estate ownership

• Minimizing future probate costs
  

A small adjustment now can create significant savings and stability later.

6. Start the New Year with Peace of Mind

An estate plan doesn’t have to be complex but it does need to be clear, legally valid, and tailored to Massachusetts law. Whether you’re updating old documents or creating a plan for the first time, taking action before the new year ensures your family is protected and your wishes are honored.

📞 Call the Law Office of Cathy A. Marino at (617) 846-4041 to start your Massachusetts estate planning and enter the new year with confidence.

⚖️ Disclaimer: This article provides general information only and is not legal advice. For advice about your specific situation, please consult an attorney.