The Importance of Wills and Estate Planning: Expert Advice and Guidance

New Hampshire residents are being urged not to delay in making important decisions about their assets and estate plans. Experts emphasize the importance of having a will in place to ensure that your wishes are carried out after your passing.

According to attorney Elizabeth M. Lorsbach, if a resident of New Hampshire passes away without a will, state law will determine who the beneficiaries of that person’s estate are. This can result in decisions being made by the court rather than by the individual or their loved ones.

To shed light on the importance of wills and estate planning, a panel of experts including Thanda Fields Brassard, Caitlin McCurdy, Katherine J. Morneau, and Elizabeth M. Lorsbach, shared their insights on key elements of estate planning.

One crucial aspect highlighted by the experts is the need for everyone to have a will. A will allows individuals to specify who will inherit their assets and nominate an executor to handle the probate administration process. Additionally, a will is essential for parents to name a guardian for their minor children in the event of unexpected circumstances.

When it comes to choosing an executor or trustee, experts advise considering individuals who are responsible, organized, and trustworthy. It is important to review and update estate planning documents regularly, especially in the event of life-changing events such as births, marriages, divorces, or deaths.

New Hampshire’s trust laws have evolved significantly in recent years, making the state a favorable jurisdiction for trust administration. Life insurance is also highlighted as a valuable tool in estate planning to provide support to family members and cover debts or taxes after one’s passing.

Experts caution against drafting a will without the assistance of an expert, as there are strict formality requirements in New Hampshire that must be followed for a will to be valid. Seeking legal advice ensures that your intentions are legally expressed and honored.

To get started with estate planning, individuals are encouraged to schedule an appointment with a qualified estate planning attorney. Reviewing and updating estate planning documents every 5-7 years, or more frequently in the event of significant life changes, is recommended to ensure that your wishes are accurately reflected.

Overall, the message is clear: don’t delay in making important decisions about your assets and estate plans. Taking the time to plan ahead can provide peace of mind for you and your loved ones in the long run.