The 5 Mistakes That Cost Massachusetts Families Their Inheritance

Planning for the future is one of the most loving things you can do for your family. A well-prepared estate plan can give your loved ones clarity, protection, and peace of mind during difficult times. Unfortunately, we often see families in Massachusetts lose part of their inheritance because of small but costly mistakes that could have been avoided with the right guidance.

Here are the five most common estate planning mistakes — and how to make sure they never happen to you.

1. Not Having a Current Estate Plan Could Impact Your Inheritance

An outdated will or trust can create confusion and unnecessary stress. Life changes, families grow, and laws evolve. A document from years ago may no longer reflect your wishes, which can lead to long court cases or assets ending up in the wrong hands.

MLF Tip: Review your estate plan every few years, or after major life events such as marriage, divorce, having a new child, or purchasing property.

2. Not Protecting Assets from Creditors and Taxes

Massachusetts estate taxes can significantly reduce what your family inherits, especially if your estate is valued over $2 million. Without the right strategies, creditors may also have claims against your assets.

MLF Tip: Use tools like trusts, lifetime gifting, and strategic planning to protect your wealth and pass it on efficiently.

3. Choosing the Wrong Executor or Trustee

Executor: Handles your will after you pass away, paying debts and distributing assets.

Trustee: Manages assets in a trust according to your instructions, during your life or after.

The person you choose to manage your affairs has a considerable responsibility. If they lack financial skills, impartiality, or the ability to work with professionals, it can lead to disputes or delays.

MLF Tip: Select someone trustworthy, organized, and fair. In some cases, a neutral professional or corporate trustee is the best choice.

4. Forgetting About Non-Probate Assets

Your will doesn’t control everything you own. Retirement accounts, life insurance policies, and jointly owned property often pass directly to the named beneficiaries. If those names are outdated, the wrong person could receive those assets.

MLF Tip: Check your beneficiary designations regularly, especially after significant life changes.

5. Waiting Too Long to Create a Plan

We often meet families who waited until illness or incapacity, which makes planning much harder. At that point, options are limited, and the process can become more expensive and stressful.

MLF Tip: Begin your estate plan now, while you have complete control over your decisions. Estate planning is not about age — it’s about readiness.

Protect what matters the most. Your family!

Start Protecting Your Legacy Today

Avoiding these mistakes can save your loved ones time, money, and unnecessary stress.

At Murray Law Firm, P.C., we help Massachusetts families create personalized estate plans that protect assets, reduce taxes, and ensure your wishes are carried out. Whether you need a will, trust, or a complete estate planning strategy, we make the process clear and approachable.

📞 Call us today to schedule your confidential estate planning consultation and take the first step toward securing your family’s future.