Estate planning is one of the most important steps you can take to protect your family, preserve your assets, and ensure your wishes are carried out after your death. Yet despite its importance, estate planning is often overlooked and misunderstood.

At Lane, Lane & Kelly, LLP, we regularly meet with individuals and families who have delayed creating an estate plan for a variety of reasons. Often because they believed something they had heard from a friend, read online, or assumed to be true. Unfortunately, these misconceptions can lead to costly mistakes, unnecessary probate proceedings, family disputes, and missed planning opportunities.

The good news is that many of these myths are easy to debunk and correct.

Below, we address some of the most common estate planning myths that we hear from Massachusetts residents and explain why having an up-to-date estate plan is important regardless of your age or financial situation.

Myth #1: "I'm Too Young to Need an Estate Plan."

One of the biggest misconceptions is that estate planning is only for retirees or older adults.

The truth is that every adult should have estate planning documents in place. While there are significant planning concerns for the elderly as it relates to long-term care, all Massachusetts residents could benefit from some form of estate planning.

Unexpected illness or accidents can happen at any age. Without documents such as a Durable Power of Attorney and Health Care Proxy, your loved ones may have difficulty managing your finances or making medical decisions on your behalf if you become incapacitated.

Even if you are just starting out and have been contributing to a retirement account or saving for the future, failing to name beneficiaries or create an estate plan can lead to costly probate pitfalls.

If you own a home, have children, have retirement accounts or modest wealth, or simply want a say in who makes decisions for you, fortifying your estate plan cannot and absolutely should not wait.

Read additional resources from our legal blog here:

• Essential Estate Planning Tips for New Parents and Young Adults
• Why Parents Should Consider a Pot Trust Structure for Minor Children
• How Trusts Can Help Parents Plan & Save for Their Children's Education

Myth #2: "I Only Need a Will."

A Last Will and Testament is an essential estate planning document, but it is not always enough on its own.

A Will must be admitted through the Massachusetts Probate Court before assets can be distributed. This means that even with a Will, your estate will likely be subject to the probate process, which can involve court filings, legal expenses, potential disputes, and delays.

The primary benefit of a Will is that is allows you to specify whom you would like to receive your assets upon your death, and who you would like to put in charge of carrying out your estate administration (naming a Personal Representative). Without a Will, the Commonwealth of Massachusetts will dictate these two crucial selections on your behalf, through the Massachusetts Intestacy State. Click here to read our full legal blog highlighting this statute and what will happen to your assets if you die without a Will.

For many families, a Revocable Trust can provide additional benefits that a Will alone cannot, including:

• Avoiding probate entirely;
• Maintaining privacy;
• Reducing or possibly eliminating estate taxes;
• Protecting assets from the high costs of long-term care;
• Simplifying the administration of assets after death;
• Protecting and appreciating assets for minor children;
• Providing ongoing management for beneficiaries.

The right estate plan depends on your unique circumstances, not a one-size-fits-all approach. This is why a customized plan from the experienced estate planning attorneys at Lane, Lane & Kelly can be crucial to accomplishing your specific estate planning objectives.

Read additional resources from our legal blog here:

• Top Mistakes People Make When Creating a Will and How to Avoid Them
• How to Avoid Probate Pitfalls in Massachusetts
• What Happens When You Die Without a Will? A Guide to Understanding Massachusetts Intestate Succession Laws

Myth #3: "If I Have a Trust, I Don't Need to Do Anything Else."

Creating a trust is only the beginning.

One of the most common mistakes we see is a trust that has never been funded.

If your home, bank accounts, or investment accounts remain titled in your individual name, they may still need to pass through probate even though you have a trust.

When it comes to estate planning for reducing or potentially eliminating estate taxes, failing to fund your trust could potentially squander the very tax advantages that you are trying to achieve.

Properly transferring assets into your trust and periodically reviewing your estate plan are essential to ensuring your trust works as intended. Especially if you have created a Revocable Trust, in which you retain the right to amend or revoke your Trust at any time, it is imperative to make any adjustments to your Trust as your life and situation evolves.

Read additional resources from our legal blog here:

• How to Fund a Trust in Massachusetts: A Complete Guide
• Navigating the Complexities of Estate Planning for Blended Families

Myth #4: "Estate Planning Is Only for Wealthy Families."

Estate planning is not about how much money you have. At the end of the day, establishing an estate plan is an investment in your loved ones, that could save them thousands of dollars, regardless of the size of your estate. Maybe even more importantly, by avoiding probate you will eliminate the headaches, delays, and stress for your loved ones that ultimately comes with administering an estate through the probate court.

Regardless of the size of your estate, an estate plan allows you to:

• Choose who inherits your property;
• Name guardians for minor children;
• Appoint trusted individuals to manage your affairs if you become incapacitated;
• Keep your financial affairs and estate matters completely private;
• Minimize stress for your loved ones;
• Avoid unnecessary legal complications, court costs, and legal fees.

Whether your estate is worth $200,000 or $20 million, having a plan provides peace of mind.

Myth #5: "Everything Automatically Goes to My Spouse."

While Massachusetts law provides many protections for surviving spouses, assets do not always pass to them automatically as many people assume.

The way an asset passes after the account holder or title holders death depends on several factors, including:

• Whether you have a Will or Trust;
• How the asset is titled;
• Whether there are beneficiary designations on a given account;
• Whether the asset is jointly owned;
• Whether you have a blended family with children from a prior relationship.

While in many circumstances your spouse will end up with your assets, if no planning has been done, they can still be completely locked out of your assets as they wait for the probate process to play out.

In addition, any beneficiary designations established on a given account will receive priority over your Will, Trust, or the Massachusetts Intestacy statute. This is crucial, especially for couples who have recently married and have yet to revisit their beneficiary designations following the ceremony. This very scenario played out in a Massachusetts Superior Court case which highlights the importance of updating these beneficiaries. For a full analysis of this case read our legal blog here.

Blended families present even more complex planning considerations which should be accounted for through an estate plan.

Read additional resources from our legal blog here:

• Navigating the Complexities of Estate Planning for Blended Families

Myth #6: “I Don’t Have Any Children, so it Doesn’t Matter What Happens After I Die”

Whether you are married or unmarried, we often meet with clients that think because they don’t have any children, it makes no difference who they name in their estate plan, so they bypass setting one up altogether.

This can be a significant oversight. First and foremost, a comprehensive estate plan will protect you during your life, not just after your death. Even without children, it is important to name:

• Someone you trust to make medical decisions if you are unable to do so;
• Individuals who you authorize to receive all of your historical medical records;
• A responsible individual to manage your finances and legal matters;
• An agent who is authorized to pay your bills, mortgage/rent, etc. if you are unable to do so yourself;
• Specific instructions for your personal care and end-of-life treatment.

If you are unmarried without children, having a plan to name beneficiaries who will receive your assets is crucial. Leaving your estate up to the Massachusetts Intestacy statute could backfire if the statute succession does not align with your intent. The statute requires a legal heir to be a blood relative, and will continue through your ancestry until it finds one.

A Will or Trust allows you to override the statute, where you can name anybody you want to receive your assets, such as: close friends, acquaintances, nieces or nephews, godchildren, or even charities and organizations that you support.

Read additional resources from our legal blog here:

• Why Estate Planning is Crucial for People Without Children

Myth #7: "I Already Named Beneficiaries, So I Don't Need an Estate Plan."

Beneficiary designations are an important part of your estate plan, but they are not a substitute for one.

Beneficiary designations generally control assets such as:

• Life insurance policies;
• Retirement accounts;
• Investment accounts;
• Any other financial accounts (such as checking, savings, CD’s, etc.)

They do not address other vital planning considerations such as:

• Guardianship of minor children;
• Incapacity planning;
• Management of inherited assets;
• Preservation of wealth across multiple generations;
• Estate tax planning;
• Distribution of assets without beneficiary designations.

A strong estate plan ensures that all of these planning mechanisms work together.

Another word of caution that we always convey to clients is thinking about what may happen after a beneficiary receives the assets that you’ve left for them. If you name someone as a beneficiary on a financial account, they will receive that sum of money free and clear, with absolutely no restrictions in place.

This can be troubling if you name a beneficiary that is:

• A minor;
• Financially immature or has difficultly managing and preserving money;
• Struggles with addiction (substance abuse, gambling, etc.);
• Significantly in debt where the proceeds would immediately be depleted through satisfaction to a creditor;
• At risk or going through a divorce proceeding where the inheritance could be subject to property division (read more here about protecting an inheritance from divorce).

While beneficiary designations play a significant role in estate planning, typically they do not suffice on their own.

Read additional resources from our legal blog here:

• How to Protect Your Child’s Inheritance from Divorce in Massachusetts
• The Importance of Keeping Your Beneficiary Designations Updated Following a Massachusetts Superior Court Case Ruling

Myth #8: "Once I Sign My Estate Plan, I'm Done."

Estate planning is not a one-time event. It is an ongoing process that should be updated as your life goes through changes and new milestones.

Your documents should be reviewed periodically and especially after major life events, including:

• Marriage;
• Divorce;
• Birth or adoption of a child;
• Birth of a grandchild;
• Death of a family member;
• Purchasing or selling a home;
• Retirement;
• Significant changes in wealth;
• Inheriting assets from another friend or family member.

An outdated estate plan can create just as many problems as having no plan at all.

Read additional resources from our legal blog here:

• When to Update Your Estate Plan Documents & Why It's Important

Myth #9: "Estate Taxes Only Affect the Ultra-Wealthy."

While the federal estate tax exemption is quite high (currently set at $15 Million Dollars in 2026), Massachusetts has its own state level estate tax. The Massachusetts exemption is currently set as $2 Million Dollars per individual.

As a result, families who are not subject to federal estate taxes may still have Massachusetts estate tax planning opportunities. This is especially true for Massachusetts homeowners with the rising prices of property values over the past several years.

For many Massachusetts clients, they may be over this exemption amount without even realizing it. Especially if they own their home, have regularly contributed to their retirement accounts, or if they have a life insurance policy with a significant death benefit payout. Your gross taxable estate in terms of a potential estate tax calculation includes any and all assets that you own. With the Massachusetts exemption being substantially lower than the Federal limit, this can push you over the exemption amount easier than you may think.

For Massachusetts residents with substantial assets, proper planning can help preserve more wealth for future generations. Click here to read our legal blog about how Trust planning can reduce or eliminate Massachusetts Estate tax, and ultimately leave more in the pockets of your loved ones.

Read additional resources from our legal blog here:

• Why You Need a Trust in Massachusetts: Probate Avoidance, Estate Tax Planning, and Asset Protection
• Does Out of State Property Count Towards the Massachusetts Estate Tax Exemption?
• Maximizing Tax Benefits with the Stepped-Up Basis in Estate Planning

Myth #10: "Through the Combination of Artificial Intelligence (AI) and Online Will Platforms, I Can Get Everything I Need Online or do it Myself."

Online forms and online Will creation Platforms and services have become increasingly popular, but they are not always tailored to Massachusetts law or your family's unique needs.

Estate planning is about much more than filling in blanks. At Lane, Lane & Kelly, we strongly value the ongoing relationship that is created with our clients. When it comes to your sensitive estate planning matters, you need to trust who you are putting in charge to carry out your intent. You should be purchasing the value and advice that an estate planning attorney provides, rather than just purchasing blanket documents sold online.

Or even worse, estate planning is not an area of the law that should be attempted to be done on your own (or with the advice of AI). Massachusetts has strict laws and execution requirements that must be met in order for your estate planning documents to be legally binding.

Small mistakes in legal documents can have significant consequences years later. We cannot begin to tell you how many clients have come to us to “fix” their estate plan after trying to save money by either creating documents themselves, or purchasing them online without ever speaking to another human being.

At Lane, Lane & Kelly, LLP, we take great pride in providing exceptional service to provide you with the utmost peace of mind. More importantly, we recognize that no two estate plans are ever the same. Every plan requires careful considerations, human connection, empathy, and a lasting relationship to adjust your plan as your life changes. Don’t trust just anyone (or anything!) with your estate plan.

Read these other posts from our legal blog for more information:

• The Importance of Personalized Estate Planning: Be Cautious of Online DIY Platforms

Why Estate Planning Matters

A well-designed estate plan does far more than determine who inherits your property. It can help you:

• Avoid probate court involvement;
• Protect your loved ones and make things as easy as possible for them after your death;
• Preserve family harmony and minimize disputes;
• Reduce unnecessary court costs and legal fees;
• Keep your affairs completely private and out of public record;
• Plan for incapacity;
• Coordinate beneficiary designations in a structured and tax-efficient way;
• Reduce or possibly eliminate Massachusetts estate tax;
• Ensure your wishes are honored.

Perhaps most importantly, it provides the ultimate peace of mind for both you and your family.

Frequently Asked Questions

Do I need both a Will and a Trust?

Many Massachusetts estate plans include both. A Will and a Revocable Trust often serve different but complementary purposes. We frequently prepare what is known as “pour-over” Will that works together with a Revocable Trust. The residuary clause of the Will names the Trust as the beneficiary, which in effect “pours over” or funnels any estate assets into the Trust, to ensure the Trust document governs the ultimate administration and distributions.

When should I update my estate plan?

We recommend that you should sit down with an estate planning attorney and review your plan every 3-5 years to make sure it is still up to date and in line with your intentions. Regardless of how long it has been, you should always revisit and update your plan after major life events such as marriage, divorce, the birth of a child/grandchild, death of a family member, or significant changes in your financial situation.

Does having a Will avoid probate?

Generally, no. A Will directs how your estate should be distributed, but it must still be submitted to the Massachusetts Probate Court as part of the probate process, absent any beneficiary designations that supersede the terms of the Will.

Is estate planning only for homeowners?

No. Every adult can benefit from estate planning, particularly because documents such as a Durable Power of Attorney and Health Care Proxy address decisions that may arise during your lifetime. Planning also ensures that you determine how your assets will be distributed rather than leaving that decision to the Commonwealth to decide for you.

Don't Let Common Myths Prevent You From Protecting Your Family

Estate planning is one of the greatest gifts you can leave your loved ones. Unfortunately, misinformation often prevents people from taking the first step or causes them to rely on outdated assumptions that no longer reflect their circumstances.

Whether you are creating your first estate plan, unsure of what to expect, reviewing documents you signed years ago, or wondering whether a trust is right for your family, obtaining qualified legal guidance can help ensure your wishes are carried out and your loved ones are protected.

At Lane, Lane & Kelly, LLP, our experienced Massachusetts estate planning attorneys work closely with individuals and families to develop customized, comprehensive estate plans that reflect their goals, protect their assets, and provide peace of mind for generations to come.

If you would like to learn more about Wills, Trusts, probate avoidance, or estate tax planning, contact Lane, Lane & Kelly, LLP to schedule a completely free, no-obligation consultation.

 This blog is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By reading this blog you understand that there is no attorney client relationship between you and Lane, Lane & Kelly, LLP.