Estate PlanningEstate Planning 101

October 12, 2023by MikeMcCarthy0

Estate planning in Massachusetts is not a one-stop shop for everyone and should be tailored to your specific needs and circumstances. However, there are some documents that should make up everyone’s estate plan. Here are some key steps and considerations for your estate plan:

1. Gather Information: Begin by compiling a list of your assets, including bank accounts, real estate, investments, retirement accounts, and personal belongings. You’ll also need information about any outstanding debts or liabilities.

2. Will – You should create a will if you haven’t already done so. A will allows you to specify how you assets should be distributed upon you death. In Massachusetts, the will should be signed by you and witnessed by at least two competent individuals who are not beneficiaries.

3. Power of Attorney – A power of attorney allows you to appoint someone (an “agent” or “attorney-in-fact”) to make financial and legal decisions on your behalf if you become incapacitated. This document is crucial for ensuring financial affairs are managed properly.

4. Healthcare Proxy – You should also consider appointing a healthcare proxy or healthcare agent who can make medical decisions on your behalf if you are unable to do so. This is an important component of a comprehensive estate plan.

5. Living Will – A living will, also known as an advance healthcare directive, outlines your preferences regarding medical treatments and end-of-life care. It provides guidance to healthcare professionals and family members in case she cannot communicate her wishes.

6. Guardianship for Minor Children – If you have minor children or dependents, you should designate a guardian in your will to ensure their care and well-being in case of incapacity or death.

7. Trusts – Depending on your assets and goals, you may benefit from creating trust. Trusts can help avoid probate, minimize estate taxes, and provide for the controlled distribution of assets to beneficiaries. Common types of trusts include revocable living trusts and irrevocable trusts. However, each trust is uniquely different and you should speak with an estate planning attorney before establishing one.

If you or a family member is need of an estate plan, please contact us today!

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