Many people are apprehensive when it comes to planning for their death. This reservation can arise for a wide range of reasons, from the cost, to the difficulty of talking about the issue. However, for most Massachusetts residents, if they want to ensure that their money goes where they desire it to, some estate planning will ensure that this hope becomes a reality.
The basic essentials for planning an estate are to have a power of attorney, will and trust drawn up. These documents will ensure that the right people are making the decisions if there comes a time when an individual is unable to make decisions for themselves. A medical power of attorney may also be helpful in ensuring that the proper decisions are made concerning an individual's medical treatment.
For those who do not have a substantial amount of assets, the drawing up of estate documents can be rather straight forward. However, no matter how high or low a value that is placed on an estate, ensuring that these documents are drawn up correctly can be crucial. This will ensure that the assets are divided in the proper manner all while ensuring that certain taxes will be satisfied.
With the proper estate planning, there comes a peace of mind in knowing that your last wishes will be honored. Massachusetts laws can be difficult to navigate, so it is important to ensure that you are fully informed prior to signing off on any documents. This process will not only protect you from short term financial issues, but will also ensure that generations to come will not be forced to deal with unplanned financial roadblocks that may arise if the proper documents are not constructed.
Source: Fox Business, "Why You Need an Estate Plan," Donna Fuscaldo, June 21, 2013