When it comes to estate planning basics, many Massachusetts residents may think that having a will can cover their needs. While it is true that wills have a multitude of benefits, there are other planning documents that may also prove just as important. In fact, these documents could come in handy while a person is still alive, and not just after death.
It may prove wise to have power of attorney and healthcare proxy documents as part of any basic estate plan. With a power of attorney, an individual can name an agent to make financial and/or medical decisions in the event that the person becomes incapacitated. A healthcare proxy provides a similar benefit, as the creator of the document can appoint a party to make healthcare decisions.
Though other documents can help make a basic plan more complete, a will still remains as a vital part of the plan. Some individuals may think that only people with considerable wealth need a will, but in reality, anyone can benefit from creating the document. However, approximately 64 percent of citizens do not have any type of will.
Though the idea of wills, powers of attorney and healthcare proxies may seem overwhelming, getting started may be easier than expected. There are a variety of ways in which interested Massachusetts residents could obtain assistance in creating the plan that works best for them. Consulting with experienced attorneys is one way that concerned parties could gain reliable information and advice for their specific planning needs and desires.
Source: wgrz.com, “Estate Planning 101: Things To Do Before You’re Gone“, Steve Brown, May 11, 2017