Estate planning involves more than creating a will Planning for one's own death is a daunting task for many Massachusetts residents, and many are unaware of everything that needs to be done. Some believe that they only need to write a will. However, there are many other things in addition to a will that may need to be considered during the estate planning process.
Ensuring that a person's health care is taken care of is an important concern for many, especially those who suffer from a severe illness or who are elderly. Setting up an advanced directive or assigning a health care power of attorney may help to protect a person's wishes regarding his or her health care. Even if an advanced directive is not binding, as is the case in some states, it can still provide a means of communicating a person's treatment preferences.
Financial planning is also a major concern for most individuals. Some might choose to appoint a financial power of attorney to make financial decisions when they are unable to do so, while others might choose to create a living trust. A living trust can help to benefit the person funding it while he or she is still alive, and then it can legally allow for the transferring of funds to the beneficiaries after his or her death.
Estate planning is a multi-step process, and creating a will is typically just one of many needed steps. Massachusetts residents who wish to know more about creating an effective estate plan could benefit from speaking with an attorney. It is also possible for an attorney to help his or her client to alter or update an existing plan.