Planning for the future is an important and somewhat daunting task. Many Massachusetts residents begin the estate planning process without truly knowing where to begin or what they will need. Some people believe that a will is all that they will need, but there are a number of situations that are not covered by a simple will.
There are many people across the country who fail to make plans for if they are incapacitated. Planning for such a situation might include naming a power of attorney to make financial or healthcare decisions. It might also include creating a trust for whomever is given the task of making decisions to draw on when necessary.
A well-thought-out estate plan will also help to protect a person’s assets. This might include instructions for how assets should be handled in different scenarios. For example, a child might be listed as a beneficiary, but he or she might not be old enough to manage the assets or fiscally responsible enough for the task. Protecting one’s assets might also include plans for what should be done if the benefactor is divorced.
There are a wide variety of options available to people seeking to create an estate plan. Some of these options are specific to small business owners, wealthy families or couples who have divorced. Massachusetts residents who would like to learn more about estate planning could benefit from speaking with an attorney. An attorney would be able to help ensure that his or her clients fully understand the options available to them and create a plan that best suits their needs.