Planning for the settling of one’s final affairs takes a considerable amount of effort. Massachusetts residents will need to go over several documents, such as wills and trusts, that they may want to use in their estate plans. They will also need to consider including other information in their plans that could make their wishes for various aspects known.
The bread and butter of most estate plans are wills and trusts. The will serves multiple purposes, such as specifying who is to receive certain assets and naming guardians for children who are not yet adults. Trusts can offer many benefits for asset protection and reducing estate taxes by removing property from the estate itself and into the trusts. Individuals can also put specific instructions on how assets in trusts should be used. Of course, both of these documents need to be properly created, with any trusts properly funded.
Additionally, individuals may want to consider creating power of attorney documents that can put someone in charge of important decisions. No one can guarantee that he or she will be of sound mind forever, and appointing someone to the power of attorney role can ensure that a trusted person will be in charge of making important choices in the event of incapacitation. Parties can appoint someone to make financial and health care decisions or name separate people for each area.
Creating wills, power of attorney documents and other estate planning records can seem complicated. The process can certainly have its difficult points, but fortunately, Massachusetts residents can obtain professional help when creating their plans. Estate planning attorneys can offer sound advice on the most appropriate methods for creating comprehensive plans.