Most Massachusetts residents want their parents around for as long as possible. Of course, the older parents get, the more likely it is that they will face serious health issues. Estate planning can help in this situation if parents decide early how they want their care handled and paid for. However, many people do not take advantage of this planning, and adult children may be left shouldering the responsibility of care.
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.
People typically do not want to think about what their lives would be like if they were incapacitated and unable to make their own decisions, but many could benefit from considering the possibility. Massachusetts residents, as well as others across the country, who are learning more about health care planning might be unaware of how many options they have available to them. Some might believe that a will is all that they need, but then they eventually discover that they could also benefit from setting up a power of attorney or an advanced directive.
Many children wonder what will happen as their parents grow older. Some Massachusetts residents have been given powers of attorney over their parents but are unsure of how to proceed. Many people question whether they should have a joint account with their parent or parents to ensure that bills are paid on time. Like many things, there are both advantages and disadvantages to sharing a joint account, especially if that person is the original account holder's child.
If a couple in Massachusetts files for divorce, they would do well to remember to update their wills or any other estate plans that they may have. Estate planning can take time, and some divorcing couples may be concerned with what may happen if they are incapacitated during the divorce process. Updating these plans as soon as possible can help each individual to maintain control over his or her assets and ensure that he or she has a trusted individual in place to make financial or health care decisions if needed.
Many Massachusetts residents who are creating an estate plan for the first time may be surprised by the number of steps involved or by the variety of options available to them. Some may believe that they only need to be concerned with creating a will, but health care planning can also be very important. Those who have long-term health concerns may be more likely to set up a health care power of attorney because appointing one of these individuals can help to prevent many problems before they begin.
Many people across the country make an effort to plan for their future, including their death. However, as many Massachusetts residents may know, sometimes mistakes are made during estate planning, and even a person's most carefully laid plans can be ineffective. Fortunately, there are ways to correct these mistakes that would otherwise prevent a person's wishes from being carried out as they had intended.
Technology is a major part of nearly everyone's lives today. Many Massachusetts residents have accounts for a variety of different things, ranging from financial accounts to games or social media. For security reasons, most people use different usernames and passwords for each of these accounts, but that can make things difficult when it comes to estate planning.
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.
Planning for the future is, for many, an important part of their adult life. Many Massachusetts residents may have a one-, five- or even ten-year plan that they used as a reference when making important decisions. However, some of these individuals may not have taken into account what will happen if they are incapacitated. Some might have already set up powers of attorney to step in if they should pass away unexpectedly, but it is possible that the person who has been given these responsibilities will be unable to step in unless the benefactor dies.