Another New Year has arrived and one’s thoughts may turn to the future and possibly to the legacy that one might eventually want to leave for loved ones. Confronting mortality may not seem to be an appealing task, but it is inevitable as no one gets out of here alive. In considering estate planning in Massachusetts there are many questions one may wish to consider.
Some people believe a sizable estate must exist to warrant having an estate plan, which is not true. There is more than money and property to be considered and one of the most important items may be a health care directive. A health care directive, or living will, empowers someone to make medical decisions if a person becomes physically or mentally unable to do so.
Another issue to be aware of is to make sure that one’s beneficiaries are up to date. If a 401(k) or life insurance policy exists the beneficiaries designated on those documents are not superseded by wishes expressed in a will. If someone, perhaps a special needs child, relies on one for care and support it is important to consider the details regarding how that person will be provided for.
In this season of gift-giving establishing an estate plan may be one of the best gifts one can give in Massachusetts. While it may not be a task one wants to tackle, the peace of mind it can provide to all concerned is priceless. An estate planning attorney can review a person’s financial and other assets and help to craft a plan that accomplishes the client’s final wishes.