Some people hear the term estate planning and think it’s something their parents may need to consider or maybe something to think about as one gets older. The reality of it all is that people can benefit from having a plan at any age in Massachusetts. The focus of the plan may be different for someone on their 20s versus someone in their 50s or 60s but estate planning is for any adult.
A younger person coming out of college or getting married and thinking of starting a family may be principally concerned with health care issues such as what happens if one is in an accident and is unable to voice decisions regarding care. No one would willingly put ones loved ones in the position of making life altering health care decisions. Designating a power of attorney for health care and finances can provide peace of mind regarding those issues.
Starting a family brings up concerns regarding guardianship and providing financially for children in the event that something happens to the parents. Trusts can be established for financial concerns and guardianship can be spelled out in the terms of a will. In addition, one might wish to consider increasing life insurance policies and making sure that beneficiary designations are up to date.
One key point to remember regarding estate planning in Massachusetts is that it is not a one and done proposition. As one’s life changes so should one’s estate plan. Once a plan is established it should be reviewed and possibly revised every few years or when there is a significant life change.