Thinking about the future is not always easy. Most younger and healthy adults don’t give a lot of thought to what will happen if they pass away unexpectedly, but in reality, estate planning is important at every stage of life. From young college students to older couples with grandchildren, having certain plans in place are important for future security regarding finances and health care.
Massachusetts college students may not have many physical assets, but they can benefit from having certain protections in place. One important protection is to have a power of attorney for health care and a power of attorney for finances. These two things can allow a college student to name a person to act on his or her behalf in case of incapacitation. A will can also allow a student to decide what will happen to his or her stuff in case of the unexpected.
After marriage, spouses will find it beneficial to have each other named as beneficiaries on certain types of accounts, and they will also want to adjust powers of attorney to do the same. An updated will is also important. When children are born, further adjustments will be necessary to ensure that the kids will get what they need and deserve in case of the unexpected death of the parents.
Estate planning is a tool that can be utilized to have control over what happens to personal assets in the future. It also allows parents to outline plans for the care of any minor children, and through this process, a Massachusetts adult can have a say over what happens to his or her body. These are important and necessary protections regardless of age, income and health status.