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There is no time like the present for estate planning

On Behalf of | May 6, 2020 | Estate Planning |

One of the many reasons why a Massachusetts adult may delay making plans for the future is lack of time. Estate planning is easy to set aside when busy, young and healthy. However, global events have many people at home and spending more time together, which makes it an opportune time to start the estate planning process. To begin crafting a thoughtful plan for the future, it is helpful to consider what tools may be necessary for the individual situation.

The most basic step in the estate planning process is drafting a will. Through a will, an adult can decide what will happen to his or her property and even designate a guardian for minor children. This is an important step, but some may need more protection than a will can provide. Others may benefit from also establishing a trust, a tool that allows a person to set aside and protect assets for a specific person or purpose. There are many different types of trusts.

Through an estate plan, it is also possible to make decisions regarding health care in the future. A Massachusetts Health Care Proxy functions like a power of attorney, appointing someone to make decisions on behalf of an individual who cannot communicate. This authority would apply to medical decisions such as removal from life support.

Estate planning is different for every Massachusetts adult. To start this process, it may help to seek an assessment of the individual case to understand what protections are necessary for the individual situation. Planning for the future is a prudent course of action for everyone, regardless of age, health status and income level.