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Estate planning tools for different life stages

On Behalf of | Jun 17, 2020 | Estate Planning |

Massachusetts adults can benefit from making plans and looking to the future, regardless of age or income status. Estate planning is not something reserved only for the old and wealthy, but it is useful for individuals of all life stages. Having a plan in place will provide certain benefits and protections that may be specific to the individual stage of life or unique objectives. 

Upon reaching the age of 18, an adult will benefit from drafting certain documents, such as a power of attorney, living will and health care proxy. Even at such a young age, an adult has the right to decide what type of medical care he or she may want in case of incapacitation. After marriage and the birth of children, it may be necessary to draft a will and other documents that will allow that individual to determine the distribution of personal assets in case of death.

With age, it may be beneficial to draft advance directives, and it may be prudent to establish trusts. Different life stages may necessitate different estate planning steps. This why it is prudent to regularly update plans and review them after major life changes, such as a divorce, death in the family or birth of additional children.

Problems with estate planning can result in complications and stress for beneficiaries or in case of an emergency. At any stage of life, it is prudent to work with an experienced Massachusetts legal ally who can help draft plans that are truly beneficial and practical for the individual goal. Every estate plan is different, and this is why some may find it helpful to first understand options available to them and how those steps can provide protection.