A will is a basic and very important component of your estate plan, but it is only the foundation. You may need other documents and strategies in place to help accomplish each of your estate planning goals. You probably created a will to ensure that guardianship of your minor children is addressed if applicable, or that all of your assets are transferred to the beneficiaries you choose.
However, there are other estate planning components that you should consider. Bring these up in a conversation with your estate planning attorney. These include:
Health Care Proxies
A health care proxy is a legal document that authorizes someone else to make medical decisions on your behalf in the event you become unable to do so. It is important to choose someone you trust to make decisions that align with your wishes.
Powers of Attorney
A power of attorney is a legal document that allows someone else to act on your behalf if you become unable to do so. This person can handle financial and legal matters, such as paying bills or managing investments, on your behalf.
Trusts
A trust is a legal arrangement that can help reduce the expense and time associated with probate while also protecting your heirs from squandering money received. It is important to consult with an estate planning attorney to determine the type of trust that best fits your individual needs.
Beneficiaries
Listing beneficiaries on retirement accounts, life insurance policies, and payable on death beneficiary forms is an important part of estate planning. This ensures that your assets are distributed to the people you choose.
Living Wills
A living will is a legal document that details what life-sustaining treatments and other medical care conditions you have if you are unable to speak up for yourself in the future. It is important to discuss your wishes with your family and medical professionals, as well as to ensure that your living will is readily accessible.
Estate planning is not just about managing your assets for distribution after you pass away. It’s also about putting a plan in place to help you or others with medical or financial tasks if something happens in the future. You can make things much easier for yourself and loved ones by having a holistic estate plan that considers multiple possibilities.
Our estate planning law office is here to help you with each aspect of your personal strategy and next step plans. Consult with our knowledgeable will lawyer in MA today to learn more.
