There are several essential parts of a good estate plan that you can use when preparing for the future. For many people in Massachusetts, estate planning is an afterthought regardless of their income or assets. You’re busy handling the day-to-day tasks that keep your business and family running, not signing documents that won’t be used for many years.
Daigle Law Office’s estate administration lawyers want to remind you that setting up a good estate plan is all about preparing for future possibilities, those “what-ifs” that you probably try not to consider. What if you’re in a serious accident and can no longer care for your children or run your business? What if you die much sooner than you’ve planned, leaving your family without a steady income? What if you or a family member has significant unplanned medical expenses? Estate planning can help prepare you and your family for these scenarios.
Estate Plan Basics in Massachusetts
When you work with an attorney to set up an estate plan, you can expect to sign a few basic documents:
- A will
- Depending on your wishes, a trust of some type
- Medical or financial powers of attorney
- If you have children, a guardianship designation
- If you run a business, business succession plans
A will is a legal document explaining what happens to your property and assets after you die. Many people choose to state in their wills that most or all of their money will move into a trust upon death. The trust then distributes the money gradually over time to chosen beneficiaries. Alternatively, the will can explain who gets which property, and the property is distributed not long after death.
Moreover, signing a medical power of attorney, such as a Massachusetts Health Care Proxy, is a good idea to tell loved ones your wishes for end-of-life medical care and to allow others to make decisions if you cannot. Some people also want or need a financial power of attorney, allowing someone else to make financial decisions. For people with children, signing a guardianship designation gives peace of mind that a trusted family member or friend will be there to take care of your children if you cannot. Business owners should make a written plan for who will take over if they can’t run the business.
How Can an Estate Plan Help Me in the Future?
The basic parts of an estate plan described above can help you in the future if you have a medical emergency, become mentally or physically incapacitated, or die unexpectedly. Life is unpredictable, and it’s better to be prepared with a plan than for your family to struggle when you cannot help them.
For example, think of a business owner and single parent of a teenager who is in a serious car accident and suffers a brain injury. Without a basic estate plan, the teenager may be sent to live with distant relatives or foster parents. The teenager may struggle to pay for necessities and college tuition. The business may flounder with no one to lead it. Doctors may have no one to turn to when difficult medical decisions must be made for the person’s care. If the person dies from their injuries, administering an estate with no will and no trust could be difficult.
Instead, if the person had gone to a skilled lawyer to make a basic estate plan, this person could have designated a guardian to care for their teenager until they turned 18. They could have set up a college fund or a trust to pay for the teenager’s future expenses. They could have a business succession plan, providing that a trusted employee or co-owner should take over in their absence. They could designate a trusted relative or friend to make medical decisions on their behalf. And should they pass away, they would have a will in place to explain how their property should be distributed to others.
Just this hypothetical should be enough to show that an estate plan could greatly simplify and improve the situation if you become incapacitated in some way or die unexpectedly. Your family and business could greatly benefit from even a very simple estate plan. It’s never too late or too early to reach out to a knowledgeable estate planning lawyer near you. You owe it to your family to do some basic future planning to protect them.
Questions About Your Estate Plan? Let Us Help
Are you looking for a dependable, experienced lawyer who can assist with your estate questions and planning for the future? Daigle Law Office’s attorneys can provide you with experienced Massachusetts estate planning help. It’s not easy to deal with estate planning, estate administration, or probate. We help clients looking to plan for the future or dealing with tough situations who need solid, reliable legal advice. To schedule a consultation, call 508-771-7444 or use our convenient Contact Form.
