Your estate is comprised of all that you own including cars, houses, bank accounts, and investments. Estate planning ensures that your wishes will be complied with at the time of your illness or death. It is not only for the elderly, wealthy, or ill. It should be evaluated by any one with any belongings or dependents. This blog includes an estate planning defined for MA.
Estate Planning Defined For MA
Estate planning details specific instructions for how everything will be administered if you become debilitated or die. It may include your valuables and financial obligations, designate custodians for your dependents, outline exact allocation of the estate to specific relatives, and can also discuss your religious or other preferences. Incapacitation or loss of life can happen suddenly. By preparing ahead, you can make important decisions while you are not under duress. It may help safeguard your assets and your family.
How Your Estate is Handled without a Plan
Without an estate plan, your possessions may be distributed according to the laws in your state of primary residence. If you have dependents, the court may rule on their inheritance and guardianship. Court actions can conflict with your personal preferences. It may also become a lengthy process, resulting in family members not receiving needed financial resources during that time.
How to Start an Estate Plan
Estate plans can include many components including a will, power of attorney, health care proxy, medical directives, and insurance plans. There may also be ways of minimizing taxes and other charges incurred by structuring your estate in a certain manner. Your plan will vary according to your assets and family members. An experienced estate planning professional can assist in evaluating these decisions and put together a plan that best suits your situation and desires. It is never too early to plan and it can give the assurance of knowing that your family will be protected and looked after. This estate planning defined for MA is provided for reference only. Contact John Martino at Martino Law Group for expert advice.