Three Things You Need to Start Your Estate Plan

Planning for the future is often top of mind for many people. However, the answer on how to prepare is not always cut and dry as it depends on each family’s circumstances. As an attorney with decades worth of experience in estate planning, I often recommend a simple plan that consists of a Will, Health Care Proxy, and Durable Power of Attorney. Just these three documents can give you and your family peace of mind when it comes to fulfilling your wishes. But what do each of those components do and why are they important?

The Will
A Will is the most important document you can have in your estate plan as it tells your loved ones your intentions after you pass and provides them a roadmap to follow when executing your wishes. A Will includes instructions on the division of your tangible property, real property, and other assets, as well as determine guardianship for minor children and funeral desires. In the state of Massachusetts, passing without a Will is what the legal world calls passing intestate. This means that without a Will your assets will be divided according to State law rather than your specific intent. It is possible that your wishes align with the order that Massachusetts dictates but that is not always the case. Having a Will eliminates confusion and explicitly states your wishes, making it a smoother process for your loved ones after you pass.

Health Care Proxy
This document allows you to elect a person to make health care decisions on your behalf in the event you are incapacitated. Having an elected health care proxy is very important because you can talk to your chosen agent regarding your intentions before you are incapacitated and unable to do so. The selected agent can be fully informed of your health care wishes with the legal power to carry them out, if needed. Your proxy may also have access to your health records and other information. It is important that the person you appoint as your proxy is someone who you trust to honor your wishes.

Durable Power of Attorney
A Durable Power of Attorney (DPOA) is someone you select to make financial decisions in the event you are unable to handle matters on your own. Having a valid power of attorney in place can help protect your financial affairs and allow your business matters to continue and be properly managed while you are incapacitated. Like a Health Care Proxy, the person you select to be your DPOA should be someone you can trust to address important financial and business matters without you. Nobody wants to imagine or think about trying circumstances but taking the time to put these simple documents in place can alleviate confusion and put yourself and your loved ones in the best possible position to deal with your affairs. Having a plan helps you and your family prepare for the future and allows your loved ones to focus on what is most important. If you are considering organizing an Estate Plan and would like some guidance, please contact us at info@pkboston.com.

The above information is designed to provide a helpful overview of a relevant topic. It does not constitute legal advice nor should it be construed as such. Please do not take action based on the above information without seeking formal legal advice.