Estate plans protect and conserve assets for distribution to loved ones and charities prior to or after death. There is no general one size fits all plan, therefore a proper estate plan must be tailored to your individual needs taking into consideration the amount and types of assets you posses, the needs of your family, and your desires.
In addition, an estate plan can also include a method for making healthcare decisions in the case that you are unable to make them for yourself. Having clearly set out your healthcare preference for life extending treatments and/or giving the power to make those decisions to someone else can greatly enhance clarity during confusing and emotional times.
A properly designed plan grants peace of mind for others in the event of an untimely death. Without taking such precautions, the commonwealth's government has a default method for distributing your assets. In many cases the government plan is not an ideal solution, and it can lead to serious problems for your loved ones.
Consider an estate plan if:
- You have anyone who depends on you for financial support such as a child, parent, spouse, or disabled relative;
- You care about what happens to your property after you die;
- You want to avoid having the government decide who cares for your minor children;
- You want to avoid a public proceeding and delay of the probate process;
- You own your own business.
Even small estates benefit from estate planning. It may be as simple a process as changing the terms on your bank account and having a simple will drafted to take care of any guardianship issues and sort out family heirlooms. Not having these things in place may cause disputes among family members later and force the government to decide who cares for your children.
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