Your Plan Your Way – Peace of mind through retirement and beyond
April 4, 2008
During the course of your life, you’ve probably spent a lot of time worrying about making a decent living. But as the years pass, your attention is likely shifting away from taking care of yourself to ensuring that your loved ones are cared for after you’re gone. There are certain things that you must do to protect your family and your wealth.
Estate planning is an ongoing process for accomplishing lifetime goals and planning for the disposition of assets at death. It is appropriate at any stage of life but particularly relevant when retirement realities hit. There are several essential considerations regardless of the size of your estate.
Everyone needs a will, the most basic estate planning document. It provides for the orderly distribution of your estate upon your death. If you do not draft a will or use some legal method to transfer assets when you die, Massachusetts law will determine what happens to your property according to a predetermined legal formula that may very likely not adhere to your preferences.
In the creation of a will, you can designate trusts to be created, guardianships over minor children and how other essential matters should be handled. In your will you also name the executor of your estate. This is the person entrusted with carrying out your expressed wishes and distributing your property as you designated. Therefore, if you’re concerned how your estate will be divided, you should have a current and valid will.
Another essential estate planning tool is a health care proxy. This document allows …
You may read more at the link below.
by: Todd C. Ratner, Esq.