The important elements of an effective estate plan

On Behalf of | Oct 25, 2018 | Estate Planning

There are a variety of documents that are the foundation of an effective estate plan. An estate plan can be useful and important at any stage of life whether the estate planner is concerned about planning for their children or ensuring their assets are distributed how they wish for them to be distributed.

A comprehensive and effective estate plan can be helpful for both the present and future of the estate planner. An effective overall estate plan that is thorough and carefully thought out can help provide peace of mind for the estate planner and also help prevent potential conflicts family members may have to resolve down the road during an exceptionally difficult time.

There are a variety of important estate planning tools that can help estate planners ensure their wishes are honored and that their property is distributed how they want it to be. All estate plans should include a validly-executed will. In addition, a trust can also be useful to an estate plan both now and in the future. Different types of trusts can be helpful based on different needs and goals so it is useful to be familiar with what a trust does and the different types. A power of attorney and healthcare proxy in Massachusetts can also help estate planners ensure their financial affairs and medical care needs are taken care of if they become incapacitated. Guardianship provisions can help ensure minor children are properly cared for according to the wishes of the estate planner.

Estate planning is sometimes misunderstood as something to put off for another day but it can be helpful for everyone. The more estate planners understand about the estate planning process, the better position they are in to ensure they have a comprehensive estate plan that works for them and their family.