When you begin to think about your future and about the legacy that you want to leave, you need to get help with Worcester estate planning. Estate planning is something that everyone needs to do, even if you are younger. Whether your concern is end-of-life issues, leaving an inheritance for loved ones, or controlling your legacy and protecting assets, we can help you to accomplish your goals. People young, old, and in between should have a plan, and our legal team will help with the estate planning process.
The Law Office of James A. Miller, P.C. is dedicated to offering comprehensive and effective estate planning services. When you work with our legal team, we help you to define your goals and to identify all the different estate planning steps to take. We will then work with you to go through your estate planning checklist and get everything done right. Give us a call today to find out more about how we can help.
Worcester Estate Planning Checklist
Too many people make a will and think they are done with their estate plan. If you only have a will, you are missing some important documents that should be a part of your estate plan. To ensure you’ve done everything you need to actually be prepared for the future, consider these key items which likely should find their way onto your estate planning checklist:
- Make sure your last will and testament is updated. Your will can detail who gets possessions that you haven’t dealt with using other estate planning tools. Your will can also include provisions with instructions on things like how you want your funeral to go and who should become the guardian of your kids if both parents die when the kids are underage.
- Make advanced decisions on healthcare. Massachusetts Medical Society recommends using a Health Care Proxy form to name someone to make decisions on your behalf. You can also make a living will, although Massachusetts is one of three states which doesn’t give a living will formal recognition. A living will is not like a regular will. The purpose of a living will is to express your opinion on medical procedures that should be taken to save or prolong your life in an emergency medical situation. You can still make a living will so your healthcare proxy and doctors can refer to it to understand your wishes in the event of incapacity.
- Create a durable power of attorney: You should name an agent using a durable power of attorney. Your agent can be in charge of making financial decisions and managing your affairs when physical or mental problems prevent you from exercising your own autonomy.
- Establish any trusts which are appropriate. Trusts can play a role in asset protection, both during your life and once you have passed away. There are lots of different types of trusts that can be used, including revocable and irrevocable trusts. An attorney can help select the right trust for your needs.
- Create a business succession plan: If you own your own company, you need to make arrangements for an orderly transition of your company to new owners if you step down, become incapacitated, or pass away.
- Ensure you have sufficient life insurance coverage. The amount of coverage you will need varies based on your debt level, your level of other assets, and the number of people who you have depending upon you.
- Review accounts and insurance policies. For accounts and policies where you have to name a beneficiary, be certain that you have named a beneficiary of your choosing who will inherit if something happens to you.
There may also be additional estate planning steps that you need to take, depending upon your personal situation. Everyone’s life is different and you need to ensure that you make plans designed to fit your goals and protect your family.
Contact a Worcester Estate Planning Lawyer For Help
You don’t want to try to go through your estate planning checklist alone, as you could end up making mistakes or missing out on important steps that you need to take to protect your future and your family. The Law Office of James A. Miller, P.C. can help you make certain your estate planning is done right.
To find out more about what your estate planning process should entail, you can get started by downloading our free estate planning worksheet . You can also give us a call at 866-370-3888 or contact us online to speak with an experienced attorney to help you work through your Worcester estate planning process.
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