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Salem Massachusetts Estate Planning Law Blog

What are the basics of a living will?

A living will can be confusing for many reasons, including the fact that this isn't actually a will. A living will is a legal document used to express your desire and preferences regarding health care in the event that you are unable to communicate instructions.

While it's easy to believe that you don't need a living will -- maybe because you trust your family to make key decisions on your behalf -- you shouldn't overlook the benefits of creating this type of document.

The finer details of a guardianship

When it comes to estate planning, you need to focus long and hard on guardianship. In short, this allows one person to make decisions for another, such as if he or she is incapacitated or disabled.

An example of this would be a person who is in a coma as the result of a serious accident or illness. Unless the person has a medical directive and durable power of attorney in place, the court will have no choice but to appoint a guardian who is staffed with the responsibility of making both nonfinancial and financial decisions.

There is more than one type of estate planning trust

When it comes time to tackle the estate planning process, you may turn your immediate attention to a will.

While a will is one of the best ways to plan for the future, it's not the only option. You may come to find that some type of trust could do wonders for your estate plan, both now and in the future.

Will you follow these estate planning tips in your 30s?

As you enter your 30s, it's safe to assume that you have a lot on your plate. From starting a family to devoting more time to your career, there's always something on your mind.

However, there's something else you need to think about: your estate planning goals.

When should you update your estate planning documents?

Once you create an estate plan, it's easy to believe that you can leave it as is indefinitely. While you may find that you never need to make changes, don't count on this always being the case.

There are many reasons why you may need to update your estate planning documents, including the following:

  • A person you named as a beneficiary, such as a spouse, has passed on
  • You need to name new people in your will, such as a child recently added to the family
  • You are recently married, widowed or divorced
  • New state laws impact the terms of your estate plan
  • You need to change the guardian of your minor children
  • Your children reach the age of 18
  • You recently acquired a valuable asset, such as a second home

Don't forget to include your health care plans in the estate plan

When you think about an estate plan, you might automatically think about the will and trusts. There are other aspects of estate planning that you need to think about when you are coming up with your plan.

You need to consider your health care options when you are able to make these decisions and make a plan for those now. Your living will and power of attorney for health care are important points of the estate plan.

Do you understand long term care?

When creating an estate plan, you may turn your attention to what will happen to your estate upon your passing. While this is important, you should also consider the many decisions you will make that can impact you while you're living.

For example, there may come a time when you are no longer able to care for yourself. This is why so many people purchase long term care insurance. With this coverage, you can receive help paying for services such as:

  • Dressing
  • Bathing
  • Moving around your home
  • Eating
  • Taking medication
  • Housework
  • Shopping for groceries and other items

A big lottery win calls for an estate plan review

When it comes to estate planning, there are many things that can happen in your life that call for an immediate review of your situation.

Recently, a 53-year-old Massachusetts woman won a $758.7 million Powerball jackpot.

These are some of the most common estate planning mistakes

When it comes to estate planning, there are things you need to do and things you need to avoid.

It's important that you become familiar with the most common estate planning mistakes, as this can put you in a better position to make informed decisions in the future.

Things to remember about estate administration

When it comes to estate administration, such as through the probate process, there are many things you need to keep in mind.

While it's never easy to deal with the probate process after the death of a loved one, you can't afford to run the other direction. If you're the executor of the will, you need to know what is expected of you and then move forward in the appropriate manner.

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Casey & Lundregan, P.C.
71 Washington Street
Salem, MA 01970

Phone: 978-224-8893
Toll Free: 800-785-3588
Fax: 978-745-3607
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