Estate Planning for 2013: Time to Create or Update Your Estate Plan ...

On March 31, 2012, the new Massachusetts Uniform Probate Code (MUPC) came into effect, changing nearly every aspect of the administration of estates here in the Commonwealth.? This drastic change in the law of wills and estate administration has estate planners and attorneys across Massachusetts encouraging their clients to take the time to create an estate plan or review whatever plan they currently have in place.

Before creating a personalized estate plan for a client, one of our attorneys will have a meeting to better understand the goals and objectives the client wishes to accomplish with his or her estate plan.? With this information we will create a plan to meet the needs of the client, which may include any of the following estate planning documents:

Last Will and Testament:

A will provides for the proper distribution of probate property to designated beneficiaries pursuant to the wishes of the testator.? A will also appoints a personal representative to settle the estate and a guardian and conservator for any minor children or adult incapacitated persons.

Durable Power of Attorney:

A durable power of attorney gives a named individual the authorization to handle financial matters for another individual (the ?principal?) in the event the principal becomes incapacitated. ?This document can save a lot of time and money avoiding the need to go to court for the appointment of a conservator for an incapacitated person.

Health Care Proxy & Related documents:

Do you know who will be making health care decisions for you in the event you become incapacitated or incapable of making your own health-related decisions?? This document will give a health care agent the authorization to make health care decisions on your behalf should you ever be unable to make those decisions on your own. Along with a health care proxy we will create an authorization for the release of medical records and an advance directive, which can give you health care proxy some guidance as to your wishes about life and death decisions if your health care proxy is ever in a situation to make such a decision for you.

Trusts:

A trust can be used and tailored to achieve a specific goal.? Goals may include but are not limited to reducing estate taxes, avoiding probate, controlling assets after death, or providing for a loved one.

This is just a brief summary of some of the parts of a thorough estate plan.? If you have any questions regarding estate planning or any of the above-mentioned documents, contact us to learn how Finn & Eaton, P.C. can help you with your estate planning needs.

Source: http://www.finnandeaton.com/estate-planning-for-2013-time-to-create-or-update-your-estate-plan/

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