Six Key Steps for Estate Planning

Estate planning is an important part of being a responsible adult. While law vary by state, without advanced planning, your loved ones might not inherit what you intend to leave them.

If you’ve been putting off the process, the good news is that estate planning doesn’t need to be difficult. There are six basic steps that will put your affairs in order.

Once you’ve completed estate planning, it’s not a one-and-done task. We recommend reviewing your estate plan every few years. Changes in state and federal law can impact estate plans. You might need to change your executor or your beneficiaries due to changes in your family situation. We think of estate planning as a life-long process that requires the expertise of an experienced estate planning attorney.

1. Work with an Experienced Estate Planning Attorney

Working with an experienced estate planning attorney is a critical first step. The Law Offices of Adam J. Tobin focus on all aspects of estate planning as well as elder law. Based in North Andover, we serve clients in Essex, Middlesex, Suffolk, and Worcester Counties, Massachusetts.

Adam J. Tobin is a member of the National Academy of Elder Law Attorneys and the Massachusetts Chapter of the National Academy of Elder Law Attorneys. He specializes in estate planning, elder law, and probate administration.

In addition, Mr. Tobin is also a board Certified Financial Planner. He has provided personalized estate, retirement, and investment planning for individuals and families for over fifteen years. Mr. Tobin’s unique combined background as both an Elder Law Attorney and as a Certified Financial Planner results in valuable insight for the clients. Contact us for a complimentary consultation.

2. Make a Will

Drawing up your will may be relatively simple or complicated, depending on your financial portfolio. The first step is to review your financial information and a clear idea of where you’d like your assets to go. You should also choose an executor. The executor will be in charge of financial responsibilities, such as paying taxes, before settling the estate.

Your will can be as detailed as you like but, often, small personal possessions are not included. You might consider writing a personal letter for your heirs directly leaving smaller personal items to specific people. Alternatively, you might allow your spouse or children to distribute them as they see fit.

Drawing up the will is often the lengthiest part of the process. You’ll want to revisit your will ever year or so to make sure that new situations are included. This might include adding new assets to the will or allowing for changing family dynamics due to births and divorces.

3. Create Health Care Directives

Health care directives include creating a health care proxy and a living will. This allows you to state the type of care you want and measures you want taken should you ever be physically or mentally incapacitated due to illness or accident.

A health care proxy is a legal document giving someone else the authority to make medical decisions on your behalf when you are unable to do so. It allows a doctor to follow the instructions of a third party even if the law would not otherwise allow it.

A living will allows a person who is unconscious or incapacitated to express his or her desires regarding the use of extraordinary measures to extend his or her life when there is no reasonable expectation that he or she will regain consciousness.

4. Create a Power of Attorney

A power of attorney is a person who can act as your representative to handle your finances in the event that you are too ill to maintain them. Learn more about why you should use a power of attorney.

5. Provide for Funeral Arrangements

Funeral arrangements are often costly. You might leave a provision set aside or have a benefit section in your life insurance policy to handle this last expense.

6. Make Final Arrangements

Many people choose to make the final arrangements for their funeral in advance. This can include planning all aspects of the service and burial. This allows family members the peace of mind that everything was done to your specifications and makes a stressful time a little less difficult.

An experienced elder law attorney can ensure that all of the legal documents for your estate plan are taken care of. Once you’ve completed your estate planing, your family will be better protected for the future. We stand ready to help you at any time. Contact us today to schedule your complimentary consultation.