A Great Time to Get Your Affairs in Order

National Estate Planning Awareness Week runs from October 21–27, 2019, and it offers a reminder for people who haven’t yet prepared their estate planning.

Estate planning is the responsibility that most people seem to put off completing. According to a recent survey by Caring.com, over 75% of people think having a will is important but only 40% of those people actually have one. 

There can be a million reasons why people put off this important task. The truth is that almost everyone would benefit from taking care of their estate planning. Conversely, almost everyone who doesn’t take this step leaves their family at a disadvantage because the state laws often don’t match the way you would like your possessions passed down and may not leave your loved ones taken care of adequately. 

If you or an elderly loved one still haven’t completed your estate planning, now is a great time to start. An elder law attorney in Massachusetts can help you get your affairs in order and create the exact plan that’s right for your own unique situation.

What You Need to Complete Your Estate Planning Process

The estate planning process does not need to be difficult. Many people put it off because they believe it will be very time intensive and hard to complete.

For those who have less complicated finances, the process can be rather simple. You will need an elder law attorney who works with estate planning to make certain that all the criteria are met to make your will and other documents legally binding.

An elder law attorney is a specialist who can help guide you in the types of vehicles that will work best for your own finances and ways to protect assets for those who inherit.

Preparing to Meet with Your Elder Law Attorney

The best way to save time is by having all of your documentation available at your initial meeting. If you do miss some paperwork or information, they can give you a list of things they’ll need to finalize all of your plans.

Here are some things you will want to bring with you:

• Information on Your Assets. You should have a list of your assets. These will include your home, any other properties, and your bank accounts, stocks, and retirement accounts.
• Life Insurance Policies. You should have any insurance policies on hand.
• Information on Liabilities. Your estate planning also includes paying off any of your final debts before disbursing to beneficiaries, so it’s important to include this information as well.
• List of Any Financial Advisors. If you work with financial advisors or companies for various accounts, have that information on hand.
• Information on Beneficiaries and Executors. If you already have an idea of who you’d like to name as your executor and the beneficiaries you currently want listed, bring that information with you.
• Overall Goals. You don’t need to have everything completely planned out. Your elder law attorney is there to help you find the best ways to plan your estate for your purposes. But you should have a basic idea of things you’d like to cover, such as your will, medical directives, and ways to format your finances to best take care of your needs as you age.

Estate planning does not need to be overly difficult to complete in most cases. Once you’ve finished, you can rest assured that you won’t have to struggle with unforeseen events toward the end of your life—and you’ll know that your family will be protected, too. Contact us to get started today.