Most Common Tools Used in the Estate Planning Process

If you are finally ready to accomplish your estate planning but you are not sure what strategies or tools you need to help you, there are several common instruments that may be beneficial depending on your individual needs. These include a will, a living trust, a pre-nuptial agreement, a healthcare proxy, a living will, a durable power of attorney, life insurance, a business succession plan, and a HIPAA release.
Most people will need, at a minimum, a will. This document helps you to plan ahead for the distribution of your property after you pass away, but it also is necessary if you want to name a guardian for a minor child. Having a clearly-articulated will can help minimize the potential for family arguments about your possessions down the road. More advanced planning strategies may involve trusts or business succession plans, but you should always at least have a will in place to protect yourself.
Which one of these tools applies for you depends largely upon your individual situation. Most people will benefit from having a basic last will and testament since this is the best way to name a guardian for your minor children and help you state what you would like to happen to your possessions after you pass away.
Contact a Massachusetts estate planning attorney if you’re ready to begin the process of putting together your future goals. An attorney can help you figure out which combination is suited to your needs.