Many people don’t recognize the important connection between planning for college and setting up an estate plan. An estate plan is more than just determining what happens to your property after you pass away. An estate plan also includes important considerations about what happens during your life and answering questions such as:
- Do you have a health care proxy?
- Do you have a living trust?
- Do you have a will?
- Do you have a durable power of attorney?
- Do we need any other legal entities to help transfer risks and reduce taxes?
Every family needs some type of estate planning, yet plenty of studies have shown this is often a back burner issue in America. Only one in three Americans has a basic will and even a family of modest means will benefit from having a basic estate plan in place.
Most parents want their children to benefit from a college financial plan. For this reason, plenty of families start working on these plans early.
Estate Planning Services in Massachusetts
Estate planning enables you to help support your loved ones while you’re still alive and after you pass away, and it protects your loved ones from receiving too much money or having unnecessary tax implications for the assets you’ve passed on to them. The only way to fully protect yourself with a comprehensive estate plan is to work with an experienced and qualified lawyer to create one. The support of an attorney can be instrumental in helping you document your needs. A Massachusetts estate planning lawyer comes with plenty of experience in tying together estate plans for young adults.
