People of all ages can benefit from creating an estate plan
. If you are helping your elderly parents document their wishes, it is important to consider the documents that may be most relevant for doing this. A knowledgeable estate planning attorney can help you to discuss these.
Estate Plan Basics: Trusts
One option is a trust. A trust can help provide effective protection from collection efforts of creditors and can also potentially protect assets so that the individual can be eligible for Medicaid. Furthermore, a trust provides for simplified probate procedures. A will is the most important and basic document for all people to decide what happens to their assets after they pass away.
Estate Plan Basics: Health Care Directives
Advanced health care directives which name what instructions should be followed during a state of emergency and powers of attorney that allow the individual to appoint someone else to take care of financial matters for them are also valuable for elderly parents. Note that Massachusetts does not recognize living wills, although health care proxies are recognized.
Although it can be difficult to open the conversation about these issues, it is extremely important to protect your rights so that your loved ones are prepared, and the people who have been appointed in important roles in your estate are able to take action without documenting things in the power of attorney.
For example, your loved ones may have to go to court to attempt to get guardianship over your affairs. This can add extra stress and frustration during a difficult time. Work with your MA estate planning lawyer to create estate plans for young adults, parents, and older family members so you have the peace of mind for the future.
