Your estate is made up of everything you own such as cars, property, cash, and stocks, bonds, and mutual funds. Estate planning allows you to ensure that your objectives are honored in the event of your illness or death. It is not just for the retired, rich, or sick. It should be considered by any one with any possessions or dependents. This blog offers an overview of estate planning for Burlington MA.

Overview Of Estate Planning For Burlington MA

Estate planning documents specific instructions for financial management and disposition of assets in the event that you become debilitated or die. It can include your valuables and financial obligations, name guardians for your dependents, outline specific dividing up of the estate to individual relatives, and can also include your religious or other preferences. Incapacitation or loss of life can take place suddenly. By planning beforehand, you can ensure important decisions are made while you are not under emotional duress. It may help safeguard your assets and your family.

Disadvantages of Not Having a Plan

Without an estate plan, your possessions will be handled in accordance with the local laws in the state where you live. If you have dependents, the court may decide on their inheritance and guardianship. Court decisions may conflict with your personal preferences. It can also be a drawn out process, leaving family members without support in the interim.

Getting Started with an Estate Plan

Estate plans can have several elements including a will, power of attorney, health care proxy, medical directives, and insurance plans. There can also be methods of reducing taxes and fees incurred by setting up your estate in a certain manner. Your plan will differ depending on your assets and family members. An experienced estate planning professional can help evaluate these decisions and compile a plan that best suits your circumstances and preferences. It is never too early to begin this process and it can provide the peace of mind of knowing that your family will be protected and cared for. This overview of estate planning for Burlington MA is offered for reference only. Contact Peter DaMore at Law Offices of Peter T. DaMore Jr. for professional guidance.