Do I need a Will?
Unless you want the state to decide where your assets go after your death, you will need a Will to make specific directions. If you have minor children you will also want to specify who will take care of them in the event that both parents die. Otherwise, the remaining family may end up fighting in Court over your children. Obviously, this is not in the best interests of your children.
What is a Power of Attorney?
A Power of Attorney is a document that allows you to choose a person to manage your financial affairs in the event that you become incompetent to handle your own affairs. Without this document, the family will have to go to Court to have a person appointed to administer your affairs. This is costly and needless.
What is a Health Care Proxy?
A Health Care Proxy is legal document that is sometimes also called a “Living Will”. A Health Care Proxy is a document that allows you to choose a person to make decisions regarding your medical care if you are unable to make those decisions for yourself. You can also state in the Health Care Proxy that in the event you have a terminal illness or irreversible brain damage to the extent that you have lost all cognitive ability you do not want your life artificially prolonged. This will enable your family and physicians to make this decision without guilt, because they know they are following your wishes.
Do I need a Trust?
In general, a Trust can help you to avoid Probate, ensure proper management of your estate after your death, protect your assets or otherwise control your assets both during your life and after your death. This is a complex decision that we can help you with once we are familiar with your individual situation.
If you need legal advice on estate planning contact Scott Fishman for more information or call 781-337-4221.