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Bedford Massachusetts Estate Planning Blog

Documents other than a will that you need in an estate plan

Estate planning isn't a particularly pleasant experience, which might explain why so many people put off doing it until it is far too late. Other people will create a basic last will but won't go through the comprehensive process of planning their estate.

You probably don't just want to decide who gets what for after you die. You may also want to have protections in place in the event that you experience medical incapacitation to help protect you and guide your loved ones. Even if all you wanted is to allocate certain assets to specific people, you will want to execute beneficiary designations for existing accounts.

Most Americans don't have a will

If you pass away, the beginning of your estate plan is your will. It helps to divide your assets among your heirs. For many, that is too basic to suit all of their needs; they also consider more complex estate planning options like trusts and powers of attorney. It's important to carefully think about all of your needs and determine what you can do, beyond a will, to address them.

That said, it's clear that the will is the first step. It's the cornerstone of the whole thing. It's where estate planning begins. Does that mean that most people have a will? Shockingly, it does not.

What are signs of dementia?

Are you worried about your aging parents? Is one of them doing better than the other, and you think it’s possible one might have dementia? Learning about the many symptoms of dementia can help you can spot it early and get your parent the proper treatment.

The term dementia is descriptive of the deterioration of cognitive abilities. Dementia happens when the brain’s nerve cells quit working. It usually but not exclusively affects seniors. This condition quickens the natural decline in brain functioning connected to aging.

Common types of business disputes

Getting a business off the ground is a major accomplishment in a world of competitive-markets. However, thriving in your chosen niche is just as crucial to the start-up process. Businesses are likely to experience disputes that arise for various reasons. It is important to know the different types of disputes, and what to do when trouble strikes.

Avoiding costly and time-consuming litigation may be possible. Disputes are sometimes resolved outside of the courtroom through the negotiation process. However, some disputes require litigation to protect the integrity of your products and/or services to the community.

Several benefits an estate plan can offer you

Many people think of a last will and testament when they think about estate planning. However, an estate plan can involve much more than the distribution of your assets. An estate plan can involve several different documents, which each serve a different purpose. Almost everyone should have an estate plan because almost everyone could benefit from at least one of the documents that an estate plan can include.

If you put the right estate planning documents to use, you could:

  • Plan for your needs in case you become incapacitated
  • Name guardians for minor children
  • Minimize the time your estate spends in probate
  • Protect family wealth
  • Support a beloved charity
  • Determine who will receive which assets and under what circumstances they will receive them

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