Most people are aware that estate planning has benefits for everyone, but it is especially critical for seniors. Do you already have a power of attorney? What does it cover?
If your document is outdated or if you never created it, now is the time to revisit. You might be able to use a few different types of power of attorney, especially if you expect that your life plans may change and evolve in coming years. For financial and healthcare reasons, naming someone else may help you.
Although a basic estate planning might bring to mind a will, powers of attorneys should also be included in your plan. If your will was generated many years ago, there’s a high probability that things have changed. You might be missing current grandchildren, for example.
There are two different types of powers of attorneys that should be included in your basic estate plan.
The first is for healthcare decisions to allow someone else to step in and make medical choices on your behalf if you are unable to do so.
The other most common type of power of attorney is a financial one, that enables someone else to keep your family’s financial life moving forward and paying your bills if something happens to you.
You may wish to use other documentation and strategies as you put together your estate plan, but it is important to remember that these should all be created by an experienced and dedicated estate planning lawyer in Massachusetts.