If you assume that you don’t have any assets, you could be making the mistake of skipping out on an estate plan entirely. An estate plan is one of the most important collections of documents that you will have and there are many reasons why.
Every person has an estate with very few exceptions. Even a young child who has a custodial account in his or her name could be considered to have an estate.
If you have anything of value that you want to give to someone else when you pass away, you have an estate. There are several different documents that you need to meet your estate planning goals and you also need to understand in general, the basics of how these all work. This estate planning process includes:
- Current laws in your state and at the federal level
- Gift taxes
- The estate tax system and how it works
- Trust as a compliment to wills
- Wills and other essential documents
- Durable powers of attorney
You need to consult with an experienced estate planning attorney if you have not yet engaged in the process of considering what will happen after you pass away. Estate planning, however, is not only about what happens after you’ve passed away. It is just as much about how you will handle your affairs while you are still alive, including documents like a health care proxy or financial power of attorney. Consult with a Massachusetts estate planning attorney today to learn more.