ESTATE PLANNING CONFUSION

We can usually tell when some law firm hits the air waves with an advertising about estate planning, our phone starts ringing.  People call to tell us they need a living will, or a living trust, or some other document used in estate planning.  Folks, the truth is, the ads are meant to confuse you enough so that you think you need all of these documents to protect your assets.  Wrong!

First a living will is not recognized as an enforceable document in Massachusetts, although some attorneys insist on writing them to give direction to a health care proxy, a person you select to make your medical decisions.  If you pick an appropriate person and write them a note or better yet, sit down and have a detailed conversation with them about your wishes, you can probably save $500.00 or more.  Furthermore, if you change your mind about how you want your medical decisions made, you can do the same and save even more.

As for living trusts, you may or may not need one.  Don’t assume, without consulting a lawyer or two, that you need everything you hear about on the radio or television.  The ads are filled with jargon in order to make you think you are missing out on something in your plan or that you absolutely need in your plan.  Only a qualified attorney with assistance from you or your financial planner can determine what you need in your estate plan.  Go to your attorney with a list of your assets and their form of ownership, in order to prepare a proper estate plan.