Page 16 - BusinessWest 2023 Senior Planning Guide

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In the back of your mind is a list that, particularly in quiet moments, likes to assert itself. It’s the list of the things you know you should do but haven’t. Items may include scheduling an oil change, finding a primary care physician, cleaning out
your refrigerator...and creating an estate plan.
One day, hopefully soon, you resolve to check off this last, very important
item. What do you need to know? Although an estate-planning attorney can guide you through this process, it is to your benefit to have a basic understanding of the core documents that make up an estate plan and have already considered certain key questions.
The documents generally considered to form the core of any estate plan are the last will and testament,
durable power of attorney, and
healthcare proxy. Depending on
your circumstances (e.g., minor children, taxable estate, etc.) or preferences, a fourth document, the revocable trust, may also
be part of this core group. A
discussion of trusts would require
more space than is available in this
article, but the questions posed
34
AUGUST 7, 2023
<< SENIOR PLANNING GUIDE >>
BusinessWest
04 AM
Creating an
Estate Plan
The Process Begins by Understanding the Key Documents
BY STEPHEN SOBEY, ESQ.
here will still be useful if you and your attorney decide trust planning is appropriate.
Last Will and Testament
A will’s primary functions are to direct the distribution of probate property, nominate the personal representative (previously known as the ‘executor’) of your estate, and nominate the guardians and conservators of any minor children who survive you.
First, who do you want to get
your probate property when
you die? Although seemingly straightforward, this question contains within
it a multitude of sub-questions. Do you want to make sure someone gets a particular item? Do you want to leave someone a specific dollar amount, and, if so, how much? Is there someone you want to make absolutely sure gets nothing from your estate? And what happens if everyone you have named in your will predeceases you?
As you consider these questions, keep in mind two critical points: the will ultimately controls only the distribution of probate property, which is not necessarily all the property you may own. Probate property consists only of the assets you owned in your name alone at your death. Assets with beneficiary designations, such as life-insurance policies and IRAs; jointly owned assets, such as some bank accounts; and assets in trust are all examples of non-probate property. In creating an estate plan, then, just as important as the question of what you own is the question of how you own it.
Finally, you need to consider who you trust and, among those individuals, who has the right skill set and disposition to serve as personal representative of your estate or as the guardian of your children. The best way to think about these roles, and about any of the other
roles discussed here, is as jobs with their Plan
own particular job descriptions. In this way,
deciding on the right person should be
Continued on page 50
Protect Your Family
Creating a will is a key component of estate planning. You can count on the experts at PLG to help ensure your wishes are carried out and executed smoothly.
680 Westfield Street West Springfield, MA 01089 413-781-9659
1391 Main Street, Suite 806 Springfield, MA 01103 413-363-2269
PowersLawGrp.com
“You
need to
consider
who you
trust
and,
among
those individuals, who
has the right skill set and disposition to serve as personal representative
of your estate or as the guardian of your children.”
4.5x5.8
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