Boston Elder Law Blog

Though estate planning is often part of the news when a celebrity's death occurs, it is not just something that only the ultra wealthy need to plan for. People from Boston and across the country should have an estate plan prepared.

At the time of his death, Apple founder Steve Jobs had a net worth of $7 billion. Without proper estate planning, he could have lost $2.5 billion to taxes. Imagine losing that amount to the government and not being able to pass it on to those you love. A similar percentage may be cut from your estate if you do not plan accordingly.

Like everywhere else, people in Boston get older, and when a loved one becomes incapacitated, it can be hard to deal with the consequences. In order to ensure that the estate of the incapacitated individual is safe, it might be best to file for a court conservatorship. According to some, this should rarely happen if a trust is already in place, but sometimes is necessary if estate plans are not clearly communicated before it is too late.

Conservatorships are put in place after certain criteria have been met. This may be that an elderly relative is no longer able to handle his or her own estate. By petitioning a court for a conservatorship, a spouse, child, or next of kin can take control of a senior's finances. An investigation is performed by the court to verify an individual's incapacitation and, if approved, the conservatorship will allow the petitioning loved one to take care of the estate.

For some elderly residents of Boston, preparing for their own death is an easy topic. But what about financially? Do they have a proper estate plan in place that ensures the highest level of asset protection? In many cases, the answer is probably no. Remember, it is never too early to begin estate planning.

Planning ahead is something that is often found to be beneficial. A proper plan -- one that contains a will, health directives, a power of attorney designation and an unbiased executor -- will not only relieve stress for the individual who the plan is for, it will also relieve the stress of loved ones who have to take care of the proceedings after that person passes away.

While preparing for your own death can feel intimidating, estate planning experts recommend that Boston residents take concrete steps to protect their assets, property and heirs. One key resource is the power of attorney, which allows you to authorize another person to make important legal or financial decisions in the event that you cannot.

One estate administration expert, who is also a government official in another state, recommends appointing two representatives with joint powers of attorney. He suggests appointing both a relative and another individual with no emotional connection to your family, such as an attorney or banker. This makes sure that family members are not forced to make difficult decisions, and also helps prevent the misuse of your estate or assets by establishing checks and balances.