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.

The probate process -- court proceedings that see to the designated distribution of the assets of the deceased -- can be long and tiresome. With an encompassing estate plan and regularly updated will, the process can be minimized. But when things in an estate plan are not straightforward, it often ignites disputes between relatives expecting to receive certain belongings. As the value of the estate goes up, the likelihood for arguments often does as well. Any estate without a thorough plan can spend years in probate court as a judge attempts to straighten things out.

For those that do have large amounts of wealth, consider creating a trust as part of a plan. Trusts can prolong the value of an asset by placing it under the supervision of several designated trustees. These trustees are then the only individuals who can determine how the assets within the trust are distributed. After naming trustees, remember to name beneficiaries so the trustees know who will be receiving the estate's assets.

Source: The Telegram, "Being efficient in the afterlife," Susan Flanagan, Dec. 20, 2011