Estate plans contain some very important documentation that elderly individuals in Massachusetts need to make sure are in place. One of these is the power of attorney, a legal document that names a person - usually a spouse, relative, professional or friend - the ability to make decisions for you when you no longer can do so. Though it sounds straightforward, the document must be properly prepared in order for it to be valid in the eyes of those that require the decisions to be made.
One of the most important parts of an estate plan is determining who will be in charge of your finances when you become incapable of directing them yourself. This is something that senior citizens in Boston should seriously consider, especially since there have been so many well-publicized issues with conservatorships in the past. Though many of those are related to celebrities and their estates, a former university professor is at the center of a conservatorship controversy that is currently ongoing.
Older individuals in Boston are often worried about what they might do if they become incapacitated. While this is a legitimate concern that can be reduced by establishing a power of attorney, it is not the only way that an individual can be considered incapacitated, at least when it comes to estate planning.
There comes a time when many people from Boston become incapable of making their own financial decisions. When this time arrives, portions of an estate plan may activate, including the power of attorney that should have been set up. In most cases, a person will give a loved one the power of attorney over his or her estate because there is a certain trust, but it can be surprising what money can do to a person.
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.
Elderly people in Massachusetts with high-value estates should be on the lookout for friends and family that might be willing to steal money from them before or after they die. Although this may seem like a rare occurrence, a similar situation happened involving a 13-year-old girl and her father who passed away in 2008. Luckily, a court-appointed conservatorship may have saved her from losing any money at all.
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.
When an elderly parent becomes unwell, it can be a very emotionally draining experience for that person's family. Providing for the parent's care can put relatives under huge financial strain and making decisions on how to proceed can present a legal challenge.