For most people, estate planning is a recognition of mortality. For other individuals, it becomes an exercise in futility as they try to navigate the complexities of estate planning law in Fall River, MA. To simplify the process, be sure to include these three factors in your estate plan.
Life Insurance
If you’re married, have dependents, or plan to do so in the future, life insurance is a top priority. It’s not as complicated as it seems, and it’s surprisingly affordable. A good rule of thumb is to have a policy that equals approximately ten years’ worth of salary. Be sure to look for policy loopholes so you receive consistent, fast coverage.
A Valid Will
If you already have life insurance, you’re a step ahead. However, most people start the estate planning process with a will. This document states a person’s wishes for the disposition of their assets after death, and it helps avoid family disputes and certain taxes.
Powers of Attorney
With a durable power of attorney, you give another person the power to handle your legal and financial affairs in the event of incapacitation; it expires upon death. However, you may revoke the power at a time of your choosing. Contact an estate planning attorney for advice on drafting this document.
By adding these and other documents to an overall estate plan, you’ll leave a good legacy for your family, ease their burdens, and prevent disputes. For additional information on estate planning law, Fall River, MA residents can visit website or call the office to schedule a consultation with an estate planning attorney.
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