Leading Asset Protection Attorney Christopher Casey, partner of Casey & Lundregan, P.C. in Salem, MA explains how the sooner the estate is planned the less stressful it can be for loved ones in the long run. For more information please visit https://www.caseylundreganlaw.com
Salem, Massachusetts, United States - January 3, 2023 —
Millions of U.S. citizens often leave the task of creating an estate plan until it's too late, asserts Massachusetts Attorney Christopher T. Casey. But stepping up and establishing a robust plan early will mean less financial mess and stress for loved ones in the long run.
For more information please visit https://www.caseylundreganlaw.com.
Casey, a Partner at Casey Lundregan Burns, P.C., based in Salem, said that rather than feel overwhelmed, he has helpfully outlined several easy steps to help people begin their ascent and get on top of their estate plan challenge.
He said: "I think some people believe estate planning is only for the rich and famous, or that they wish to put off thinking about awkward issues, such as death. However, an estate plan is as essential for an ordinary public member as anyone else.’’
"An estate plan addresses many areas of your life, but more than anything, it will give you peace of mind."
One of the first steps is to draw up an inventory of all your assets ranging from real estate to vehicles, personal possessions and collections, as well as listing out financial assets, such as savings, pensions, bonds and mutual funds, policies and retirement plans.
Another piece of advice is to line all these documents together so that you have a central folder that people can quickly locate or refer to if something untoward happens to you. Now you have all your assets, you have the opportunity to flesh out who should receive these assets.
With that in mind, the next major step is to appoint an attorney who can guide you through the many avenues of choice you will face in drawing up your estate plan.
One of the elements is deciding on a durable power of attorney, a document that gives someone, usually a loved one or your attorney, to enact financial or medical decisions that you have made if you become incapacitated. It may be a choice to appoint two people to these critical areas.
Casey asserted that creating a living will is another crucial plank of the plan. This addresses issues around health and end-of-life medical intervention. If you become incapacitated, then you will need someone to be able to carry out your wishes. Living wills can cover anything from life-prolonging decisions to palliative care and Do Not Resuscitate orders.
Casey added that a last will and testament is another crucial key to the plan as it will set out and clarify who receives your assets after death. It will also establish who will become a guardian to your children if this applies.
He said: "Without a last will, a judge may have to make the decisions for you, and they could be against your preferences. So setting them out negates that potential." A will can be simple or complex, depending on your estate. Crucially, it will require an executor to be appointed to distribute the estate. However, an alternative is beneficial if your first choice is subsequently unable to do so.
An attorney will also be on hand to offer guidance and advice on whether to establish a living trust so that you can designate part of the estate to go toward things while you're alive. A trust could be set up to provide financial help to a child at a certain age and for specific items, such as educational needs, to guard against your assets being frittered away.
Casey said that one of the vital elements of having an estate plan is to regularly review it to ensure that it is fit, proper, and up to date to reflect your wishes and the changing times of finances and family. Reviews are recommended after life events, such as marriage, divorce, births and deaths.
He concluded: "Having an estate plan that covers every element of your life and assets, backed up by clear directives, will mean you and your family are prepared for any future happenings."
Source: http://RecommendedExperts.biz
Contact Info:
Name: Christopher T. Casey
Email: Send Email
Organization: Casey Lundregan Burns, P.C
Address: 71 Washington Street, Salem, MA 01970
Phone: 978-741-3888
Website: https://caseylundreganburns.com
Release ID: 89087167
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