What is estate planning?

Estate planning is the process of preparing for the management and distribution of your assets after your death. It involves making decisions and establishing legal documents to determine how your property and financial assets will be handled and who will benefit from them. Estate planning in Massachusetts includes creating a will, setting up trusts, designating powers of attorney, and making other decisions related to how your estate will be handled. A will is a legal document that you can use to specify how you want your assets to be distributed after your death. You can also use your will to name someone to manage your estate and take care of any minors you leave behind. Trusts are legal entities that can be used to manage assets that you no longer have direct control over. You can use trusts to provide support for family members, establish charitable giving, or to protect yourself from creditors. Another important part of estate planning is designating powers of attorney. This process gives you the ability to name someone to act on your behalf if you become incapacitated or are otherwise unable to make decisions for yourself. Without powers of attorney, a court may have to appoint someone to manage your affairs. Overall, estate planning is an important process for anyone looking to prepare for their future. It allows you to make important decisions related to your assets and protect your loved ones in the event of your death or incapacitation.

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What is estate planning?

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