Health Care Planning

Another important document that should be part of your estate planning is a Health Care Proxy. A Health Care Proxy allows you to name someone you know and trust to make health care decisions for you if you become unable to make or communicate those decisions. Under the Massachusetts Health Care Proxy Law you, as the Principal, may appoint any adult as your Health Care Agent except the administrator, operator, or employee of a health care facility such as a hospital or nursing home where you are a patient or resident unless your chosen Agent is related to you by blood, marriage, or adoption.

The appointment of a Health Care Agent allows that person to act for you if you are temporarily unconscious, in a coma, or have some other condition in which prevents you from making or communicating your health care decisions. Your Agent also has the ability to get any medical information that is necessary to make informed health care decisions for you. Importantly, however, your Health Care Agent can only make decisions about your health care when it is determined by a medical professional that you are unable to make those decisions yourself. Additionally, your Agent will only make health care decisions for you after speaking with your doctor or health care providers and considering the options regarding your diagnosis, prognosis, and treatment options. Once your doctor or other health care professional has determined that you lack the ability to make health care decisions, if you still object to any decision made by your Agent, your own decisions will be honored unless a Court determines that you lack capacity to make health care decisions.

Personal health care decisions are among the most important in an individual’s life; it’s imperative to ensure that decisions about your health care are left to an individual that you trust if you are unable to make or communicate your health care wishes yourself. Please contact Attorney Kayla E. Boehlen at (413) 730-4455 or kayla@law-eb.com to discuss drafting a Health Care Proxy as part of your complete estate plan.

The importance of having a Durable Power of Attorney

You may have plans for what will happen to your assets once you are gone, but do you know who would handle your affairs should an unexpected event render you unable to manage them? Planning for unexpected circumstances includes selecting someone to manage your personal, financial, and business matters should you become incapacitated. A Durable Power of Attorney is a document that allows you to name someone to handle these matters, providing a seamless transition and ensuring peace of mind, if the unexpected were to occur.

Within this document, you, the Principal, name a trusted individual as the Agent. The Agent’s role is to handle your affairs in a prudent manner. The Agent is able to step into your shoes and engage in the same actions you would, from signing documents to managing a business. This helps to prevent unnecessary delay; saves time and money; and gives you comfort knowing someone you trust is overseeing the matters that directly effect your life. Depending on how the document is drafted, it can become effective immediately, or upon incapacity; each format has certain advantages and disadvantages.

It is essential to prepare for the unexpected by having a plan. Please contact Attorney Kayla E. Boehlen at (413) 730-4455 or kayla@law-eb.com to include a Durable Power of Attorney in your estate plan.

Trusts and Estate Planning

Wills establish how your property and assets will be distributed upon your death, but what if you want to begin setting aside property and assets for loved ones while you are still alive? That is where Trusts come in. A Trust is a legal entity that may hold title to property for the benefit one or more persons. Property held in Trust may be of any type, including money, personal property and real estate. The types of Trusts and their purposes are vast, with each type meeting specific needs.

The person who creates a Trust is known as the Settlor, the Grantor or the Donor. The Trust is established according to the terms and wishes of this person and the property to be held in Trust, known as the trust’s corpus, is determined by the Settlor. The person for whose benefit the Trust property is being held for is the Beneficiary. The Beneficiary may receive distributions of the Trust’s corpus incrementally based on need, at a certain age, or in another fashion directed by the terms of the Trust. The person who agrees to hold the Trust property for the benefit of the Beneficiary is referred to as the Trustee. Trustees have a fiduciary duty to the Beneficiary as they are responsible for holding the Trust’s corpus and administering the Trust according to its terms.

There are many different types of Trusts. Some of the most commonly used Trusts include Inter Vivos Trusts, Supplemental Needs Trusts, Realty Trusts and Pet Trusts; however this list is not exclusive as many Trusts are tailored to the specific needs of the Settlor and/or the Beneficiary.

The world of Trusts can be complicated, and as such, it is best to consult an estate planning attorney to determine what type of Trust best fits your needs. To learn more please contact Attorney Kayla E. Boehlen at (413) 730-4455 or kayla@law-eb.com to discuss creating a Trust as a part of your estate planning.