![]() For instance, the agent can secure the principal’s finances for medical treatments, pay their bills, apply for Medicaid, or transfer funds to family members the principal may choose exactly which powers they wish to grant to their agent. It is recommended that an estate lawyer is consulted before these documents are executed.Ī f inancial agent is a Massachusetts resident who is of sound mind and eighteen (18) years of age or older who has been appointed to represent the principal in making financial decisions and executing legal instruments. By following this guide, Massachusetts residents can make some important preparations for their future and ensure that their property will be passed on to their inheritors. Planning for the distribution of an individual’s estate after their death and how they would like to manage their finances and medical treatment in the event of their incapacitation can be a laborious process. Designate Beneficiaries and Other Roles.How to Create an Estate Plan in Massachusetts (6 steps) In addition to planning the distribution of an individual’s estate via a Last Will and Testament or Revocable Living Trust, the guide also reviews the Health Care Proxy and Durable Power of Attorney which help the individual prepare for the loss of decisional capacity. ![]() ![]() Without executing the necessary legal instruments, an individual cannot guarantee that their property will be inherited by their chosen beneficiaries. A Massachusetts estate planning checklist is a guide that reviews some of the most important documents that residents of Massachusetts use when planning for the end of their life or incapacitation.
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