As the winter holidays draw near, I think we can all agree that 2020 has been a year like no other. The events we are experiencing provide a sharp reminder that we can never know what is coming. Proper planning, however, can help us rest a little easier when life takes unexpected and, sometimes, unavoidable twists and turns.
Most of us are familiar with insurance and many of us have insurance on our automobiles, homes, and even on our lives. Insurance policies provide protection when the unexpected happens. Personally, I like to think of estate planning documents as another kind of insurance.
When you have the proper documents in place and a crisis occurs, the “damages” are usually far more manageable than if you had not planned ahead. If you become ill, a properly drafted Health Care Proxy helps your loved ones manage your care. Similarly, if you become incapacitated, a Power of Attorney helps your loved ones manage your assets. Finally, when you pass away, a Will helps your loved ones fulfill your final wishes.
These three documents, when properly prepared and executed, provide a great deal of protection for every person who signs them. They allow you to select who will make these decisions, without court involvement, and without court expenses.
Most of all, having a proper estate plan provides peace of mind. Now, there is no doubt that creating a sound estate plan means facing some potentially challenging questions. However, the effort and rewards are well worth it. Additionally, you may even sleep better at night knowing that your plan is in place and your loved ones are protected.
The most important element of creating a successful plan is working with a qualified attorney. As an attorney myself, I suppose my “bias” may be showing a bit but I would take it to the bank any day. Websites and document downloads just do not offer the comprehensive planning and well-tested, state-specific requirements to make your plan work as you intend. Of course, I would recommend our team at Bacon Wilson. Come and see us in Westfield at our new location at 99 Springfield Road. Regardless of whether you call us at Bacon Wilson or you get in touch with another reputable attorney, please do not delay. Get started on your estate plan now and rest easier in 2021, knowing that protections are in place for you and your loved ones.
Attorney Daniel M. McKellick of Bacon Wilson is a member of the firm’s corporate law team, where he focuses on matters related to real estate closings, business transactions, business and trust formations, wills, business succession, and other transactional matters. Dan can be reached at 413.562.6611 or dmckellick@baconwilson.com. Founded in 1895, Bacon Wilson, P.C. is one of the largest firms in the Pioneer Valley, with 44 lawyers, and approximately 60 paralegals, administrative assistants, and support staff. From five locations – Springfield, Amherst, Hadley, Northampton, and Westfield – Bacon Wilson represents clients throughout Western Massachusetts and Northern Connecticut with comprehensive legal services. For more information, visit www.baconwilson.com
