Designating an attorney-in-fact can require the utmost caution to keep a person’s finances protected. Allotting the power of attorney can be both fulfilling and beneficial by giving individuals peace in knowing that their finances are being utilized for the exact purposes they wish. Unfortunately, some individuals seek to find ways to access and misuse the funds.
In a previous blog post, we discussed the virtues of having an estate plan in place. Without a will or plan created before the time of death, a person’s assets and real property will be distributed according to state law -- rather than his or her wishes. After all, those intentions cannot be verified without a clear written record.
In the state of Massachusetts, trust planning can provide an individual with the freedom to allot their resources to reflect specific interests and objectives. Some individuals choose to establish a charitable trust because of a desire to financially contribute to a cause or organization that is particularly meaningful to them.
Massachusetts residents may learn from the recent death of New York fashion designer L'Wren Scott. Scott was found dead from an apparent suicide in her Manhattan apartment in March. Although no note was found, foul play was not suspected. L'Wren Scott was the longtime girlfriend of Mick Jagger, lead singer and frontman for the Rolling Stones.
Massachusetts residents may be interested in an article discussing some of the basics of estate planning and why a person would need to implement such a plan. Relatives of a person who dies without an estate plan in place could be at a disadvantage.