Over the course of the next decade, more and more baby boomers will be leaving the workforce to spend their retirement with their significant others. However, before these boomer couples head to the golf course, beach or airport to start spending their hard-earned money, they may want to set aside some time to review their estate plan.
Many people are put off by the idea of executing a complex and expensive estate plan, but the good news is that most people don't need one. Instead, a basic estate plan will suffice for the majority of Massachusetts residents.
Estate planning is of course not a one-size-fits-all exercise. Passing along assets and establishing guidelines for health care decisions is highly individualized work. Though there are common patterns that occur as people face these decisions, there is no ready-made template for making them.
Lawyers who help clients with estate planning are clear in their message about the importance of getting a health care directive in place. Sometimes called a living will, these documents help to guide care decisions when someone no longer has the capacity to do so for himself.
Historically, discussions of estate planning have tended to most often involve married couples or the needs of families. Single people have often been overlooked.