If you are a young couple with few assets, you may think you don’t need wills, or maybe you haven’t thought about it at all. With your focus on starting a life together and maybe having children, it is common to overlook the need for a will (and health care proxy and durable power of attorney).
Did you know that you can protect your home from the claims of creditors? In Massachusetts, under The Homestead Act, there is an automatic homestead protection of $125,000. The amount of protection can be increased to $500,000 by filing a Declaration of Homestead
Do-It-Yourself providers have emerged in many fields, including online legal documents for estate planning. These services claim they provide legal documents that are alleged to be the same as professionally prepared documents at a lower cost. Like many tools used for home improvement DIY projects, these documents should be used with caution.
Still worried about the cost of an estate plan? You shouldn’t be. A Will, Durable Power of Attorney and Health Care Proxy for a husband and wife can be prepared very affordably. The need for a Will was addressed in my last article. This article covers the importance of having a Durable Power of Attorney and Health Care Proxy.
This is the first of several estate planning articles on my blog. Whether you are single or married, with or without children, as an adult you should have a Will and other estate planning documents (Durable Power of Attorney, Health Care Proxy).
