Back to school for both teachers and parents means making the necessary preparations for a successful school year.  You may have purchased pencils, pens, notebooks, and folders, but have you updated your estate plan?

Given the uncertainty of the COVID-19 pandemic (how long will it last? When will they have a vaccine?  Is the vaccine worth the risk? More and more teachers returning back to school should be thinking about whether they have the proper plans in place if they or a member of their family were to contract the virus.  With districts releasing their plans for reopening schools, little is being said about the precautions those districts will have in place to protect the teachers.

Is the vaccine worth the risk? More and more teachers returning back to school should be thinking about whether they have the proper plans in place if they or a member of their family were to contract the virus.

With administrators in both Massachusetts and Rhode Island scheduled to start school in the coming weeks, it is more important than ever for everyone, especially educators, to think about creating or updating their estate plan.  While most people think about estate planning in preparation for death, in actuality the majority of the “planning” is put in place to ensure that a person’s assets and wishes are managed correctly during their lifetime.

A basic estate plan includes the following documents:

Will –specifies what should be done with your property – both personal property and real estate, upon  your death.

Health Care Proxy – This document allows you to elect an individual, or individuals, to make medical decisions for you, in the event that you are unable to do so.

Living Will –  This allows you to specify your wishes with regard to your care.  It typically will spell out whether you want “life saving measures” to be undertaken and if so, to what extent.

Durable Power of Attorney – This designates an individual to take care of your affairs in the event that you are unable to do so.

Many choose to also add a Trust, often revocable, to create an entity that will survive them and that can hold some of their assets to avoid the probate process.  In contrast to a Will, a Trust takes effect immediately, rather than upon a person’s death.  More importantly, the terms you can include in the trust allow you to select a trustee who will have a fiduciary obligation to the beneficiaries to follow through with any specific wishes and instructions you include in the trust agreement. 

What Is a Digital Asset?

We all have the added stress of the “unknown” weighing heavily on our minds; now you can do one thing to ease your tension by ensuring that your loved ones are taken care of.  As an added incentive, for any educators who choose to do their estate plan with our office, we will extend a 10% discount for all of our estate plans. 

PK Boston Law is a full-service law firm that offers legal counsel to real estate developers, contractors and businesses in the Greater Boston area.

Michelle
Bessette
Oliveira

 

The above information is designed to provide a helpful overview of a relevant topic. It does not constitute legal advice nor should it be construed as such. Please do not take action based on the above information without seeking formal legal advice. If you would like additional information, please contact Michelle at (508) 807-1131 or email us at info@pkboston.com