WellesleyWeston Magazine

WINTER 2012/2013

Launched in 2005, WellesleyWeston Magazine is a quarterly publication tailored to Wellesley and Weston residents and edited to enrich the experience of living in two of Massachusetts' most desirable communities.

Issue link: https://wellesleywestonmagazine.epubxp.com/i/92498

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Page 82 of 203

Wills vary from state to state, so if you live in more than one state it is important to make sure that the appropriate documentation is completed in both residences—and may be revoked at any time. Living Wills are not binding in Massachusetts; however, they can provide important guidelines for treatment. As young people begin to accumulate assets, or if they have been named as a benefi- ciary of someone else's assets—say, for exam- ple, a life insurance policy—they will want to create a Will, which will give them the ability to control the distribution of their assets in the case of their death. If they marry and/or have children, they often reflect that change in their Will and in the designation of the bene- ficiaries of their assets. They will also want to complete Guardianship forms to avoid hav- ing their children's caretakers be decided by the courts in the event of the death or inca- pacitation of their parents, and consider trusts and other estate planning options. As adults progress into their late fifties and early sixties, it can be helpful to engage an estate planning lawyer with an expertise in elder law with whom to consider additional issues associated with aging, illness, and inca- pacity including long term care insurance, Social Security, Veterans, or disability bene- fits, and financial planning for a well spouse. "Some children opt to hire this expertise for their parents, in the event that their parents are unable to pay for it themselves, to protect their own financial situation and to ensure that their parents are well cared for, " Feigenbaum explains. As part of this planning, some adults begin to consider their preferences for their own funeral arrangements and some even prepay those expenses. "These moves are often precipitated by a desire to spend down assets [before attempting to qualify for Medicaid coverage]," explains Edward Doherty of the George F. Doherty & Sons Funeral Home in Wellesley. "But it is also a considerate thing to do for family members who will be overwhelmed by details when the time comes." Wellesley resident Joanna Dole is working overtime to help her parents put their affairs in order. One of the first things she did was to hire a good elder law attorney. After interviewing 81 winter 2012/2013 | WellesleyWeston Magazine PHO TO CREDITS : (P A G E 80, LEFT TO RIGHT) T O BKAT RIN A/DREAMSTIME .COM, RAY CAN/DREAMSTIME .COM, MRSPANTS/DREAMSTIME . COM (P A G E 81, LEFT TO RIGHT) MIHAI L ULY A NIK O V, IOFO T O /DREAMSTIME . COM, ISTOCKPHOT O .COM

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