Estate planning is one thing that everyone has (or should have) on their to-do list but it is too often pushed off. While some folks may required complicated estate plans, everyone should have, at least, a will, a power of attorney, and a health care proxy. A brief explanation of each is below.

• A will, at its core, allows you to direct how your finances will be handled after you pass and who is responsible for the administration of your wishes. Even more importantly, for those with minor children, a will allows you to make a considered choice in choosing a guardian for your children, rather than letting the courts decide.

• A power of attorney designates someone you trust to make financial decisions and sign documents on your behalf in the event that you become ill, incapacitated, or otherwise unavailable.

• A health care proxy appoints someone to handle your medical decisions, including end of life care, if you are too ill to communicate or make your preferences known.

Estate planning can come with tough conversations and decisions, but it’s something everyone should do before it’s too late. Levine Law can offer you guidance that comes from decades of experience. Visit us at www.levinelawma.com

Many people choose to set up trusts as part of the estate planning process. The reasons vary, but it may be for tax planning, due to worries about how a beneficiary will handle a windfall (a topic for another day), or to provide for future and potentially unknown generations. Whatever the impetus, when setting up a trust, one of the most important decisions to make is who will be in charge.

Say you’ve been named trustee , or you’re wondering who to select as a trustee - it’s an honor, to be sure, but what exactly does a trustee do? A lot more than most people think, and with three areas of focus:

1. Investment - The trustee has a duty to the beneficiaries (the folks who receive funds from, or can use property of, the trust) to invest the trust property wisely and receive a market rate of return. For many people who are not finance whizzes, this is a tall order, and a trustee may choose to hire am investment professional.

2. Administration - At the outset, the trustee must inventory the trust assets, expenses, etc. As the trust portfolio changes over time, the trust terms will likely require trustee reports to the beneficiaries. The trustee must also respond to beneficiary questions in a timely manner. One of the most important administration duties is that trusts generating any gross income over $600 must also file an annual income tax return.

3. Distribution - Trusts may require distributions at certain life milestones - i.e. reaching 35 years of age, graduating from college, etc., or they may allow for discretionary distributions. A trustee must be careful to document every distribution and reasons therefore to avoid rancor, or worse, down the road.

If you are wondering whether a trust is right for you as part of your estate planning, visit us at www.levinelawma.com.

Estate planning isn't just for "the olds," you know. It may be even more important for young adults, especially if you have kids. Why?

- Choosing guardians for your children: if the worst should happen and you pass without a will, a Massachusetts court will appoint someone to take care of your children, and it may not be who you would choose. Estate planning gives you a chance to make a considered choice.

- Save your family further stress: with a proper estate planning plan, you can direct how your finances will be handled after you pass. For example, you can set up a trust for the benefit of your children and choose someone you trust to manage the funds. This will also save time, money, and court fees for your loved ones.

- Create a power of attorney and health care proxy: if you are injured or ill and can't make decisions for yourself, you can appoint someone to handle your medical decisions and sign documents on your behalf. This will allow action to be taken quickly without court involvement.

It's not fun thinking about unfortunate events, but it's a conversation everyone should have. Levine Law can offer you guidance. www.levinelawma.com