The basic Estate Plan. don't leave home without it

By Gina M. Barry, Esq. Partner, Bacon & Wilson. P. C. Special to PRIME Summer is here and many will be heading off for vacation. When planning to travel, many people experience some nervousness. Most would also admit that they contemplate what would happen if they were to not make it safely to or from their destination. The best way to quiet those fears is to establish a plan before you travel. If you wait until you make travel plans to create an estate plan, there usually will not be much time to establish the plan before departure. Still, you should at least establish a basic estate plan, as that is better than having no plan at all. A simple, yet effective, plan includes three documents: (1) a Last Will and Testament; (2) a Health Care Proxy; (3) and a Durable Power of Attorney. If you are a homeowner, your basic plan should also include a Homestead Declaration. The first document a Will Should you pass away while traveling, your family would surely be caught off guard. Having a Last Will and Testament can provide some order during a chaotic time. When you make a Will, you decide how your property will be divided and you choose an Executor, who will be responsible for carrying out your estate. This takes a tremendous burden off of your family members. When you do not make a Will, the State establishes the distribution of your estate for you, which may be very different from your wishes. In addition, when there is no Will, there is often disagreement among family members as to who will be responsible for administering the estate. Clearly, having a plan in place provides for the orderly distribution of your estate in accordance with your wishes. Second and third Health Care Proxy & Power of Attorney Should you become ill or have an incapacitating accident while traveling, having a Health Care Proxy and Durable Power of Attorney will make a world of difference. A Health Care Proxy is a document in which you designate someone to make health care decisions for you in the event you are incapacitated. Similarly, a Durable Power of Attorney is a document in which you designate someone to make financial decisions for you. Having these documents in place makes it easy for the person you have named to step in and handle your affairs as soon as you need them. If you have not executed a Health Care Proxy and Durable Power of Attorney and you become incapacitated, your family will need to petition the court to appoint a guardian or a conservator to make your decisions. The process is time-consuming, expensive and public. Further, if you are away from home when you become incapacitated, this process could take place in a court in another state, which could be cumbersome for the family members involved. Note well a guardianship is completely avoidable if you have the right documents in place. The fourth document a Homestead Declaration For homeowners, having a Homestead Declaration is a necessity. The Homestead Declaration is a one-page form that, once recorded in the Registry of Deeds, puts everyone on notice that your principal residence is your homestead. It protects the equity in your home up to $500,000 from judgments that arise after the declaration was recorded. Should you cause an accident while traveling, the Declaration will give you peace of mind that, should you be sued and your insurance is not sufficient, the equity in your home will most likely be protected. Establishing a basic estate plan before you travel is smart and conscientious. Once established, you will experience the peace of mind that comes with knowing that even if your trip does not go as planned, you have a plan in place that will protect you and your family. Gina M. Barry is a Partner with the law firm of Bacon Wilson, P.C., Attorneys at Law. She is a member of the National Association of Elder Law Attorneys, the Estate Planning Council, and the Western Massachusetts Elder Care Professionals Association. Gina may be reached at (413) 781-0560 or gbarry@baconwilson.com/a>.