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In summary, estate planning is important because it allows you to have control over the distribution of your assets after your death, minimise taxes and other expenses, protect your assets, ensure that your loved ones are provided for and make arrangements for long term care and incapacity.

Common estate planning documents are wills, trusts, powers of attorney, and living wills. Everyone can benefit from having a will, no matter how small their estate or simple their wishes. Online estate planning services offer basic packages for less than $200.

In Massachusetts, the cost for comprehensive estate plan drafting can range from $900 to $4,950 or more, depending on the complexity of your estate and the attorney's experience. The cost of creating a will in Massachusetts can range from roughly $250 to $1,000. A trust typically costs anywhere between $900 and $3,450.

For individuals dying on or after January 1, 2023, the new law increases the estate tax exemption for a Massachusetts estate from $1 million to $2 million.

The 4 legal documents every adult should have A will. Also known as: a last will and testament. ... A living will. Also known as: an advance directive. ... Durable health care power of attorney. It appoints: a health care proxy. ... Durable financial power of attorney. It appoints: an attorney-in-fact or agent.

4 essential estate planning documents A will distributes assets upon death. A power of attorney manages finances. Advance care directives manage your health. A living trust is an alternative to a last will.