If you’re wondering if you need an estate plan, take it from an experienced wills and trusts attorney: the answer is yes. Estate plans are extremely important for most people who own any kind of assets or property, to ensure that their wishes are carried out upon their deaths. Read on to learn more from a wills and trusts attorney who works with clients to plan for the future.
Why Estate Plan?
Many clients reluctantly seek out our services at the urging of a family member or friend. These clients are not sure why they even need an estate plan. Often, their family or friends worry that they have no plan in place despite being in poor health or owning significant assets that need to be managed properly. We even meet with clients who need assistance paying the bills or keeping up with finances. Their family and friends ask them to seek legal advice because they have heard that people who die without an estate plan may leave a difficult situation behind.
Even if you aren’t in such dire straits, we encourage you to consider estate planning now. You can benefit from estate planning before your death because it gives you peace of mind that your wishes will be fulfilled. Also, it can reassure you that your relatives will be taken care of and that taxes will be under control. Finally, it can help avoid disputes over your estate later on.
What Is an Estate Plan?
Simply put, an estate plan tells others what you want to do with all your assets and property after your death. In addition, it can guide others about your wishes if you are incapacitated (unable to make decisions) about health care or financial matters. If you so choose, it can allow others to make those decisions on your behalf. Finally, estate planning often intersects with financial and tax planning during your lifetime. Having a plan in place for investments, dealing with taxes over time, and eventual gifts of your assets to others after death can set you up for success.
Parts of an Estate Plan
A good estate plan should adapt to your individual needs. There is no “one-size-fits-all” for an estate plan because it should reflect your personal wishes about your property. A quality estate plan should not rely on basic templates from the Internet, which may contain language that contradicts your wishes or doesn’t follow Massachusetts state laws. Instead, it’s best to work with a lawyer who can prepare some or all of the following documents to relay your wishes:
- Will
- Trust(s)
- Financial power of attorney
- Massachusetts Health Care Proxy
- Beneficiary or guardianship designation
A well-crafted will is a key part of most estate plans. If you’re unfamiliar with what a will does, it is a legally binding document explaining what to do with all your property and assets after you pass away. For example, a will may state that the testator (person forming the will) would like to give 50% of their assets to their adult child and the other 50% to their spouse from a second marriage. Or it may have a more detailed breakdown, such as listing specific items of jewelry to give to each grandchild. Some wills have “pour-over” provisions, stating that all of the testator’s assets go straight into a trust upon death. As you can see, there truly is no “one-size-fits-all” for wills because everyone has different wishes for their property.
In addition, you may need one or more trusts prepared to help carry out your estate plan. Different types of trusts are available depending on your needs, such as revocable living trusts, irrevocable trusts, charitable trusts, special needs trusts, and more. If your will has a “pour-over” provision, your lawyer will need to set up a trust to hold the property. Your lawyer can help you select an appropriate trustee to manage the trust.
Why Get an Estate Lawyer?
Don’t stake your family’s future on the cookie-cutter will and trust templates on the Internet. Get a customized estate plan that suits your individual needs by consulting with a wills and trusts lawyer in your area. At Daigle Law Group, we work with individuals and families who need estate administration help, whether it’s handling a will, trust, or probate process.
We’re Here to Help with Estate Issues
Are you considering starting estate planning or have a legal question about estate administration? Then you’re looking for Daigle Law Office’s dependable, experienced wills and trusts lawyers. Our attorneys can provide you with experienced Massachusetts estate administration help. We help clients who need solid and reliable legal advice about estates and probate. To schedule a consultation, call 508-771-7444 or use our convenient Contact Form.
