Creating a Plan for Your Future
Your bank accounts, properties, investments, and other assets are valuable parts of your legacy. When it comes time to plan for the future of your wealth, creating an estate plan is essential. With an estate plan, you can ensure that your family members receive the assets you’ve worked so hard for. You can also leave instructions for your medical care, name guardians for minor children, and more.
Working with an experienced estate planning attorney is the best way to create a unique estate plan that meets your needs. Our estate planning attorney at The Heritage Law Center will examine your current financial status and your future goals to create an estate plan that’s right for you. Whether you’d like to pass assets onto heirs, create a special needs trust for a family member, or assign a power of attorney to make medical decisions on your behalf, our law office is here to help you.
We understand how important it is to protect your assets and your family, and we’re here to provide the legal services you need. For a consultation from a knowledgeable member of our team, contact us by calling (617) 765-9307 today.
What Are the Benefits of Estate Planning?
A comprehensive estate plan allows you to include instructions for your assets after you pass away or if you become incapacitated. Estate planning only works if you create the necessary documents before something happens. If you are ever in an accident or become gravely ill, your estate planning documents will tell your family members what to do.
Estate planning can also help with the following:
- Name guardians for minor children
- Control how your assets are passed onto beneficiaries
- Minimize your estate taxes
- Record your medical wishes and end-of-life care instructions
- Ensure your finances are taken care of if you become incapacitated
- Help your loved ones avoid having to navigate through a legal mess during an emotional time.
- Minimize the wait time before your assets are distributed
It’s never too early to start creating an estate plan. If you have any assets you would like to pass on or if you have medical instructions you want to make clear, our team can create the necessary legal documents to do so. Contact our law firm for more information.
What Documents Does an Estate Plan Include?
Because a good estate plan should be thorough, there are several documents that are important to do. When you meet with our team, we’ll examine your assets and your goals to determine which estate planning documents are right for you.
An estate plan can include:
- Trusts: Trusts can be used to manage assets and certain trusts can minimize your estate taxes. A successor trustee can step in to manage the assets if you ever become incapacitated. Trusts are often used to provide money or property to beneficiaries after you pass away.
- Last will and testament: A will is a common estate planning document. A will can be used to include instructions for asset distribution, naming an executor of your estate, and naming a guardian for minor children.
- Health care proxy: A health care proxy is an individual you assign to advocate for your medical needs if you become incapacitated. You can also use a living will to explain your wishes for end-of-life care.
- Power of attorney: You can assign another individual to make financial decisions on your behalf. You can revoke or modify this power at any time.
What Are the Benefits of Creating a Will?
A will is a common estate planning document. In a will, you can leave instructions for the distribution of assets in your estate and naming guardians for any minor children or pets you have.
In a will, you’ll also name the executor (also known as a “personal representative”) of your estate. The executor of your estate must carry out the instructions in your will according to your wishes. They must then close the estate by filing a document with the court, which says that debts, taxes, and other expenses have been paid and that the estate assets have been transferred to the people entitled to inherit them.
Creating a will ensures that your final wishes are recorded and that your family members don’t have to fight about what you may have wanted. However, the downside of a will is that it must go through probate court, which takes time and money. If you’d like to create a will, our team is here to assist you.
What Are the Benefits of Creating a Trust?
Trusts are a vital estate planning tool that can help you meet many goals. A trust is a legal agreement between the person creating the trust (grantor) and a trustee to manage the assets in order to protect them. Many trusts allow the grantor to be the trustee during the grantor’s lifetime. The trustee has a fiduciary responsibility as they are required to act legally and ethically in the best interest of the grantor and the beneficiaries. A trust can be used to distribute property before death, at death, or afterwards.
One benefit of trusts is that they avoid probate, saving the estate from the fees associated with probate and the time probate can take. Some trusts can be used to minimize your estate taxes by removing assets from your estate. Specific trusts can also be used to meet certain other goals like providing for a family member with special needs, outlining provisions for minor children, donating to charity, or providing assets to future generations. There are many different kinds of trusts to choose from, and our estate planning attorney can help you pick the right one for your needs.
What Does an Estate Planning Lawyer Do?
Your estate plan protects you and your family and preserves your assets for future generations. As your legal team, our attorney will advise you on the legal documents you need to create a comprehensive estate plan. We’ll listen to your goals and any concerns you have to create a plan that’s right for you and your family.
At The Heritage Law Center, we know how important it is to protect your legacy and protect your loved ones. We’re here to answer all of your questions and guide you through the estate planning process. To learn more about our services and receive a confidential consultation, contact our law firm today by calling (617) 765-9307.
