Planning for the Future
You spend your life accumulating assets and building relationships with family and friends. You want to make sure that your loved ones are taken care of if anything happens to you. That is why an estate plan is so important. By creating an estate plan, you’re making sure that your assets get distributed to your loved ones just the way you want. A comprehensive plan will also allow you to name guardians for minor children, name someone to make decisions for your medical care in the event that you can’t, and more.
What you need to accomplish all of this is a knowledgeable estate planning attorney who will listen to your needs and build an estate plan to meet your objectives. At The Heritage Law Center, our estate planning attorney will review your current assets and your estate planning goals, and work with you to build that comprehensive estate plan. Whether you need a plan that provides for a family member with special needs, distributes assets to your family in a timely manner, or assigns a power of attorney to make financial decisions on your behalf, our law office can help.
We understand that it’s important to preserve your assets and take care of yourself 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.
Why is Estate Planning Important?
Estate planning is the best way to protect yourself and your family. However, this legal process is only effective if you establish it before something happens. A sudden illness or accident can happen, leaving your family scrambling to figure things out.
Estate planning can help you do the following:
- Control how your assets are passed to your heirs
- Preserve the value of your estate
- Minimize your estate taxes
- Document your medical choices and end-of-life care instructions
- Name guardians for your minor children and pets
- Minimize the wait times for your assets to be distributed to your family
- Ensure your finances are managed if you ever become incapacitated
- Help your loved ones avoid a difficult legal process after your death
The sooner you start your estate plan, the sooner you can rest assured knowing that you and your loved ones will be taken care of. Whether
you’re nearing retirement age or you have just obtained your first major asset, this is the right time to start creating an estate plan.
Contact our lawyer for more information.
What Does an Estate Plan Include?
An estate plan can include many different legal documents depending on your goals and your current financial status. Our team will examine your financial situation and learn more about your objectives to make recommendations that are unique to you.
The most common estate planning documents include:
- Last will and testament: A will is one way to document instructions for your assets after you pass. You can name an estate executor and your beneficiaries, plus add other instructions, like who will care for your minor children.
- Trusts: Trusts can be used to manage your assets during your lifetime and distribute assets to your beneficiaries after you pass away. Certain trusts can help minimize estate taxes and provide asset protection.
- Power of attorney: If you would like another person to be able to make financial decisions on your behalf in case you ever become incapacitated, you can grant them that power in a power of attorney document.
- Health care proxy: A health care proxy names a person who can make medical decisions for you if you become incapacitated. Many individuals use a living will to guide their end-of-life medical care.
Estate plans vary widely, and no two estate plans are exactly alike. Our team will guide you through the estate planning process to ensure your needs are met.
What is a Will?
A will is a basic estate planning document. In a will, you can designate an executor (also known as a “personal representative”) of your estate.
The estate executor will manage your estate after you pass and ensure that your assets are distributed to your beneficiaries according to your
instructions in the will. Wills also allow you to name guardians for minor children and pets.
It’s essential to work with an estate planning lawyer when creating a will, as all wills go through the probate process. Probate is a court-ordered process that ensures the will is valid and lawful. Probate costs fees that will come out of your estate and takes a good amount of time. If the will is contested, your family will have to spend extra time and money to prove that your assets are rightfully theirs.
What is a Trust?
A trust is a legal entity that holds your assets. The grantor (person creating the trust) names a trustee to manage the assets you put into
the trust. Oftentimes the grantor can also be the trustee. One big advantage of doing a trust is that it avoids probate, saving the estate
money and the time it takes to go through that process.
There are many kinds of trusts you can choose from, all of which have different benefits. A trust can be used to distribute assets to beneficiaries after you die. Certain trusts can minimize your estate’s taxes. Trusts can be used to donate money to charity, protect a loved one who is unable to manage money, provide for a family member with special needs, and more. If you would like to avoid probate and even protect your assets, creating a trust may be the right option for you. Contact our legal team to learn more.
Should I Consult an Estate Planning Attorney?
Creating an estate plan is the best way to plan for the future and ensure your family’s financial security. Working with an estate planning attorney allows you to explore your options and create a customized estate plan that’s unique to your needs.
The Heritage Law Center understands how important it is to protect the legacy you’ve worked so hard to build. We’re confident that with our years of serving Middlesex County, we can guide you through the process and help you make informed decisions about your estate plan. For more information and to receive a confidential consultation, contact our law firm by calling (617) 765-9307.
