Planning Ahead for the Future
Some people procrastinate when it comes to estate planning. That’s likely because there are some decisions that need to be made to plan for the future and also because nobody wants to think about passing away or the possibility of being sick someday. But the focus of estate planning is actually on taking care of the living—making sure you’re being cared for properly while you’re here, even if you don’t have the capacity to do that for yourself. Estate planning is also about protecting your assets, so your loved ones will be taken care of if you’re not around to do it.
Life can also be very busy for people, so they keep putting their estate planning on the back burner. They feel like they can put it off and there’s a lot of time to do it in the future. But life can be unpredictable, and Benjamin Franklin was very wise when he said, “Don’t put off until tomorrow what you can do today.” An estate plan only works if it’s in place before you need it.
Estate planning shouldn’t be scary. It’s simply about putting a plan in place to make sure you and your loved ones are taken care of. If you want to have some say over your medical care just in case you ever become incapacitated, name who you believe would be the best guardians for your minor children, have your loved ones receive the assets you’ve worked so hard for, then you need estate planning. And it’s easier than you think.
As an experienced estate planning attorney who develops estate plans for New Hampshire residents, Matthew Karr and his team are here to walk you through the process every step of the way. We’ll work with you to create a comprehensive estate plan that is tailored to meet your needs. Our estate planning attorney at the Heritage Law Center will talk to you about your assets and finances, your family situation, and your goals, and he’ll develop a unique estate plan that will meet your needs.
Once you have an estate plan in place, you can enjoy the peace of mind of knowing that you’ve prepared for the future as best you can. For a consultation from a knowledgeable estate planning attorney, contact us by calling (617) 765-9307 today.
Why Do Your Estate Planning Now?
Estate planning is the best way to protect yourself, your family, and your assets. But New Hampshire estate planning only works if you put vital documents in place before something happens. Whether you have a large or modest estate, you want to:
- Protect the value of your estate by avoiding the costs of probate.
- Control how your assets are distributed to your loved ones.
- Ensure your minor children will always be taken care of.
- Lessen wait times for your assets to be distributed to your beneficiaries.
- Make sure that if you ever become incapacitated, your finances will be well managed.
- Document your choices for medical care and end-of-life services.
- Provided a roadmap for your loved ones to follow so they can avoid having to navigate through a legal mess during an emotional time.
- Avoid future family arguments over your estate or your medical care by documenting your wishes.
If you have any assets you would like to pass on or if you want to make sure your wishes for medical care are followed, now is the time for you to do your estate planning. Contact our law firm for more information about how we can help you.
What Documents Are in an Estate Plan?
A comprehensive New Hampshire estate plan includes several important documents. During your consultation with Matthew Karr, Esq., he’ll review your assets and your estate planning goals to establish which estate planning documents are right for you.
An estate plan can include:
- Last will and testament: A will is a basic estate planning document. A will contains instructions naming a personal representative for your estate and directions for how you want your assets to be distributed. It can also name a guardian for minor children.
- Trusts: Trusts are a great way to manage assets and pass assets to your beneficiaries after you die. Some trusts can help protect assets and minimize your estate taxes. When you name a successor trustee, that person can jump in and manage the trust’s assets if you become incapacitated.
- Health care proxy: In a health care proxy document, you name someone you trust to make medical decisions for you when you’re incapacitated. There’s also a document called a living will in which you can provide directions for the medical care you want at the end of your life.
- Power of attorney: In this document, you (the “principal”) name an agent (trusted person), most often a loved one, to act on your behalf in financial, business, or legal matters. Powers of attorney expire at death, or sooner in some cases, and can always be revoked upon the request of the principal.
What Are the Benefits of a Will?
A will is a legal document that directs who will receive your property when you pass away, and it appoints a legal representative (named an “executor” or “personal representative”) to carry out your wishes. A Massachusetts will only goes into effect after you pass away. It affects any property in your name that’s not held in a trust or isn’t an asset that passes automatically to designated beneficiaries (e.g., inheriting under insurance, joint tenancy, or retirement plans).
A will passes through probate, so the court can oversee the administration of the will. The personal representative of your estate must carry out the instructions as outlined in your will. Creditors making can make a claim against the estate for up to one year. The debts and other expenses are then paid from the estate’s assets. The remaining assets get distributed to the beneficiaries according to the details in the will. Probate in Massachusetts costs the estate money and usually takes several months
What Are the Benefits of Creating a Trust?
A living trust is a legal arrangement through which a trustee (a person or an institution like a bank or law firm) holds legal title to property for the benefit of another person (a “beneficiary”). The person who creates the trust is the grantor. A trust can be used to distribute property before death, at death, or afterwards. In order for property to be included in a trust, it must be put in the name of the trust.
Many trusts allow the grantor to be the trustee during the grantor’s lifetime. The trustee has a fiduciary duty to exercise good faith and act for the benefit of the trust’s beneficiaries.
Well-drafted trusts are designed to meet one or more of the following objectives:
- Avoid probate: By avoiding probate, the estate saves on the fees and time associated with that process. Quite often people choose to create a trust because they want to avoid the probate process.
- Distribute assets to loved ones, including making sure minor children are provided for as needed
- Protect the estate from excessive taxation: Certain trusts can help minimize estate taxes because they actually serve to remove some assets from the estate.
- Maintain privacy: Unlike a will which is available to the public once it enters the probate process, a trust remains private.
- Support loved ones with special needs
- Protect loved ones who are unable to manage money
- Donate to charity
There are various kinds of trusts to choose from. Our estate planning attorney will listen to your goals and will help you pick the right trust for your needs.
What Can Our Estate Planning Lawyer Do for You?
Our estate planning attorney, who works with New Hampshire residents, can work with you to make sure your assets are preserved, and you and your family are protected. We’ll get to know you, review your assets, and discover what goals you have for your estate planning. Based on that information, Matthew Karr, Esq., will guide you toward the legal documents that will best serve your needs, so the result will be a comprehensive estate plan that works for you.
At the Heritage Law Center, we know that protecting you , your legacy, and your loved ones is important. We’re here to answer all of your questions and guide you through the estate planning process. To learn more about our services and get a consultation with Matt, contact our law firm today by calling (617) 765-9307.
