It’s important to have a comprehensive estate plan if you want to make sure your assets are distributed correctly when you pass away. It’s not something we want to think about, but it’s an important step to take if you want to protect your assets and your loved ones. If you want to create an estate plan, but you’re not sure where to start, our team at Marsden Law P.C. is here to help. Our Metro West Boston estate planning attorneys have put together everything you need to know about estate planning.
If you need help creating a comprehensive estate plan, our Metro West Boston estate planning attorneys are here to help you. Call us today (800) 828-7854!
What Is an Estate Plan?
An estate plan is a set of documents that explain in detail how you want your estate and assets to be distributed when you die or during emergency situations. An estate plan may contain a variety of documents, including wills, trusts, long term care insurance, powers of attorney, and more. An estate plan can help you avoid probate, decrease taxes, care for your loved ones, and protect the assets you’ve worked hard to obtain.
An Estate Plan Helps You Avoid Probate
Probate is the legal process that takes place after someone dies. The probate process includes making sure that property and processions are given to the correct people and that any taxes are debts owed are paid. If a person had a will, the court would need to check that it was signed and witnessed correctly to ensure that it is valid. Probate is often expensive and time-consuming, so many people try to avoid this process whenever possible.
Without an estate plan in place, a judge will ultimately decide who your assets will be distributed to. This means your loved ones might lose the property and funds if you don’t establish a clear estate plan.
Wills & Trusts
A will is a legal document where you can establish your wishes regarding the distribution of your property and the care of any minor children. With a will, you can determine who will inherit your money, property, investments, or your business. With a will, you can also designate who will carry out the provisions of the will, who your beneficiaries will be, and how or when the beneficiaries will receive the assets.
A trust is essentially a relationship you create with another party who holds your assets. This person will be responsible for distributing the assets to the people designated under the terms in the trust. With the help of an experienced attorney, you can structure your trusts properly so that your loved ones will be financially covered when you’re no longer around.
There are various types of wills and trusts that you can add to your estate plan. Our team at Marsden Law P.C. can help you determine which type of trust or will is best for you and your loved ones.
Power of Attorneys
A power of attorney is a legal document that gives another person the authority to act on your behalf when you are unable to do so yourself. Since life comes with unexpected circumstances, many people like to add the power of attorneys to their estate plans in case of a major accident. Whether a person is in a car accident or suffers an unexpected illness, a power of attorney will ensure that there is a trustworthy third party who can look out for your assets.
With a power of attorney, you can decide if you want this authority to go into effect immediately, on a specific date, or at any time when you become incapacitated. Powers of attorney are often terminated on the specified date or when you pass away.
Metro West Boston Estate Planning Attorneys
If you want to get started on preparing an estate plan, it’s vital to have an experienced attorney on your side. Creating a comprehensive estate plan can be complicated and overwhelming. Our experienced Metro West Boston attorneys can answer your questions and can help you identify what you need to include in your estate plan to avoid probate. We can help you ensure that your loved one will be protected in the future.
Get in touch with our Metro West Boston attorneys today at (800) 828-7854 to schedule a consultation!