Cape Cod Estate Planning Lawyer

Cape Cod Estate Planning Attorney

Depending on the size of your estate and your plans for its execution, there are many important things you may want to prioritize when it comes to estate planning. There’s nothing wrong with wanting to prepare your family for what’s to come, and establishing a sound estate plan can go a long way towards accomplishing what you need. However, the process can be difficult if you do it alone. A Cape Cod estate planning lawyer can be of considerable help.

The legal team at Albanese Law, LLC, understands the kind of legal assistance you will need when trying to put together an estate plan. Some estates are vast and have many moving parts to consider. The help of a Cape Cod estate planning attorney cannot be understated in this venture. You will want someone by your side who understands estate planning laws and has considerable experience handling estate planning cases like yours. Our firm can support your intentions. Call us to schedule your consultation.

Why Should You Hire an Estate Planning Lawyer?

There are many reasons why you should hire an estate planning lawyer. The last thing you want is not to have a plan in place when the time comes. Otherwise, the state’s intestate succession laws would apply, and your assets would go to your closest living relatives, which may not be what you want at all. A survey done by WealthCounsel found that 35% of respondents said that they or someone they know has experienced family conflict due to a lack of estate planning.

At our firm, we can help you figure out a plan. Matthew Albanese is a decorated attorney and a member of multiple bar associations. He can help.

According to recent statistical data collected by the U.S. Census Bureau, the median household income throughout the state of Massachusetts is approximately $101,000 per year. It’s perfectly understandable for households with an income like this or higher to want to have the right precautions in place in the form of an estate plan. You can make sure your loved ones are taken care of and that your assets are distributed in accordance with your express wishes.

One of the hardest parts of the estate planning process is sitting down and discussing your intentions with your family. You may be dreading this conversation, as it can be painful, emotional, and even unpredictable if some family members are expecting an inheritance they aren’t getting. You may want to consider enlisting the help of a local grief support group like What’s Your Grief or GriefShare. They can help control the conversation on your behalf.

Elements of a Reliable Estate Plan

Everybody’s estate planning needs are different, and it’s important to remember that your plan may not be as straightforward as you intended. An estate plan can be comprehensive with many different elements to consider. Each element is equally important. Above all, you want to make sure your plan is enforceable in probate court and reflects your wishes as accurately as possible.

Here are some of the elements of a sound, reliable estate plan:

• Last will and testament: One of the most common parts of an estate plan is a last will and testament. A survey of over 2,500 adults found that only about 24% had a will. Essentially, a will explains your intentions regarding your assets. It includes a list of beneficiaries who will benefit from your estate. It may also include various contingencies and stipulations that must be fulfilled in order for your loved ones to inherit your assets.
• Trusts: Another common element that’s often included in an estate plan is a trust. A trust can be an easier, more reliable way to manage your assets and prepare them for inheritance. In a trust, the grantor, you, transfers various assets to the control of another party, the trustee. The trustee then holds those assets until the time comes for the beneficiary to inherit them. Trusts can be a good way to avoid probate.
• Power of attorney: You want to make sure you don’t overlook power of attorney. In the event that you end up medically incapacitated, you will want to make sure your wishes are not ignored, whatever they may be. That’s why you should give power of attorney to somebody you trust completely, such as a sibling, spouse, child, or trusted friend. You don’t want to give this power to the wrong person.

FAQs

Should You Use an Attorney for Estate Planning?

Yes, you should use an attorney for estate planning. The estate planning process can get complicated, confusing, and tedious if you attempt to go through it on your own, especially if you have no prior knowledge of the process. An estate planning lawyer can help you prepare for setbacks, anticipate filing deadlines, and ensure that nobody attempts to take advantage of your position. A good lawyer’s help can make all the difference in this case.

What Is the Difference Between an Estate Planner and an Estate Lawyer?

The primary difference between an estate planner and an estate lawyer is their skill set. An estate planner is a broad role that isn’t always taken on by a lawyer. An estate planner can be an accountant, a financial advisor, or an insurance agent. They focus on creating a strategy for the future. An estate lawyer focuses on legal matters related to estate planning, including the probate process and reading the will.

What Are the Disadvantages of Estate Planning?

There are some disadvantages of estate planning you may want to consider before moving forward with your plan. The process can be quite costly, and it may take a great deal of time to finalize. Additionally, some elements of your plan may be rigid and limited, such as irrevocable trusts. One of the biggest potential disadvantages comes from family discord that can arise from the details of your plan, especially if someone is no longer getting an inheritance.

Is an Estate Planner Worth It?

Yes, an estate planner is worth it. There may be a strong chance you don’t know the most effective ways to develop or manage an estate plan. The more complex your estate, the harder it can be to manage. Having a professional estate planner in your corner can alleviate a lot of your concerns.

Contact Us Today

At Albanese Law, LLC, we can help you put together a strong estate plan. Contact us to speak to someone on our team about your case.