FAQ On Estate Planning And How We Can Help You
A solid estate plan protects your family as well as the assets that you accumulated while alive. An estate plan allows you to decide what happens to your assets. If you don’t have one in place, the Commonwealth’s laws of intestacy will decide. You want to give your family peace of mind, and having an estate plan will do that. Albanese Law, LLC, of Milton, Massachusetts, is an experienced legal firm that understands estate planning. Meeting with our attorneys can help clients create the right plan that will carry out their final wishes. Here, we have assembled a list of frequently asked questions.
What are the benefits of estate planning?
By having an estate plan, you will provide your family with peace of mind. They won’t have to worry about what happens to your assets, including money, property and investments. You have clearly made the decision as to what will happen with your money through a will or trust. Because of your decision and instructions, your family may have an easier time dealing with your unexpected death. Moreover, proper planning can save your estate thousands in court related expenses.
When is the right time to consider estate planning?
There’s no clear answer to that, but even a single, 30-year-old millennial should have a Will, Health Care Proxy and Durable Power of Attorney in place. You need to prepare for the unexpected, and you want to take care of your family. If you have children or significant assets such as a house, property, investments, retirement accounts and other financial accounts, you will want to have an estate plan. Please don’t procrastinate. Your loved ones will thank you.
What is included in an estate plan?
Every person is different, but here are some basics things an estate plan may include:
- A simple will or one that addresses a more complex estate with significant assets and property
- Guardianships and conservatorships, where your will includes the naming of a guardian if you have children, and a conservator for any incapacitated adults in your care
- A trust that lets you manage assets while you are still alive, thus sidestepping the probate process
- The appointment of an agent under durable power of attorney — a trusted person who will take care of your legal, health and financial responsibilities if you are mentally incapable
- A health care agent who will make decisions about your medical treatment if you are incapable of doing so
- A health care directive that includes instructions on what to do if you may be near death, or suffer from a terminal illness
What happens if I die without an estate plan?
The state decides what will happen to your assets and distribute them among family members or your “heirs at law.” Your procrastination has taken the decision-making out of your hands, and that is not a good thing. By having an estate plan, you control the decisions and where your assets are distributed after you die. Do you really want the state to distribute some of your assets to a long-estranged sibling or relative?
When should I update or change my estate plan?
Whenever a significant life event occurs is the time you need to update your will or trust. A few scenarios exist, including buying a home, starting a business, the birth of children or grandchildren, getting a divorce, diagnosis of a serious medical condition or even receiving a significant inheritance.
Call Us Now For Guidance On Estate Planning
A solid estate plan can bring peace of mind to you and your loved ones. By having an estate plan in place, you have made the decision as to what will happen to your assets. You ultimately are protecting not only your estate, but also your family.
With more than a decade of legal experience, Albanese Law, LLC, of Milton, Massachusetts, will guide you through the estate planning process. In fact we provide custom solutions based upon your specific needs and family dynamics.We serve the Boston area. For a complimentary initial consultation, call a lawyer at 866-591-4451.