Marshfield Wills Lawyer
Marshfield Wills Attorney
For those considering their long-term futures and the futures of their loved ones, creating a legally valid will is essential to protecting your assets after you pass. A Marshfield wills lawyer from Albanese Law, LLC, can assist with drafting a will in compliance with Massachusetts General Laws, Chapter 190B, which outlines probate.
Probate is the legal process that is overseen by Massachusetts courts. It handles an individual’s estate after they pass, and without a legal will in place, probate defaults to state intestacy laws.
Don’t leave your family’s future to chance. Ensure your assets are protected and your wishes honored by drafting a legally sound will. Contact Albanese Law, LLC, your trusted Marshfield Wills Attorney, today for a consultation to secure your legacy.
What Your Will Should Include
In 2023, the average Marshfield income per home was $125,525, making asset protection vital for many residents. A will must clearly identify how your estate will be managed after your death. One of the first things to include in your will is the name of your chosen executor and an alternate in case your first choice is unavailable. An executor is the name of a trusted person who will be responsible for carrying out your will after you pass away.
Your will can help make the role of the executor easier by fully explaining how to handle personal debts, remaining bills, and final expenses. Even though the executor handles these payments and they are paid from your estate, outlining your wishes in your will can reduce confusion.
You can also decide on the distribution of your assets. Assets can include real estate, bank accounts, investments, retirement accounts, personal belongings, stocks and bonds, and life insurance policies. You can decide who will receive each asset. If you have minor children, your will should name a person who would legally take care of them if you pass away. Without this, a court may decide who raises your children.
Helping You Understand Your Estate Planning Options
Trusts as an Alternative to Probate in Massachusetts
Your estate plan can also include the creation of a trust. Trusts are usually created to avoid probate, which can be lengthy and stressful for your loved ones. The two types of trusts you can create are:
- A revocable trust. A revocable trust permits you to change or cancel the trust at any point in your life.
- An irrevocable trust. An irrevocable trust is permanent once created.
While revocable trusts are ideal for many Massachusetts residents, they can make applying for government programs like MassHealth difficult in the future. State law will still count any assets placed in a revocable trust as belonging to you, meaning that you may not be eligible for MassHealth.
Assets placed in an irrevocable trust are considered legally belonging to the trust and no longer to the individual, making applying for MassHealth simpler, as long as the assets were transferred at least five years before applying. Keeping these distinct options in mind while drafting your will can help avoid future roadblocks. Here at Albanese Law, LLC, our attorneys can help clearly outline legal requirements and expectations in regard to your estate plans.
Planning Ahead for Families in Marshfield
Marshfield residents often have valuable assets and specific family considerations that make estate planning essential. Real estate is usually the largest asset in a will, with the median home value in the city being $621,300 in 2023.
Residents of Marshfield, especially homeowners, should consider a will to protect their estate. Contact Albanese Law, LLC today to set up your free initial consultation to discuss your individual needs.
