Mashpee Estate Planning Lawyer

Mashpee Estate Planning Attorney

Families in Mashpee often need to make critical legal decisions about their future for the sake of their loved ones. Working with a Mashpee estate planning lawyer at Albanese Law, LLC can help individuals create a detailed plan for their estate after they pass, ensuring their wishes are respected and their loved ones don’t face any roadblocks during probate.

Components of an Effective Estate Plan

There are several documents that help compose a successful estate plan. These can include:

• A will. This document details how your property should be distributed after you pass. Property includes any real estate, personal items, bank accounts, and retirement accounts. This can also include naming guardians for minor children. With the average home value in Mashpee being $718,208, proper planning is vital to protecting your family’s wealth.
• Naming a power of attorney. While many think this is unnecessary, it’s vital to keeping you safe. This gives someone you trust the responsibility to act on your behalf financially if you’re ever incapacitated.

Because each estate plan is personal and unique to the individual creating it, having an attorney that you can trust is essential.

Health Care Proxy Versus Living Will

Unlike other states, Massachusetts only recognizes a health care proxy, not a living will. A health care proxy is a part of a health care directive and allows you to name a trusted person to make medical decisions for you if you can’t speak for yourself. You can also name a backup person in case your first choice isn’t available. This role is called an agent.

Your agent’s decisions are treated the same as if you made them yourself. This role only comes into effect if a doctor says you can’t make your own medical decisions. You can also write notes on the health care proxy form about what treatments you do or don’t want.

While Massachusetts does not recognize living wills as legal documents, they can still be helpful. A living will is a written document that says what kind of care you’d want, such as resuscitation or being kept alive with the help of machines. Even though it’s not legally binding like in other states, it can help your agent and doctor understand your wishes.

Types of Trusts in Massachusetts

Trusts in Massachusetts also operate under assumptions different from those of many other states. Trusts are important tools used to help people control how their finances and property are handled both during their lifetime and after they pass away.

The two main types of trusts are revocable trusts and irrevocable trusts. Both types are designed to avoid probate, which is the legal process that courts use to settle a person’s estate after they pass away. Probate can be time-consuming and expensive, so trusts offer a way to transfer assets more quickly and privately, making it easier for your loved ones. There are a few key components to a trust:

• This refers to the individual who creates the trust and decides what it outlines.
• This refers to the person or institution responsible for managing the trust and following its instructions. In some cases, the grantor will also act as the trustee while alive.
• These are the people or organizations that will receive assets (real estate, personal items, bank accounts) from the trust. The grantor’s loved ones are usually there.

Revocable Trust

A revocable trust permits the grantor to change it over their lifetime, such as adding new property to the document or even canceling it completely. Because the grantor controls the assets, a revocable trust doesn’t protect them from creditors or government programs like Medicaid.

Irrevocable Trust

On the other hand, an irrevocable trust is not able to be changed once it is created. When assets are placed into an irrevocable trust, the grantor gives up control of those assets. This type of trust is often used to protect assets for future generations, like children or grandchildren, or to hold life insurance policies.

Irrevocable trusts offer stronger protection against creditors and can help people qualify for Medicaid, as long as the assets were transferred into an irrevocable trust at least five years before you apply for MassHealth.

Using trusts as part of estate planning can provide many benefits. Trusts help avoid the delays and costs of probate court, keeping assets available for beneficiaries without interruption. They also provide privacy because trust documents do not become part of the public record like wills do in probate.

Additionally, trusts can help reduce estate taxes and provide information on how assets should be managed if the grantor becomes unable to handle their affairs. Because of how intricate and personal estate planning is, having a knowledgeable lawyer guiding you through your options is helpful to make sure your estate plan is legally valid.

How Much Does It Cost to Talk to an Estate Lawyer?

Unlike other firms, Albanese Law, LLC offers free initial consultations to discuss the extent of your and your loved ones’ needs for estate planning. We’ll provide transparent pricing expectations based on the complexity and size of your estate, whether trust planning is involved, and if you’d like to create a Medicaid plan.

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

Estate planners and estate attorneys have different roles in estate planning. Estate planners focus on creating strategies for managing and distributing assets, considering taxes and family needs. Estate attorneys handle the legal side by drafting documents to ensure these plans are legally valid. Combined, they help create a complete plan that protects assets and ensures wishes are followed.

What Are the Steps in the Estate Planning Process?

We guide clients through these steps:

1. Create an inventory of all assets like real estate, bank accounts, investments, and retirement plans. Also, list any outstanding debts or liabilities.
2. Note Massachusetts tax laws to plan accordingly.
3. Account for your family’s needs by drafting a will.
4. Draft other legal directives, including trusts and medical care directives, for financial and health decisions.
5. Update beneficiary designations on accounts and policies regularly.
6. Plan to reassess your estate plan periodically.

Choosing a Trusted Massachusetts Firm

32% of Mashpee residents are age 65 or older. Estate planning is essential to your health and future, as well as the future of your loved ones. Albanese Law, LLC helps Mashpee families prepare for the future with strategic, customized estate plans. To discuss your estate planning goals, contact us today for a free initial consultation.