ESTATE PLANNING
Planning for your future is important and nothing is more important than providing for your family in the event of your death. It's important to consider not only your Wills, but such documents as Durable Power of Attorney, Health Care Proxy and Living Will. Let the Law Office of Thomas C. Marino, help you figure out what's best for you.
Why do I need a Will?
A Will is important because it helps you protect your estate and provide for your loved ones. Whether you are single, married, or divorced, it is important to make sure your wishes are carried out, and a Will is the best way to ensure that.
What happens if I don't have a Will?
If you die without a Will then you die it was known as "intestate" and that means your estate will be divided based on the intestate laws of the Commonwealth of Massachusetts. This means you have no control on how your property is distributed. Your property will be divided according to a formula set up by the State of Massachusetts. This means that your spouse, your children, your parents, your grandchildren, or anyone else may not receive what you want them to get. This not only creates a difficult situation for your family, but where real estate is involved, it may create problems that can adversely impact the validity of a real estate deed.
What if I already have a Will?
If you have already made a Will, but it has been a long time since you reviewed it, now may be a good time to dust if off to see if it is still a true reflection of your intentions. For example, are the Guardians you selected for your children the same? Do you need to create a Trust for assets? Are there specific gifts you want to leave to certain individuals? These are just some of the questions you may need to consider.
Is there anything else I should know about?
Aside from your Will, there or other considerations that should be brought to your attention. Such matters include the following:
Health Care Proxy - A Health Care Proxy allows you to designate someone you trust to handle important medical decisions should you become incapacitated.
Durable Power of Attorney - A Durable Power of Attorney grants power to an individual to exercise rights on your behalf should you not be able to. For example, simple tasks like accessing a bank account to pay bills or purchase necessary items, access a safe deposit box, handle insurance matters, or selling stocks cannot be done without having to go to court unless this power has been granted to someone to act on your behalf.
Living Will - A Living Will allows you to state exactly what life sustaining measures you want taken should you become unable to make such decisions for yourself. Living Wills are not a legally binding document, but they do provide guidance to your loved ones of your express desires as to how you want these decisions made for you.
What is a Living Trust?
This is also known as a revocable Trust and offers some unique benefits for your estate plan. First and foremost the Trust is controlled by you during your lifetime. This means you can put anything you want into the Trust including real property, stocks, bank accounts, family heirlooms, etc. It also means you can remove any item while you are alive since you control it. However, upon your death the Trust becomes irrevocable and the executor must carry out the Trust directives that you have specified. The many benefits of a Living Trust are:
- Control during your lifetime;
- Your estate passes outside of probate so administration is easy and confidential;
- Your estate passes free of creditors;
- allows you to manage how money and property are conveyed to younger children and grandchildren