An estate plan is a personalized selection of customized legal documents that provide for your care, and the care of your loved ones, in the event you become disabled or incapacitated, or in the event of your death. A basic estate plan typically includes the following:
- Will – At its most basic, a will is a document that names a personal representative, (formerly known as “executor”) the individual in charge of administering your estate, and outlines who will receive your assets. A will also names who the guardian of your children will be in the event you are no longer living.
- Living Trust – A living trust is a separate document in which you name a trustee to be in charge of administering your trust assets. The trust outlines who will receive your trust assets (when, how, and what for), and allows you to control the distribution of those assets over time. Trusts offer additional advantages to a simple will.
- Durable Power of Attorney – A power of attorney names an individual, your attorney-in-fact, who can help you with your financial affairs if you are unable, or if you simply desire assistance.
- Health Care Proxy – This document names an individual who will make medical decisions on your behalf, honoring your wishes, in the event you can no longer communicate for yourself. A good, thorough health are Proxy will also incorporate “living will” language, or details about the type of care you wish to receive or not to receive at the end of your life.
- HIPAA Release – This authorizes your medical providers to share your pertinent medical information to a named agent, usually your health care agent named in your health care proxy.
Additional documents in an estate plan can include an Advance Directive for Dementia, Testamentary Trust, Irrevocable Trust, and a Designation of Temporary Guardian of your children. Every plan is different. The best estate plans are designed specifically to support your individual and family circumstances.
Anyone over 18. You might think that only multimillionaires need estate plans, but you’d be wrong. If you are ill or hurt, you need the proper legal documents to allow a trusted person to act on your behalf. If you don’t have a will or trust in place, you may be leaving a burden on those you leave behind.
Probate is a court process required if you die owning assets in your name alone, with no joint owner, and no beneficiary. Having a will does not prevent probate.
For estate plans, I use flat, fixed fees. I will let you know the cost of your options during our Planning Session, so you can make an informed decision without any surprises.
Yes! If you are concerned about the cost of long term care, or the prospect of a nursing home, I can work with you to evaluate your options to preserve your assets.
Quite possibly—Laws differ from state to state. And while your documents are most likely valid in Massachusetts, you may be missing important language that can afford you the best protections here in the Commonwealth. I am happy to review your documents and either recommend any needed revisions or updates, or tell you your plan is perfectly fine as is.
I can. If you have over $1 million in assets (including your real estate, retirement accounts, life insurance, bank accounts, business interests, etc.), you have a taxable estate in Massachusetts. And although the federal estate tax threshold is currently $11.7 million per person, the law may change with our new administration. If tax mitigation is one of your goals, we will discuss the ways in which I can preserve your assets for your intended beneficiaries.
I’d love to, but no. Your mother needs to call me herself.
No, I don’t take probate litigation cases. I prefer to prepare estate plans that prevent such challenges!