The practice of estate planning involves advising individuals on the documents necessary to insure the timely and proper handling of their affairs during their lifetimes and following their deaths. If you own any property, real or personal, you need an estate plan. During your lifetime, Powers of Attorney allow you to identify the individual responsible to manage your financial affairs in the event of your absence or incapacity. Your Health Care Proxy, guided by your Living Will, is responsible for making decisions about your health care in the event you are no longer able to engage in the decisions, including end of life decisions.
At death, without an estate plan, the laws of intestacy for your state of residency will dictate not only how your property is distributed, but how minor or incapacitated children are cared for. An estate plan may involve nothing more than the adoption of a Last Will & Testament, or as circumstances dictate, trusts to avoid probate or estate taxation; trusts to protect children of a prior marriage, or trusts to preserve assets for future generations or incapacitated individuals. Individuals with significant life insurance may consider the adoption of an irrevocable life insurance trust.
A document by which you may identify such individuals who may obtain sensitive health data from your health care providers prior to the activation of your Health Care Proxy. HIPAA is a privacy rule under the health insurance portability and accountability act of 1996, intended to protect sensitive patient health information from being disclosed without your consent or knowledge.
There is no standard estate plan; your particular situation determines the estate plan. Roark & Mansur Law, PLLC will take the time to become familiar with your circumstances and will create an estate plan which is right for you.
FAQs | Estate Planning
Do I need an estate plan?
Yes. Having an estate plan can help ensure that your wishes are carried out according to your instructions if you pass away or become incapacitated. An estate plan can help avoid or reduce the delays and costs associated with probate, which is a court process for administering an estate that may take several months or longer.
What is an estate plan?
An estate plan is a set of instructions about how to manage your finances and belongings after you pass away or become incapacitated. Generally, a basic estate plan may include a will, a trust, a financial power of attorney, and a health care proxy.
Why is estate planning important?
Estate planning helps ensure your family and finances are taken care of when you pass or if you become incapacitated. Well-designed estate planning can enable you to:
- bring clarity about the distribution of your assets,
- take care of your dependents,
- avoid or reduce the lengthy and costly probate process in state court,
- create a legacy through charitable gifting,
- address estate taxes.
How to start estate planning?
The first step is to make an inventory of all your assets, including your bank accounts, investments, properties, vehicles, and personal belongings. Next, list your debts and the people who depend on you, such as minor children. Based on this information, an estate planning attorney can help you design a customized estate plan and prepare estate planning documents tailored to your circumstances.
When should I start estate planning?
The best time to start estate planning is as early as possible. Any adult can benefit from having an estate plan, regardless of their age and the size of their assets. Sudden illnesses, accidents, and unexpected life events can happen at any age, and a solid estate plan can protect your assets and loved ones in life’s most challenging moments.
Do I need to update my estate plan?
The law in Massachusetts does not require you to update your estate plan. However, reviewing your plan regularly, even in the absence of major life events, is highly recommended to ensure it will function as intended when it’s needed most. Additionally, revisiting your estate planning documents after significant life events, such as birth, death, divorce, or marriage, helps ensure they accurately reflect your life situation.
How can an estate planning attorney help me?
An estate planning attorney can help create a customized estate plan tailored to your individual circumstances and family dynamics. When you work with an experienced estate planning lawyer, they will explain your options, help you choose between will- and trust-based plans, and execute estate planning documents. Estate planning attorneys can provide guidance on guardianship arrangements, estate taxes, business succession planning, and charitable giving.
How to find an estate planning attorney in Massachusetts?
Many individuals start looking for estate planning attorneys by asking someone they trust, for example, someone from their close circle, their financial advisors, or tax professionals. Alternatively, you can start searching for an estate planning attorney in Massachusetts on the web by checking law firm websites in your area and reading about their legal practice. Reading estate planning attorneys’ reviews on their website or Google can help you find out about other people’s experiences working with a law firm. Finally, you can contact estate planning law firms directly to learn more about their approach, their communication style, and whether they can be a good fit for you.