Planning for one’s estate is an important duty that individuals should take care of to ensure that their administration is in order. This can be a comforting experience. It can also better prepare your loved ones after you pass. Your family and friends will know of your plans and can be comforted to see that you were able to decide for yourself. When it comes to planning your estate and administration, there is a wide range of topics to be considered. If you live a wealthy lifestyle or a moderate one, you are sure to have possessions that are important to you that you want to pass along to family or friends.
How can a will help plan my estate?
Individuals should be in possession of a valid will. A will has the authority to declare your wishes for your estate. It makes sure that the beneficiaries receive the proper benefits. In Massachusetts, there are certain requirements that must be met to ensure that the will is valid. When the will was made by the individual, the individual had to be of sound mind and body. If they were not healthy or lucid enough to decide the terms of the will, it may not be considered valid. Upon laying out the will, the individual will have to sign it and have two witnesses present. These two witnesses must sign it as well in order to declare that they witnessed the owner sign their will.
Why is a trust beneficial?
Individuals can benefit by a holding a trust since they can pass their assets outside of probate. This process can prove to be beneficial since it allows people to avoid the Surrogate Court, which causes the assets to pass quickly to people. Also, trust can provide tax benefits. Through a trust, an estate can help beneficiaries save on taxes that would normally be fixed on an asset. There are various types of trusts that have different terms to each one with differing benefits.
What is a health care proxy?
Another aspect to consider when planning for your estate is the concept of a health care proxy. This is someone you choose to share your end of life care with. As a health care proxy, they will represent your wishes when you cannot do so for yourself. Through this individual’s power, you can still maintain control of factors, such as life support, organ donation or more.
Due to the various forms of estate planning, it is important to consider all options. With the help of our professional attorneys, you will be able to know that your estate is in good hands. Contact us for all your estate planning needs and we will be sure to answer any questions you may have.
If you require compassionate and knowledgeable legal guidance for a matter of divorce, family or estate law, please contact the experienced attorneys at the Law Offices of Cynthia L. Hanley today. Our firm proudly serves clients in Mansfield, Massachusetts and throughout Bristol County.