Although it can be a hard topic to think about, planning for one’s estate is important. It can be comforting to know that everything is taken care of once you are gone. This can help your family and friends get the closure they need. It is never too early to be prepared. When it comes to planning your estate and administration, there are 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.
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.
Through the process of holding a trust, individuals can benefit since they can pass their assets outside of probate. This can be beneficial since it allows people to avoid the Surrogate Court, which causes the assets to pass quicker to people. Also, a trust has 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 for each one.
Another aspect to consider when planning for your estate is the appointment of a health care proxy. This means that you will share your end of life care with someone that you have appointed as your health care proxy. As a health care proxy, they will represent your wishes when you cannot do so for yourself. Through this, 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.