Although it may be uncomfortable to think about, you will be surprised how relieved and comfortable you will feel knowing that you’ve created a valid will which accurately expresses your wishes. Getting started can be as simple as sitting down with Erica and answering some questions.   Estate planning is not for only those persons with massive amounts of wealth.  Estate Planning is important for anyone who wishes to ensure that both you and your property are treated as you want after incapacitation or death.

Estate plans may include some of the following types of documents:

Wills:

Your Will is a legal document which arranges the disposition of your probate property and appoints a fiduciary to oversee your estate. A will is a set of instructions that explains how you want your property to be distributed after your death.  This document is an important component of your estate plan. In addition, you may use your Will to appoint the legal guardian of any minor children you may have as well as a conservator to manage property left for your minor children.  If you do not have a Will at the time of your passing, then the Massachusetts Laws of Descent and Distribution will determine how your assets are distributed.

Health Care Proxy

Your Health Care Proxy appoints an Agent to make health care decisions for you if you are ever unable to make those decisions for yourself.

 Advanced Directive, also called a Living Will

While Advance Directives (also called “Living Wills”) are not legally binding in the Commonwealth of Massachusetts, it is an effective way to communicate your wishes about end-of-life care.  You may also state your burial wishes in a Living Will.

Power of Attorney

By executing a Power of Attorney document, you are appointing an Agent to make financial decisions on your behalf.  This person has the ability to conduct business as you.  For example, this person would manage your bank accounts, receive Social Security checks, pay bills and file your tax return.

• Durable Power of Attorney: A durable Power of Attorney      becomes valid when it is properly executed.
• Springing Power of Attorney:   A springing Power of Attorney becomes      valid when you become incapacitated.

We can discuss what type of power of attorney document is best for you.

Trusts

A trust can determine how your property will be distributed after your death and also can help protect assets in the trust if you become incapacitated during your lifetime. Property owned by a trust doesn’t go through probate.  By creating and funding a trust, you may also help your estate avoid taxes after your death.

There are many types of trusts to consider depending on your individual needs.  We will discuss your goals and develop the best trust for you.

Trusts can save time and money, because distributions from probate may be delayed from six months to a year. Probate fees are set by law. Distributions from trusts are made according to the rules we decide for your trust.

In order for your trust to serve its purpose, the trust must be funded.  What this means is that the property you want in the trust, whether it is real estate or financial accounts, needs to be properly transferred to the trust.  We will work together to ensure your trust is properly prepared.

Homestead Declaration

A Homestead Declaration protects your primary residence against the claims of creditors, to the extent of $500,000. The document must be recorded with the registry of deeds and is subject to a number of limitations.  If a Homestead Declaration was not made on your primary family residence when you purchased your home, you may want to execute and file one now as part of your estate plan.

Material presented on the Law Office of Erica J. Tritta website is intended for information purposes only.  It is not intended as professional advice and should not be construed as such.