Estate Planning Lawyers in Melrose Helping Individuals Plan for the Future
There is a common misconception that estate planning is only for the elderly or individuals who have a great deal of wealth. However, estate planning is actually an essential tool for individuals who have minor-aged children at home, are in need of healthcare proxies, or simply wish to protect their loved ones from having to deal with probate after they pass away.
The attorneys of the Martino Law Group, LLC have a vast amount of experience in handling estate plans, guardianship, asset preservation, wills, and other estate planning documents that our clients may need for proper estate planning.
How Can Proper Estate Planning Protect My Family’s Future?
If you are like most people, you want to do everything in your power to protect your family’s future after you have passed away. However, many individuals are under the mistaken impression that their assets, such as their house and bank accounts, are automatically transferred to their family members or beneficiaries after they die. Sadly, this is not always the case.
The estate planning lawyers of the Martino Law Group, LLC of Melrose, MA, are happy to assist clients in creating a solid estate plan that includes a will, establishes powers of attorney, and designates beneficiaries. In addition, an estate plan can bring parents peace of mind in predetermining who should have guardianship over their minor-aged children in the event of their death.
Many families have found themselves having to go through probate or the court system after another family member dies without leaving a will that stipulates their final wishes. Proper planning with the help of a lawyer that is experienced in family law can help assure you that the desires you have for your family are carried out.
What is Probate in Massachusetts?
Probate occurs after a person dies regardless of the size of the estate or if they die without the benefit of a will. The probate process helps to validate the will, pay creditors, distribute rightful assets to heirs and beneficiaries, and see that any other final wishes of the decedent are carried out.
Through proper estate planning, the process of filing for probate can possibly be avoided by establishing a trust for your heirs and other beneficiaries.
Do My Spouse and I Need Separate Estate Plans?
No two estate plans are exactly alike, and the same holds true for wills drawn up for spouses. It is advisable that each spouse create their own estate plan. This is especially true if you create a revocable trust as part of your estate plan. Some of the benefits of two estate plans that involve trusts include:
Protection of assets: This can prove to be especially important if one spouse makes risky investments that could negatively affect the other spouse after their death.
Tax avoidance: Often, there are tax issues that arise during probate after one spouse predeceases another that can be avoided by individual estate planning.
Division of personal property: Often, spouses may wish to divide their assets among their children from previous marriages.
How Can I Protect My Business Interests With Estate Planning?
After you pass away, your heirs could be forced to sell your business due to estate taxes and other expenses related to the business. Consequently, it is vital to take the proper steps so that you can protect your loved ones.
One of the next methods for protecting your assets is through the use of estate planning, such as revocable or irrevocable trusts that help to avoid tax implications for your family. This can also allow them to carry on with the business well into the future.
Can An Estate Plan Help Decide Future Issues Related to My Health Care?
One of the most common estate planning needs relates to future healthcare decisions. As individuals grow older in life, they begin to recognize that they may need someone who can act as a medical or health care power of attorney. This is key when establishing an estate plan as you can never be certain as to what may lie ahead as far as your health is concerned.
Designating a predetermined medical power of attorney, such as a loved one or a friend, and having your decisions outlined in medical directives is a key portion of estate planning. By doing so, you can relieve a great deal of the potential stress that your loved ones could have to deal with if you should fall ill. Read this post here also for more reasons to create an estate plan.
Do I Need Legal Representation to Draw Up a Will?
Although by law you are not required to have legal representation to draw up a will, it is highly recommended that you seek legal advice before composing a will on your own. There are many legal issues that may need to be taken into account when conducting estate planning.
Every estate planning lawyer at Martino Law Group, LLC, is ready to assist you in any way they can. We strive to establish a personal connection between clients and ourselves. You may search a long time before you find a law group that can offer you the same types of personal services that we are able to provide.
To learn if you are missing anything in your estate plan, refer to this link on the 4 things your estate plan may be missing.