ESTATE PLANNING FAQS
Commonly Asked Estate Planning Questions
At The Law Office of Alan H. Segal, our Massachusetts trust lawyers regularly answer many similar questions regarding estate planning options. Whether you need a will, trust, healthcare proxy, advance directive, or power of attorney, we can explain your options and draft the necessary documents. We will help you execute a holistic estate plan that will protect you, your family, and assets while minimizing tax obligations.
What Is A Trust?
A trust is a document created with a defined purpose that is administered on behalf of one or more beneficiaries by a trustee. A trust can be in force while you are alive or it can come in to force after your death if it is part of your will. For example, a living trust allows you to control your property while you are alive and gives you the freedom to revoke it at any time if your circumstances change. A trust may also be more convenient for your heirs because they can usually avoid involving the probate courts in the division of your property. Our Massachusetts trust lawyers can help you save time and money while you navigate this process.
What Is The Purpose Of A Power Of Attorney And Should I Sign One?
Making a clear power of attorney guarantees that a person whom you trust (called an “agent”) will be available to handle the financial and logistical duties that will arise in the the occasion that you become incapacitated. For example, your power of attorney agent will be able to handle your bills, deposits, and insurance paperwork (just to name a few). Additionally, if you own a property, business, or investment, your agent will able to continue attending to these.
What Is Probate?
The probate process is a set of formal court procedures to determine who is entitled to inherit your property, money, and other assets after your death. The purpose of probate is to make sure that your will is valid before appointing an executor for your estate. The executor makes sure that your property is liquidated and distributed to the intended recipients.
AM I ALLOWED TO MAKE CHANGES TO MY WILL OR TRUST?
Yes, these documents may be modified. However, there are important requirements you must follow to make sure the documents maintain their legal effect. Our Massachusetts trust lawyers can help you make changes while protecting your final wishes.
CONTACT OUR MASSACHUSETTS TRUST LAWYERS
The answers provided above are very brief and every person’s situation is different. If you are ready to begin developing an estate plan, our Massachusetts trust lawyers are here to help. Call us today at (781) 444-9676 and let us help protect your legacy.