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Are You Prepared for These 5 Major Life Moments?

10/19/2017

11 Comments

 

ARE YOU PREPARED FOR THESE 5 MAJOR LIFE MOMENTS?

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There are some moments in life it’s impossible to prepare for on an emotional level. But when it comes to your finances and estate planning, it is possible to be proactive. An estate planning lawyer can help.  Estate planning can help you at all times in your adult life, but you will see the greatest benefit the earlier you begin. Here are five key milestones where estate planning is essential:

1. When You Get Married

Before marriage, you probably only had yourself to think about. Now, you have a partner who may rely on you in some way for support. Even if you don’t provide for their quality of life, you likely would prefer that they receive your belongings, such as your home, car and valuables…or would you?

After you’re married, if you don’t want certain belongings to pass to a spouse if you die, you will need a will to clearly state your wishes. Do you want your parents to receive some of your assets? Once you are married, the law will assume that the vast majority (the first $200,000 and 3/4 of all remaining assets) will go to your spouse, with 1/4 of the remaining assets to go to your parents.  You may want everything to go to your spouse, or you may want to take care of a sibling or some other relative- if this is the case, you need to have at least a will to set out your wishes in a legally enforceable way.

There are additional ways an estate planner can help when you’re a newlywed. You can set up power of attorney for each spouse as well as fill out healthcare proxy forms. Make sure you can each make financial and medical decisions for the other in the event of an accident or injury – you’ll be thankful you did if you ever find yourself in a critical situation.

Getting married is a joyous occasion that you may not want marred by long discussions about death and disability, but this is a major life change, and now is the time to talk it out with your new spouse and your estate planner.

2. When You Have a Child

Is there anything more life-changing than welcoming a child into the world? Now you truly do have another human being depending on you for support, and estate planning helps you make sure you do just that.

If you do not have a will, and your children are also the children of your spouse, the law will give everything to your spouse.  This tracks what most parents of young children would instinctively prefer- that the other parent has all the resources needed to take care of the children- but it does not necessarily protect your children if your spouse were to later die or remarry and start a new family.

Other questions you will need to answer as you become a parent include who will care for your children if you die? How will your assets be distributed among your children? Comprehensive estate planning includes detailing your wishes, setting up a trust and planning ahead so your family receives as much support as possible in the event of your death.


3. If You Get Divorced

No one goes into marriage with the intention of divorce, but sadly, it’s a reality. Divorce brings a whole range of estate planning questions. Have you changed the name of your account beneficiaries? Would you like to change your healthcare proxy and power of attorney? Should you rename your will executor?

After divorce, you may wish to marry a second time. Again, an estate planning lawyer can help with key issues at this stage. What should a second spouse receive if you die? How will children of a second marriage be provided for? Answer these questions now and save your family hours in probate court and thousands of dollars in lawyer fees.

4. When a Parent Dies

When your parents reach the end of their life, there is a high likelihood that you will be called upon to take over their finances and make their medical decisions. If you and your parents don’t talk about estate planning before they become ill or pass away, it can be very difficult for you to access their accounts and provide the support they need.

What is the correct role for adult children and what are your parent’s wishes? Meeting with an estate planner with your parent beforehand can help you prevent trouble with banks and avoid contention within families.

5. When a Spouse Dies  

If you or your spouse were to pass on, are you prepared for all of the imminent financial decisions that will result? Do both of you have at least some immediately liquid assets (like joint savings or life insurance policies) that will help the surviving spouse deal with expenses right away? Working with an estate planner ensures either you or your spouse has a strategy to deal with estate tax and bypass probate.

Why Work with Us

Slnlaw LLC is a full-service estate planning firm that also offers individual services. In other words, we will design a service package that fits your specific needs. We understand no two people are alike, but everyone needs a detailed, knowledgeable estate planning lawyer to navigate the often confusing laws and regulations. Let us help – call today to set up a consultation.

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About slnlaw

We are a Massachusetts law firm focused on business law, employment law, and estate planning. Our team includes attorneys with large law firm experience, public service experience, experience working with small businesses on a wide variety of matters, an attorney with an advanced degree (LLM), and a former clerk to the Massachusetts Supreme Judicial Court.  Attorney and founder Emily Smith-Lee has been named to the Massachusetts Super Lawyers list every year since 2013, and was recently named a 2018 Lawyer of the Year by Massachusetts Lawyers Weekly.  Our lead estate planning attorney Jenna Ordway has been recognized as a top estate planning attorney, and has published a book about estate planning in Massachusetts.
 
What We Do
  • Employment Law: We advise both businesses and individuals about Massachusetts and federal employment laws, and represent them as needed in litigation if a lawsuit cannot be avoided. 
  • Business Law: In addition to providing advice on employment matters and defense of employee lawsuits, we can help you set up your new business, review your agreements with vendors and customers, resolve or litigate business disputes, and much more. 
  • Estate Planning: We provide customized plans for individuals and families to help minimize your estate tax liability, protect and preserve your assets, and ensure that the people in your life are taken care of the way that you want.  We can help you with wills and trusts, planning for a child with special needs, planning for the cost of long term care, and more.
​We also have an extensive network of other professionals, some lawyers in other practice areas and others who are non-lawyer professionals who offer services that our clients frequently need.  If the problem you need solved is not one that we handle, we are happy to provide a referral to someone we know you can trust.
Testimonials

"Emily, a chief partner, and the two other lawyers who worked on my case were extremely competent and approachable. They were responsive to inquiries and they thoughtfully explained, as needed, complex legal terms. I was very well represented at each stage of a protracted legal case against a major national firm."  Brian R

"It was a pleasure working with Emily Smith-Lee on a business matter. She willingly shares her expertise and always listens to her clients' concerns. Emily's caring demeanor puts people at ease immediately. The outcome of my experience was quite favorable. I would highly recommend them."  Camille B.

​"Emily is an incredible resource of knowledge on employment law. She helped guide us on how to structure our employee classifications and made adjustments to our consulting agreements so our business is better protected and positioned. She's both law-savvy and business minded - great asset to have when launching/growing a business."  Diana B.

"SLN represented me in a complicated employment-related dispute. What could have been a prolonged nightmare for me was handled swiftly and skillfully, and with fairness and dignity."  Smita N.

​"Previously, I spoke with a couple other lawyers and I did not feel comfortable with their approach prior to calling Emily. Jenna did an excellent job in assessing what I wanted to accomplish and completed my will, trust and other documents in a very short time. I am so happy I made the right choice in choosing slnlaw as my estate team."  Evelyn W.

"Long overdue public words of gratitude for Emily and her associates' work on my behalf.  They were so very respectful of me during an emotionally and financially ridden time- and that mattered more than the positive result.  May all clients have such advocates on their sides!"  Donna B.

"Emily helped our LLC in crafting an international sales agency agreement. She took the time to listen and learn about our business as well as ask about our short and long terms goals. She has a deep understanding of business contract law and was able to explain things to us clearly without being overly legalese. We would recommend SLN Law without hesitation!" Michael M.

Read more on our reviews page ​​
11 Comments
Charles
4/21/2019 04:49:44 am

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Mindy Jollie link
9/5/2019 09:49:23 am

That's good to know that you can potentially bypass probate if your spouse passes away and you have pretty immediate financial concerns. My husband and I have been talking about putting together a will now that we have kids, so we should probably do it sooner than later. We'll have to get in touch with an attorney to get all the details ironed out.

Reply
Charlotte Fleet link
1/7/2020 02:05:56 pm

I appreciate that you explained how important it can be to know what our parents want before they die since it is likely that the children are going to be in charge of finances and medical decisions. My parents have been wanting to get their affairs in order just in case something happens but have been having a somewhat difficult time getting everything they need to be done by themselves. I think that if they hire a wills lawyer they should be able to help them with most of what they need to get done.

Reply
Eileen Benson link
2/10/2020 11:18:09 am

It made sense when you said that divorce comes with a lot of questions about estate planning, such as potential changes to power of attorney or will executors. My sister told me that she and her husband of two years have grown apart and plan to get divorced later this year. I'll have to give her a call and let her know why it'd be smart to meet with an estate planning lawyer after the fact.

Reply
kate hansen link
2/11/2020 03:46:54 pm

It's good to know that the law will give everything to your spouse if you don't have a will. My husband and I have a son that we want to leave our house to when we pass away, and we didn't know if we would have to set up a will in order for that to happen. We'll have to look into hiring an estate planning lawyer o help us with setting up our own will.

Reply
Bob Newton link
3/5/2020 02:50:40 pm

It's good that you point out that an estate planning attorney can help you plan where you want your assets to go after you die. I want to make sure my family is taken care of when I die, so I'm considering hiring an estate planning attorney. I'm going to look for a good attorney that offers estate planning services in my area.

Reply
Sabrina Addams link
4/8/2020 01:45:36 pm

One of my good friends is looking for an estate planning attorney so that she can feel more prepared for the future. It was helpful for me to read writing a will can help figure out where your assets will go and how your young children are taken care of if you pass away. I'll let her know about these benefits and hope she can find an attorney to help her make a will.

Reply
Conrad O'Connor link
4/13/2020 02:26:43 pm

It's good that you point out that an estate planning attorney can help you plan for what will happen to your wealth after you die. I want to make sure my family gets most of my assets, so I'm considering hiring an estate planning attorney. I'm going to look for a good estate planning lawyer in my area to use.

Reply
Alec Burns link
5/5/2020 12:12:30 pm

It's good that you point out that an estate planning attorney can help you make sure that your family is taken care of financially after you die. I want to make sure most of my assets go to my family, so I'm considering hiring an estate planning attorney. I'm going to look for a reputable estate planning attorney in my area to hire.

Reply
Nelson Fogerty link
2/8/2021 02:48:06 pm

It's great that you point out that an estate planning lawyer can help you decide how your assets will be distributed after you die. I'd like to make sure that my children inherit most of my money, so I'm considering hiring an estate planning lawyer this year. I'm going to search for a reputable attorney in my area that offers estate planning services.

Reply
Jonathan Hansen link
2/18/2021 01:56:06 pm

It's interesting that you point out that it is essential to have an estate plan so that you can choose what will happen to your assets when you die. I want to make sure that my kids get most of my money if something bad happens to me, so I'm thinking about hiring an estate planning lawyer this year. I'm going to look for a good estate planning attorney in my area to hire.

Reply



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  • Home
  • How Slnlaw Can Help
    • Employment Law Solutions >
      • Employment Termination
      • Sexual Harassment at Work >
        • Sexual Harassment and Non Disclosure Agreements
      • Massachusetts Wage and Hour Laws
      • Independent Contractor Law
      • Non Compete Agreements
      • Equal Pay Act
    • Business Law Solutions >
      • Business Contract Basics
      • Civil Suit Defense
      • Legal Issues for Start Ups
      • Trademark Basics for Small Business Owners
      • How to Incorporate a Business in Massachusetts
    • Estate Planning Solutions >
      • Why You Need an Estate Plan
      • Massachusetts Estate Tax
      • How to Make an Estate Plan
  • Attorneys
    • Emily Smith-Lee >
      • 2018 Lawyer of the Year
    • Jenna Ordway
    • Rebecca Rogers
    • Rebecca Royer
  • About
    • Slnlaw Offices
    • Directions
    • Fees, Billing and Payment
    • Privacy Policy
    • Publications and Interviews
  • Reviews
  • Blog
  • Contact