Why You Don't Have an Estate Plan
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You know this is important. You know you need to make a plan for who is going to take care of your minor children. You understand that your family members might have to pay to go through the probate process if you don't leave them a road map. You know that your family may end up paying estate or inheritance taxes if you do nothing.
If you don't have a plan in place, you are not alone. More than half of American adults do not have a will, let alone a comprehensive plan. Even celebrities like Aretha Franklin and Prince, who were surrounded by professional advisors and could easily afford an estate planner, died without a will. More than half of adult Americans do not have a will. Even among those who do, their will may not do what they think it will. What's Stopping You?Every situation is different, but there are some common reasons we hear that people put off their estate planning.
It Does Not Seem Important Right Now: Maybe you are young and healthy and it does not seem urgent. We get that, but remember that this is a great time to get this taken care of, while you are not facing a crisis. When you think about this question, make sure you understand what it would look like it you or your spouse were to pass without a will. For blended families, you should know that the law is not set up well to distribute your assets the way you would want if you do not have a will. You're Not Rich: Maybe you feel like this is something only rich people need to worry about, and you are not rich. But you still have things, and a family, and ideas about how you would like things to be distributed. And if you have minor children, no matter how much money you have or don't have, you need a plan for them. Finally, the Massachusetts estate tax very much impacts middle class families, and you may well be richer than you think, because the law counts everything, including life insurance proceeds, retirement accounts, and the value of jointly owned real estate. Cost: There are so many more immediate things to do with your money than plan for the future. But if going through probate if you die without a will can cost from 3% to 8% of the value of your assets, and the estate tax liability on an estate worth just over $1 million is $36,000, you can quickly begin to see that the investment in getting a plan in place is well worth it. You're Too Busy: This is also common, and totally understandable. The good news is once you take the first step to hire a lawyer to make your plan, most of the work is out of your hands. Learn how it works- it may be simpler than you think. You Don't Know Who to Trust: Hiring an estate planning lawyer is, quite literally, inviting someone into your family, if only for a short while. It is not surprising that it may feel overwhelming to find someone to help you with this very personal matter. But if you trust us only on one thing, trust us on this: you need to find someone and get started. There are ways to can vet your choice of a lawyer. For example, Avvo.com has a rating system that is based on objective criteria, and also hosts client reviews. Sites like Avvo and Google reviews do not allow attorneys to filter the reviews that are posted, so if you find enough reviews you can get a pretty good idea about the kind of experiences others have had with the lawyer. But you need to find someone, make a decision, and get started so that you can put this behind you knowing that you and your family are protected. |
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We understand how personal this decision is. We also understand that individuals and families all have unique needs and wishes- we are not here to judge those wishes, but simply to help make sure they come to pass.
You may just need a will, or you may need other documents, like a living trust, to make sure everything happens the way you want. Everyone should also have powers of attorney and health care proxies to make sure there is someone who can make decisions if they are unable to because of injury or illness. We can help you figure out what documents help you get to your goals.
Our lead estate planning lawyer, Jenna Ordway, has been helping families prepare their estate plans since 2013. In addition to her law degree, Jenna has a masters degree (LLM) in taxation, and has written a book "The Road to Peace of Mind- What You Need to Know About Estate Planning") to help you better understand the issues and your options as you consider your estate plan.
Our founder and owner, Emily Smith-Lee, has been practicing law for 22 years, and has operated her practice as a local small business for the past ten years. She has been named on the Massachusetts Super Lawyers List every year since 2013, and was named a 2018 Lawyer of the Year by Massachusetts Lawyers Weekly. Emily is committed to the community, and has been a local elected official in Sharon for nine years, eight as a School Committee member and currently as a member of the Board of Selectmen.
You may just need a will, or you may need other documents, like a living trust, to make sure everything happens the way you want. Everyone should also have powers of attorney and health care proxies to make sure there is someone who can make decisions if they are unable to because of injury or illness. We can help you figure out what documents help you get to your goals.
Our lead estate planning lawyer, Jenna Ordway, has been helping families prepare their estate plans since 2013. In addition to her law degree, Jenna has a masters degree (LLM) in taxation, and has written a book "The Road to Peace of Mind- What You Need to Know About Estate Planning") to help you better understand the issues and your options as you consider your estate plan.
Our founder and owner, Emily Smith-Lee, has been practicing law for 22 years, and has operated her practice as a local small business for the past ten years. She has been named on the Massachusetts Super Lawyers List every year since 2013, and was named a 2018 Lawyer of the Year by Massachusetts Lawyers Weekly. Emily is committed to the community, and has been a local elected official in Sharon for nine years, eight as a School Committee member and currently as a member of the Board of Selectmen.
How We Can Help
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Jenna Ordway
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Our estate planning attorneys are ready to help. We have a simple process for getting you from wherever you are now to executed and final documents. It starts with an initial consultation, which is absolutely free. You can use the button below to schedule a free information call, or simply give us a call at 781-784-2322.
