Understanding Wills and Trusts in Massachusetts
Understanding Wills, Trusts and Other Essential Estate Planning DocumentsEstate planning is a critical step in securing your family's future and ensuring your assets are distributed according to your wishes. While many people are familiar with the terms "wills" and "trusts," the specific roles and functions of these documents, as well as other essential estate planning tools, may not be entirely clear. In this guide, we'll provide an overview of the essential documents that make up a comprehensive estate plan, shedding light on their purposes and how they can help you achieve your estate planning goals.
Last Will and Testament (Will)Your last will and testament, commonly referred to as a "will," is a foundational document in estate planning. It plays a central role in outlining how your estate will be managed and your assets distributed after your passing. In your will, you will typically:
TrustsTrusts are powerful estate planning tools that offer flexibility and customization beyond what a will can achieve. A trust is a legal document you create during your lifetime, appointing a trustee to manage and/or distribute assets according to your instructions. Unlike a will, a trust does not go through probate, expediting the distribution process and maintaining privacy. Various types of trusts are available to suit different needs:
Health Care ProxyA health care proxy is a vital document that designates an individual to make medical decisions on your behalf if you become incapacitated. The person holding your health care proxy will have the legal authority to make decisions once a healthcare provider has confirmed your incapacity.
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Durable Power of Attorney
A durable power of attorney identifies someone who can make financial and legal decisions on your behalf. Unlike the health care proxy, it does not require a finding of incapacity.
Other Estate Planning Documents
In addition to the fundamental documents mentioned above, there are other estate planning tools that may be relevant in specific situations:
- Living Will: This document outlines your specific medical treatment preferences and directives, particularly regarding end-of-life decisions. While it provides guidance, it's not recognized as legally binding in Massachusetts.
- Pet Trust: Massachusetts recognizes pet trusts, allowing you to allocate funds for the care of your animals after your passing.
- Life Estate Deed: Some individuals plan for their primary residence by deeding it to their heirs while reserving a life estate, granting them the right to occupy and use the home for the remainder of their lifetime.
Conclusion
Each of these estate planning documents serves a unique purpose and can play a crucial role in ensuring your wishes are carried out and your family's financial well-being is protected. Understanding their functions is the first step toward creating a comprehensive estate plan tailored to your needs.
Meet Our Estate Planning Lawyers
Emily Smith-Lee is the owner and founder of slnlaw. She is a 1996 graduate of Boston College Law School. She was previously a partner at the Boston office of a large international firm, where she worked for thirteen years before starting the firm that became slnlaw in 2009. She has been recognized as Massachusetts Superlawyer each year since 2013, and in 2018 earned recognition as one of Massachusetts Lawyers Weekly's Lawyers of the Year.
Jenna Ordway: Jenna is a 2013 graduate of Quinnipiac Law School, and also earned an LLM in Taxation from Boston University in 2015. She has been affiliated with slnlaw since 2011, first as a law clerk and then as an attorney. Jenna has been recognized since 2019 as a "Rising Star" by Massachusetts Superlawyers. Jenna wrote a book on estate planning: The Road to Peace of Mind: What You Need to Know About Estate Planning. Jenna has helped many individuals and families with planning to protect their legacies and loved ones, and planning for the future and succession of their businesses.
Sharleen Tinnin: Sharleen is a 2010 graduate of Northeastern University School of Law, and earned her LLM in estate planning from Western New England Scool of Law in 2016. She has been with slnlaw since 2023. Prior to joining slnlaw, she worked with King, Tilden, McEttrick & Brink, P.C. on complex civil litigation matters. She previously worked for the United States Department of Justice, and received an "Excellence in Justice" award in 2017. Sharleen has helped many clients with planning for their legacies and their future, and navigating the probate process in Massachusetts after the death of a loved one.
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Our experienced team is here to guide you through the complexities of estate planning, ensuring your documents align with your unique needs and goals, and providing peace of mind for the future. You can use the button below to schedule a free information call, or simply give us a call at 781-784-2322.
Jenna Ordway
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