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Who Needs a Will?
The simple answer is: everyone! It is a common misconception that only
people with substantial assets need a Will. For instance, regardless of your
assets, if you have minor children you will need a Will to designate your
choice as to who will raise the children if you and your spouse pass away.
Without a Will, the Court will choose a guardian and there may be
significant disagreement among your relatives as to who that should be.
We encourage estate planning for all our clients. Our office can draw up
a new Will; revise an outdated Will; create Trusts (including Living,
Revocable, Irrevocable, Special Needs, and Spendthrift Trusts), Durable
and
Limited Powers of Attorney and Health Care Proxies.
Preparing a Will
A Will designates exactly how you want your assets to be distributed. If
you die without a will, the state law and the courts will designate how
your assets are to be distributed and who will be the guardian of your
minor children. These are decisions that most people would prefer to
make themselves. That is why proper estate planning is essential for
everyone.
When choosing an Executor and Guardian, it is important to also choose
an
alternative to each in case your first choice is unable or unwilling to fulfill
the position. To avoid any unwillingness, it is important discuss your
choices of Executor, Trustee and Guardian with the individuals you
choose to designate. Make sure they are comfortable and willing to serve.
Durable Power of Attorney
A Durable Power of Attorney is essential so that your financial affairs do
not go unattended if you are ill or incapacitated for any reason. Without
a valid Durable Power of Attorney, no one else is automatically
authorized to handle your finances. Typically, your financial affairs would
have to be managed by a guardian appointed by the probate court, a
much more expensive and complex procedure than getting a durable
power of attorney drafted before you become incapacitated.
A power of attorney can give your “agent” whatever degree of power
you authorize: either specific, limited powers or broad powers. A durable
power of attorney remains in effect even if you (“the principle”) become
incompetent and remains valid even during a prolonged debilitating
illness or mental impairment.
Health Care Proxy
In some states it is called a “living will” but in Massachusetts, statute has
created the “Health Care Proxy” for the same purpose. The durable
power of attorney permits you to appoint a trustworthy individual to
handle your financial matters. There is a separate document that
designates someone to carry out your health care wishes and make health
decisions for you when you are unable to do so. This document lets you
appoint a trusted relative or friend to make decisions about your medical
care in the event that you are unable to make or communicate them
yourself. It is particularly important to discuss you health care wishes with
the person you designate to make those decisions. Putting those specific
wishes in writing is also helpful in ensuring your wishes are properly
carried out.
Homestead
Filing a Declaration of Homestead in Massachusetts gives you protection
against certain creditors for up to $500,000 in the equity in your home.
The simple answer is: everyone! It is a common misconception that only
people with substantial assets need a Will. For instance, regardless of your
assets, if you have minor children you will need a Will to designate your
choice as to who will raise the children if you and your spouse pass away.
Without a Will, the Court will choose a guardian and there may be
significant disagreement among your relatives as to who that should be.
We encourage estate planning for all our clients. Our office can draw up
a new Will; revise an outdated Will; create Trusts (including Living,
Revocable, Irrevocable, Special Needs, and Spendthrift Trusts), Durable
and
Limited Powers of Attorney and Health Care Proxies.
Preparing a Will
A Will designates exactly how you want your assets to be distributed. If
you die without a will, the state law and the courts will designate how
your assets are to be distributed and who will be the guardian of your
minor children. These are decisions that most people would prefer to
make themselves. That is why proper estate planning is essential for
everyone.
When choosing an Executor and Guardian, it is important to also choose
an
alternative to each in case your first choice is unable or unwilling to fulfill
the position. To avoid any unwillingness, it is important discuss your
choices of Executor, Trustee and Guardian with the individuals you
choose to designate. Make sure they are comfortable and willing to serve.
Durable Power of Attorney
A Durable Power of Attorney is essential so that your financial affairs do
not go unattended if you are ill or incapacitated for any reason. Without
a valid Durable Power of Attorney, no one else is automatically
authorized to handle your finances. Typically, your financial affairs would
have to be managed by a guardian appointed by the probate court, a
much more expensive and complex procedure than getting a durable
power of attorney drafted before you become incapacitated.
A power of attorney can give your “agent” whatever degree of power
you authorize: either specific, limited powers or broad powers. A durable
power of attorney remains in effect even if you (“the principle”) become
incompetent and remains valid even during a prolonged debilitating
illness or mental impairment.
Health Care Proxy
In some states it is called a “living will” but in Massachusetts, statute has
created the “Health Care Proxy” for the same purpose. The durable
power of attorney permits you to appoint a trustworthy individual to
handle your financial matters. There is a separate document that
designates someone to carry out your health care wishes and make health
decisions for you when you are unable to do so. This document lets you
appoint a trusted relative or friend to make decisions about your medical
care in the event that you are unable to make or communicate them
yourself. It is particularly important to discuss you health care wishes with
the person you designate to make those decisions. Putting those specific
wishes in writing is also helpful in ensuring your wishes are properly
carried out.
Homestead
Filing a Declaration of Homestead in Massachusetts gives you protection
against certain creditors for up to $500,000 in the equity in your home.
SMITH & JANIAN, LLC Attorneys at Law 820 Turnpike Street, Suite 106 North Andover, Massachusetts 01845 Phone: 978-682-1700 Fax: 978-682-1744 Admitted in Massachusetts and New Hampshire |
Copyright © 2006 Smith & Janian, LLC, Attorneys at Law. All rights reserved. The information contained in this website is solely for informational purposes,
does not create an attorney-client relationship, and should not be construed as legal opinion on any specific facts or circumstances. This information may be
considered advertising under the Rules of the Supreme Judicial Court of Massachusetts.
does not create an attorney-client relationship, and should not be construed as legal opinion on any specific facts or circumstances. This information may be
considered advertising under the Rules of the Supreme Judicial Court of Massachusetts.