What is estate planning, and why I need to take action?
A customized, carefully drafted estate plan can minimize tax consequences and court involvement while providing for the disposition of your precious assets as you see fit. Your loved ones can avoid difficulties in probating your will as you intended. The basic documents comprising an estate plan consist of a properly executed will, durable power of attorney, health care proxy and living will. To insure your plan reflects the recent changes in your life, your estate plan should be reviewed or revised periodically.
Which changes in my life warrant a revision to my estate plan?
Your family may have been blessed with the birth of a child, or perhaps you may have recently adopted. You may have recently been married. You may now be facing a divorce or have recently been divorced. Perhaps a loved one has passed away, and you are a beneficiary under their will, or you have been appointed as an administrator, administratix, executor or executrix and need legal guidance in fulfilling your fiduciary duties. You may wish to set up a testamentary trust to take care of your loved ones in the event they are too young or otherwise unable to manage inherited property. You may wish to maintain control over a trust during your lifetime through a revocable or an irrevocable trust. You may need help distinguishing payment upon death contracts, such as life insurance policies, from other instruments that require some degree of involvement with or approval by the Probate Court.