Estate Planning Lawyer In Massachusetts
Everyone needs an estate plan. Regardless of age, marital status or financial situation, an estate plan is crucial as it allows you to control and outline how your assets should be distributed.
A well-designed estate plan allows you to decide who makes decisions on your behalf if you become incapacitated. An estate plan can also minimize estate taxes, arrange for the guardianship of minor children and protect your privacy. Through the establishment of a will, trust or durable power of attorney, you can protect your loved ones and and direct your assets. Our attorneys are dedicated to helping our clients develop estate plans tailored to their unique needs. Contact one of the experienced attorneys at the Mahoney Law Group to schedule a free initial consultation to discuss your estate planning goals.
Wills - A will gives you the ability to choose how your assets will be distributed after your death. The more thoroughly these documents address all potential contingencies, the more effective they will be at avoiding conflict. Any item with significance to you should be addressed in your will. Without a will the Commonwealth of Massachusetts makes asset dispensation decisions for you. A will should always be used in conjunction with other components of a complete plan, such as a health care proxy and durable power of attorney.
Living Wills, Health Care Proxies and Durable Powers of Attorney - If you become unable to communicate your wishes, either because of temporary or permanent incapacity, a living will, health care proxy or a durable power of attorney conveys your desires (or names someone to make decisions on your behalf) concerning the extent of life-sustaining measures you desire and your wishes regarding your health, finances and other affairs.
Trusts - There are several kinds of trusts which can be used to protect your assets, provide privacy, avoid probate, minimize taxes and designate who you would like to benefit from those assets in the future. For many people, a living trust best meets their needs. A living trust (or revocable trust) is created while you are alive. Most often the creator of the living trust (known as the "donor") serves as both the primary beneficiary and the trustee, which allows the trust to hold assets for the donor's own benefit. The donor maintains control of their assets and, upon the donor's death, the trust's assets pass to the beneficiaries. Because the assets that fund the trust are no longer considered part of the donor's estate at death, they will not need to pass through the time-consuming, and often costly, probate administration process. Testamentary trusts, irrevocable trusts, and other estate planning instruments can also help you realize your specific estate planning needs and goals.
Whether you are seeking to protect your independence for the future, provide for your beneficiaries, arrange for the care of minor children, or meet another need, the estate planning attorneys at the Mahoney Law Group are here to help you accomplish these estate planning goals.