Some people believe that estate planning is only for the wealthiest of families. The truth is, virtually everyone can benefit from having an estate plan of their own, and having it prepared by an estate planning attorney who focuses on this area of the law.
One reason is that without your own estate plan, the Commonwealth of Massachusetts will control how your assets are distributed after you pass away. The Commonwealth will simply follow established guidelines for asset distribution, and it is not at all interested in making sure your wishes are carried out, streamlining the process, or minimizing costs. For some families, a living trust is also a key part of that plan. In sum, having a last will and testament in place, as an outcome of working with one of our estate planners, will help you avoid the costs and time associated with probate administration in Massachusetts.
Another reason to have your own estate plan is to ensure that a person of your own choosing can make medical and financial decisions for you in the event of incapacity. Without an estate plan, someone will need to petition the court to control your medical care and assets—this can be a lengthy and expensive process and may end up being undertaken by someone you might not want to make these decisions for you.
Estate Plans and Estate Planning Services That Meet Your Long-term Planning Objectives
The above is just part of what an estate plan can help you accomplish. Depending on your particular needs and goals, our experts in estate planning law can design an estate plan that:
- Helps assure the continuance of surviving family members’ lifestyle and the protection of assets
- Passes your values, work ethic, and a sense of responsibility to heirs
- Substantially reduces income, excise, gift, estate, and generation skipping taxes
- Keeps your financial affairs and family matters private, including evaluating the trust cost in Massachusetts or Vermont when a trust is appropriate
- Protects your heirs’ inheritances if they become divorced, remarry or fall under the influence of predators
- Helps you leave a lasting legacy and impact on society
- Provides you with greater peace of mind knowing that you have a plan in place for the future
Accomplishing estate planning and long-term planning goals like these is not simply a matter of properly filling out various legal forms. It is about close collaboration between client and estate planning attorney. Through a series of confidential discussions, we will take the time to gain a thorough understanding of your concerns, goals, and hopes for the future. Only then will we design and implement a customized estate plan capable of addressing every single one of them, using vehicles like wills and trusts. If a loved one has already died or become incapacitated, our trust administration support team can help carry out an existing plan. As part of the above process, we can help you determine which individuals in your life make the most sense to serve as “helpers” who will play various roles related to the execution of your wishes – should you become incapacitated or pass away.
So, What Is An Estate Plan?
We described above the benefits of putting an estate plan in place by working with an estate planner, like one of our many skilled estate planning attorneys. Ultimately, a typical estate plan includes the following documents or activities:
- Power Of Attorney that allows another individual to act on your behalf should you be unable to do so.
- Will that dictates how your assets will be distributed to, and divided among heirs
- Advance Healthcare directive that dictates your wishes related to medical treatments and procedures if you are unable to voice them
- HIPPA Release form so an individual whom you identify can have access to your health and medical information
- Trusts that are established for asset protection planning purposes
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We will also be there to help you make sure that your financial assets and investments are aligned with your estate plan. We believe “funding” your estate plan is crucial. This is why we work closely with you to help you make sure that your assets are aligned (either through changing ownership of an asset to a trust or changing the beneficiary on an account). We will help guide you on how to fund your different assets so that they work with your estate planning and future planning goals. As noted on our “Collaboration” page, we welcome and enjoy collaborating with other professional service organizations, such as your accountant, financial planner, or lawyer, to ensure optimal long-term planning results are achieved together as a team.
We will also make ourselves readily available to maintain your estate plan over time, so that it takes into account changes in your personal relationships, financial situation, and health, as well as those of the people you love.
Frequently Asked Questions About Estate Planning in Massachusetts
What documents are included in a Massachusetts estate plan?
A Massachusetts estate plan commonly includes a will, durable power of attorney, health care proxy, HIPAA authorization, and, when appropriate, one or more trusts. O’Connell Law designs each plan around your family, assets, tax concerns, and long-term planning goals.
Do I need a trust or is a will enough?
Some families can meet their goals with a will and incapacity documents, while others benefit from a trust for privacy, probate avoidance, asset protection, or more control over how assets are managed. The right choice depends on your assets, family structure, and planning priorities.
How often should I update my estate plan?
Review your estate plan every three to five years, or sooner after a major life event such as marriage, divorce, a birth, a death, a move, a significant asset change, or a change in health. Regular reviews help keep your plan aligned with Massachusetts law and your current wishes.
Can estate planning help my family avoid probate in Massachusetts?
Yes. Proper beneficiary designations, jointly owned assets, and trust planning can reduce or avoid the need for probate or trust administration after death. O’Connell Law can help you structure your plan so your loved ones have a clearer path forward.
Can O’Connell Law help with virtual estate planning consultations?
Yes. O’Connell Law offers virtual estate planning consultations for clients across Massachusetts and Vermont, with in-person support when needed for document execution. You can contact the firm to schedule a complimentary consultation.
Contact Our Team Of Estate Planning Lawyers and Will Lawyers Today!
We invite you to contact us today to schedule a personal meeting to discuss your specific estate planning or other long-term planning needs.
