Estate Planning Benefits for Families in Norfolk, Massachusetts
Planning your estate has several benefits for you and your family. If you have not written your will, created the necessary trusts, or taken other steps to ensure that your family is taken care of when you pass, you need to. It would be in your best interest to seek the advise of an experienced estate planning lawyer in Norfolk Massachusetts. Here are some of the benefits that come with estate planning.
Your Family Will Be Provided For
When you die without a will and are not married, all your assets go to probate. The court will then have to determine your heirs and decide how your estate is to be split. This means your children may wait months or even years before they can receive any of your property. Estate planning makes probate much easier. Your wishes are outlined, so the court knows what you want and who your heirs are. With trusts, the process is even easier because your assets are already in a trust and can be used as you have directed.
Your Wishes Will Be Known
With a will, power of attorney, and other estate planning documents in place, your family will know what your wishes are in the event of an accident that leaves you unable to express them. They will not have to guess at what you might want for end-of-life care, nor will there be any question as to who is authorized to make such decisions. If you do die, you will have documented your last wishes, so there should be no fights over your assets. Your family will know exactly who is to receive which heirlooms and other property, which can help prevent fights.
Minor Children Will Be Cared For
If your spouse has preceded you in death or if you are unmarried but have minor children, Massachusetts Child Protective Services will step in to take care of them unless you have designated someone to act as their guardian. Even if you have living relatives, they will not automatically become your child’s guardian without petitioning the court. Even then, they could determine that someone else should raise your children. Therefore, estate planning is especially vital for parents. Without a will, your children’s future is uncertain.
Estate Planning Can Help You Now
While most people see the benefits estate planning provides for after their death, there are some benefits to estate planning that you can take advantage of while you are still alive. For example, there are some tax benefits to creating a trust. Placing some of your assets in a trust may also help you qualify for things such as Medicare. This can make your golden years much easier financially since it will reduce the burden of the cost of healthcare.
There Is No Time Like the Present to Plan Your Estate
If you do not have a will or other estate planning documents in place, there is no time like the present to begin preparing them. While thinking about your own death is not pleasant, you do want to make certain your family, especially your children, are taken care of. The Law Office of Rachel M. Matos is here to help you plan your estate to ensure they are. Contact us today to discuss your estate planning needs.