Estate planning and probate—drafting wills, trusts and related documents to plan for the distribution of assets at death

SUMMARY:

Estate planning is an essential part of your preparation for tomorrow – and is not just for the wealthy. It is important for everyone - those who wish to save on estate taxes; those who wish to avoid the 1-year probate process; those who have minor children and need to name successor guardians; and the bottom line – to ensure that your assets pass as you intend, rather than as dictated by the state.

Planning for the future is not an easy task, but does make things easier for those you leave behind. If you are the parent of minor children you should think about who will care for them if something should happen to you before they become adults. No one wants to think of someone else taking care of their children, but it is a necessary part of planning. If you have children, you also need to consider an estate plan that addresses how your money would be distributed to your children – should they receive everything at age 18? If you don't think about these things the probate courts may make these decisions for you— and although they will make every effort to make the decision with the best interest of the child in mind, they may not endorse the same people that you would in selecting a guardian or trustee for their funds.

We are able to work with you on everything from basic wills to all types of trusts. Revocable "living" trusts provide the opportunity to direct how your assets would be held for your beneficiaries (i.e. specified ages), and can also be used to avoid the 1-year probate process at your death by "funding" the Trust (transferring your assets into the Trust without losing any control over the assets), while keeping your estate information protected from the public records of the local probate court. For married couples with a taxable estate, the Revocable Trusts can also allow you to save estate taxes, passing more on to your intended beneficiaries and less to the IRS and MA Department of Revenue!

We always recommend a Power of Attorney and Health Care Proxy as part of any estate plan. In these 2 documents you name a person (and alternate if you wish) to make your general/financial and medical decisions for you DURING YOUR LIFETIME. In the Health Care Proxy, depending on your personal preference, you can also include "living will" provisions, which would state that you do NOT WANT artificial life support under certain circumstances. If you become incapacitated or disabled, having these documents in place will avoid the need to have someone go into Probate Court and become officially appointed as your "legal guardian", which is a time-consuming and expensive process.

Our firm is also able to assist our clients with the probate process. Once a loved one dies we can work with the family to help the personal representative (known as the "executor" or "administrator") to file the appropriate papers to proceed with the probate process. And if the estate is taxable, we can assist in preparation of any required federal or MA estate tax returns; or refer you to a qualified CPA to work with you on the estate tax returns.

It is our goal to ensure all the "i's" are dotted and "t's" crossed. We want this to be a positive experience for you and will do our best to educate you on your choices and have you feel comfortable with your decisions. Whatever your specific needs are in this area, we have the experience to properly advise you on the best course of action. Contact us now to make an appointment to meet with one of our attorneys to learn what will work for you.

Graham & Harsip, P.C.
Suite 101
289 Great Road
Acton, MA 01720
Phone: 978/264-0480
Fax: 978/264-4990
Email: rgorenberg@graham-harsip.com