Preparing Simple Wills and Trust for Massachusetts Families
"Should I think about writing a Will now? Is that the best way to do what I want to do?"
If you're asking yourself these questions, call an estate planning lawyer and find out. Your initial consultation is free so it won't cost you anything to get more information.
A lot of people go online and download a form, fill it out and think they are done. For some people, that might be the answer but estate planning is not really a one-size-fits-all project. Setting up the right plan requires a full review not only of your current financial situation, but also your financial goals and your family's needs.
Call (508) 473-8801 to speak with Bellingham, MA area,estate planning lawyer Raymond Mastroianni. He can then advise you on the most cost-effective estate planning tools to meet your specific needs.
A Will or a Trust?
For some people, a simple Will is all they need to transfer property to surviving family members. A Will allows you to:
- Leave assets to charity
Name a legal guardian for underage children
Specify exactly who receives what assets
Specify that beneficiaries receive a certain percentage of your estate; for example, ½ of the value of the estate to parents and ½ to siblings
A Trust is a more complex and more costly document, but it can do things that a Will cannot.
- First and foremost, a Trust can shelter income from taxation, now and after your death.
- With a Will, your heir receives all the money at once. With a Trust you can see that money is distributed over time. For example, if you want your children to receive a certain amount of money at ages 18, 21 and 25, you can specify that in the Trust document.
- You can place conditions on how the money is used. For example, you could establish an Education Trust to fund your child's college education.
Estate Planning to Protect a House
We work with many families who are worried about losing their home, either because of debts that could lead to foreclosure, or because a family member may need to enter a nursing home. There are a few things we can do to protect your home.
- A "Declaration of Homestead" document can prevent the forced sale of your home during bankruptcy. Your creditors may still put a lien on your home, but they can't force a sale. The Declaration protects homes up to $500,000 in value.
- See our page on nursing home care to understand the actions you can take in that situation.
Talk with a Holliston Area Will & Trust Attorney
Don't wait until an emergency occurs. Give your family peace of mind by getting your affairs in order today. Email our Milfordestate planning law office or call (508) 473-8801 to schedule a free initial consultation.
- Flexible Appointments Available
- Home Visits
- Free Initial Consultation
