The process of identifying who will receive your assets in case of your death or incapacitation is known as estate planning. Whether you are married or have a blended family, estate planning is a necessary step in preparing for the future. It is a delicate process that requires your complete cooperation and sensitivity. In this article, we’ll cover some important points that you need to keep in mind before hiring an Estate Planning Lawyer Quincy MA.
Whether you have a young family or have many elderly parents, estate planning can help you provide for your family’s future. It involves deciding on the kind of plan that will best serve your needs. In addition to naming guardians for children, you can name the person responsible for medical and financial decisions in the event that you become incapacitated.
A will is a public document that designates who will receive your assets after your death or incapacitation. It also names an executor to administer your estate and file any required tax returns. A will can also give specific instructions to a trusted person to tie up financial loose ends, such as paying off creditors or maintaining your property. Designating a new guardian for your dependents is an important part of estate planning.
While a will can provide instructions for your family, it cannot avoid the probate process. Assets titled in someone’s name will have to go through probate court. In some states, assets titled in someone’s name need multiple probates. In other states, real estate will need multiple probates, as well. Probate proceedings vary greatly from state to state. They can take from a few months to two years, depending on the laws of the state.
Estate planning can be a challenging process to navigate on your own. An estate planning attorney will guide you through the process and help you choose the right beneficiaries. In addition to protecting your family’s future, estate planning can also minimize taxes and provide an easy-to-re-update platform when your situation changes. A plan can help you choose your beneficiaries with confidence, and help them make the best decisions about their inheritance.
Unlike a traditional married couple, an unmarried person will not have the same protections as a married person when it comes to estate planning. Regardless of the relationship, it is important to have a will, because this is the first step in any estate plan. Estate planning lawyers can also help non-traditional couples and families create wills and other documents to protect their assets after they die.
Choosing an estate plan is an important part of estate planning, and it is crucial that the individual’s needs and wishes are met. Blended families may have different plans for care if one or both parents dies. In these cases, conflict may arise as to who will care for the children of the other parent. For this reason, it is imperative to work with an Estate Planning attorney.
When planning for a future together, an unmarried couple should consider a will as a vital part of their estate plan. If the unmarried couple has purchased a house together, they might have titled it in the name of the partner with better credit. Likewise, if one of them passes away, their property will go to the partner with better credit. This is a potentially dangerous situation and should be avoided with a will.