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Things to Consider |
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We believe that it is important to concentrate on the benefits of a carefully designed estate plan. Although fear is not the best motivation to create an estate plan, it is important to consider the risks to the financial and legal stability of our loved ones that can arise without proper advance planning.
An accident or illness resulting in the loss of the legal capacity to make financial or medical decisions could result in a family member being forced to file a guardianship proceeding. A guardianship proceeding is a costly court intervention into private family, financial, and legal matters. Guardianship proceedings can be avoided with simple estate plan documents.
If at the time of your death, you own real estate or other substantial assets in your name alone, your family would be required to institute a costly Probate proceeding to transfer assets to their intended recipients. Probate can be avoided with a properly implemented estate plan.
Lack of clear written instructions detailing how your assets should be distributed in the event of your death could result in unnecessary disagreements among family members over items of very little monetary value. The opportunity for family squabbles can be limited with a carefully designed estate plan.
Dying without a Will could result in family members, other than those you would choose, receiving assets from your estate. Unintended consequences can be avoided with a properly designed and implemented estate plan.
Failure to take advantage of existing estate tax laws could result in avoidable estate tax liabilities. Estate taxes can be reduced or eliminated with a properly designed and implemented estate plan.
Many people focus their energies on accumulating assets and procrastinate when it comes to putting a comprehensive estate plan in place. A well designed and implemented estate plan will protect accumulated assets from common risks, and will transfer those assets to intended beneficiaries at death in a tax-efficient and cost-effective manner.
Estate taxes, income taxes, disability, death, and financial mismanagement are the most common risks to the legal and financial stability of families. These risks can be alleviated through comprehensive estate and financial planning.
To find out more about these and other common estate planning issues, please contact us. |
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Wills, Trusts, Estates, Elder Law, Real Estate, Powers of Attorney, Living Wills, Insurance Trusts, Marlborough Estate Planning Attorney serving the communities of Marlborough,, Hudson, Sudbury, Wayland, Westborough, Northborough, Stow, Berlin, Weston, Wellesley, Needham, Natick, Wilmington |
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Common Sense Planning, Straightforward Answers, Security for You and Your Family |
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The Fay Law Offices, located in Marlborough, Massachusetts, serves the Metrowest area in all aspects of estate planning and settlement, including Wills, Trusts, Estates, Elder Law, and Real Estate. We serve individuals and businesses in Middlesex, Worcester, and Norfolk County including the communities of Marlborough, Hudson, Concord, Sudbury, Wayland, Westborough, Northborough, Stow, Berlin, Weston, Wellesley, Needham, Natick, Wilmington, and Pepperell. |
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14 Winthrop Street, Marlborough, MAssachusetts 01752 |
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The Fay Law Offices |
