Life Changes. We Will Help You Develop And Adapt Your Estate Plan.
Having an estate plan is, quite simply, critically important, regardless of your age, marital status or financial situation. Call us to schedule a free initial consultation or contact our attorneys online.
What Is In An Estate Plan?
A basic estate plan might contain a will, a durable power of attorney and a health care proxy. A will allows you to state how you wish your assets to be managed and distributed after your death. A durable power of attorney allows you to appoint a trusted individual to manage your affairs if you are unable to do so, or if you become incapacitated. Your durable power of attorney will not be affected or rendered ineffective if you become incapacitated at a later date. A health care proxy is similar to a power of attorney except that it is exclusively for medical decisions. A health care proxy may include an advanced health care directive, which can inform doctors and family members whether or not you desire artificial life support.
Without documents such as a power of attorney or health care proxy, your family members will be limited in their ability to help you without extensive court involvement. Having important estate planning documents in place will save your family time and money should you become incapacitated.
An estate plan may also include trusts, which often allow for the efficient transfer of assets to meet a variety of goals, including the preservation of assets for your designated beneficiaries.
What Are The Benefits Of An Estate Plan?
An estate plan has numerous benefits, including allowing you the ability to state in advance how you would like your personal and financial matters to be managed in the event of disability or death. An estate plan that contains a trust can bypass the probate process. For people with substantial assets, an estate plan can help to minimize the impact of state and federal estate taxes. Perhaps most importantly, an estate plan can give you and your loved ones the assurance of knowing that your wishes will be carried out upon your death.
Life Changes And Your Estate Plan
Marriage, the birth of a child, divorce, employment changes, remarriage and death of a loved one are all life-changing events. Establishing an estate plan or reviewing an existing estate plan in light of these life events is often critical to protecting loved ones and properly managing your affairs.
Your First Consultation Is Free
At Geary & Geary, LLP, we are committed to helping our clients create effective, detailed estate plans that provide peace of mind. To contact a lawyer who will provide you with personalized estate planning services, call our Lowell office locally at 978-319-4194. You may also contact our attorneys online. Your first consultation is free of charge.