Wills And Trusts Are The Foundation Of Any Good Estate Plan
Creating an estate plan is crucial for your peace of mind and your family’s sense of security. None of us knows what the future has in store, which is why it’s important to plan early and communicate our wishes clearly in writing.
The attorneys at Geary & Geary, LLP, are ready to help you create a customized estate plan that fits your needs and achieves your goals. At the heart of any good estate plan are two powerful legal instruments: wills and trusts.
Your Will Serves As A Master Guide To Your Estate
If you could only have one estate planning document, this would be it. Your will contains a complete list of your assets and to whom they should be distributed after you pass away. If you died without a will (known as dying “intestate”), your property would be distributed according to Massachusetts law, which may not align with your wishes.
Your will should also name an executor – a trusted person who is a representative of the estate and ensures that the terms of your will are correctly carried out.
Finally, if you have minor children, your will should contain provisions for what happens to them in the event of your untimely death or incapacity. You can name a guardian to care for your children and someone to manage property left to them until they reach adulthood.
The Power And Precision Of Trusts
Many people don’t understand the value of having one or more trusts as part of an estate plan. These are highly customizable legal instruments that give you greater control over how, when and to whom assets are distributed. They can also reduce or eliminate the need for probate, can reduce your estate tax burden and target specific needs that a will cannot.
Our attorneys can help you create a variety of trusts, including:
- Revocable trusts
- Irrevocable trusts
- Realty trusts
- Special needs trusts (typically for dependents with physical or cognitive disabilities)
- Qualified personal residence trusts (allow you to transfer ownership of your home into a trust, thereby reducing your taxable estate)
- Home security trusts (a newer alternative to QPRTs that offers slightly different pros and cons)
Choosing the most appropriate type of trust(s) is a decision you should make with the help of our experienced estate planning attorneys. Some of our primary goals are to maximize the value of your estate while minimizing taxes and liabilities.
Get Started With A Free Initial Consultation
The attorneys at Geary & Geary, LLP, are ready to guide you through the estate planning process and create tailored documents to meet your needs. To discuss your options in a free consultation, call us at 866-497-7455 or fill out our online contact form.