Many people believe that estate planning is something that only the very wealthy need or that these services are just for elderly people who need to write a will or bequeath heirlooms.
However, estate planning is critical for anyone, old and young, rich and poor. An estate planning attorney can help ensure that your minor children are protected if you and your spouse should pass away or draft documents to make sure that your health care intentions are followed if you cannot decide for yourself.
If you need reliable estate planning services in Massachusetts or Connecticut, trust the legal team at Garvey Law. We have deep knowledge of probate and estate law in these two states and take the time to consider your unique needs when creating an estate plan. Contact us today to get started — don’t leave your future unplanned!
What Does an
Estate Planning Attorney Do?
For example, suppose that you are in an accident and cannot communicate your preferences. It’s up to your closest relative to decide on your course of treatment. Your loved one will have to make difficult choices, such as deciding how long to keep you on life support.
If you have a health care proxy and living will, your loved one can guide medical care on your behalf while knowing that they are following your wishes.
You may be building retirement investments and savings and planning your golden years, but if you cannot voice your wishes, then someone else will be in charge of everything you have worked so hard for.
Proper estate planning protects you from being vulnerable to elder financial abuse. If you have solid legal documents stating how your finances are to be allocated and how you wish to be cared for, it’s much more difficult to go against your wishes.
An estate planning attorney also protects your assets and property after you die. A good estate plan can prevent assets from going through probate or reduce the amount of taxes your heirs will pay. Lawyers can create trusts that disperse assets to beneficiaries according to certain guidelines, such as paying for college tuition.
When Should You Start an Estate Plan?
The best time to start your estate plan is now. If you’re a parent, it’s even more important to start today.
Estate planning provides for your children or adult dependents after you pass. In your will, you can designate a guardian for your children instead of relying on the Massachusetts or Connecticut courts to decide. You can also name a guardian and provide financial support if you care for someone with special needs.
If You Don’t Have Much, Do You Still Need an Estate Plan?
Yes! Estate plans are needed for more than just assets.
For example, elderly people are at risk of developing dementia. An estate planning attorney can draft a living will and a financial power of attorney that states your intentions for long-term care if you become unable to make decisions for yourself. These documents also designate someone to manage your finances for you.
Your Massachusetts and Connecticut Estate Planning Lawyer Drafts All of Your Estate Planning Documents
Last will and testament
Living will
Power of attorney, either full or limited
Irrevocable or revocable trust
Special needs trust
Health care proxy
Special Needs Trusts and Who They Benefit
A special needs trust (SNT) is a unique type of trust intended to provide financial support for adults or children with special needs.
Many of these people receive government benefits, including health insurance, vocational training, and waivers to pay for accommodations in assisted living or another group home setting. With an SNT, family members can financially provide for a loved one without jeopardizing the beneficiary’s eligibility for income-based benefits.
Do You Need
Estate Planning Legal Services?
Have you clarified your intentions so that your financial and healthcare wishes are followed if you cannot communicate or pass away? If you haven’t, we can help. Garvey Law provides comprehensive estate planning legal services in Massachusetts and Connecticut.
Contact us today to learn how we can provide greater peace of mind.