An estate plan should be comprehensive and provide for your loved ones in the way that most aligns with your wishes for the future. The type of estate plan you require depends on multiple factors, including your personal goals, financial situation, beneficiaries, and the nature and extent of your assets.
A lawyer who understands the estate planning process in New Bedford could ensure everything is on track to prepare for the future you envision. An experienced estate planning attorney can explain the applicable laws with clarity and understanding so you can make the best decisions for your situation.
The estate planning process in New Bedford involves many different elements and legal structures. The right estate plan should provide for preserving and distributing a person’s assets upon their death and plan for contingencies such as incapacitation.
A durable power of attorney allows someone to identify an individual to make decisions on their behalf when they are incapacitated because of an injury or illness. A general durable power of attorney would allow the person designated as an agent to make decisions about a wide range of concerns, such as legal and finances.
A durable power of attorney can limit a designated agent’s authority. For instance, the document may only allow the agent to make financial decisions if someone is incapacitated, but not give the agent authority to make determinations in other areas.
A healthcare proxy identifies an individual who will take responsibility for decision-making if someone becomes ill and cannot make medical decisions on their own behalf. Another related document is an advanced directive, which often establishes parameters around the extent of the life-saving measures that should be rendered if they become incapacitated.
A trust is an important legal structure within the estate planning process. The grantor (the person creating the trust) can hold their assets within the trust for the duration of their life. Once the grantor dies, those assets can be distributed to beneficiaries of the trust without the need to go through probate.
A grantor may want to establish a last will and testament even if they have a trust. The trust may leave out certain assets, and there are elements that a will can specifically provide for, such as establishing a guardian for minor children. An attorney can advise what estate planning documents make the most sense in a particular circumstance.
A skilled estate planning attorney can evaluate your assets and liabilities to determine the proper provisions to include in your documents. Our firm can assist with every aspect of the estate planning process in New Bedford, while ensuring your estate plan is tailored to your unique needs.
We can also ensure that your estate plan fully complies with all legal requirements and incorporates maximum tax advantages. If you have questions about creating your own estate plan, contact our office today to schedule a one-on-one strategy meeting with an attorney.
