(781) 531-8673Estate Planning Attorneys in Melrose, MA
Helping Individuals Plan for the Future
There is a common misconception that estate planning is only for the elderly or individuals who have a great deal of wealth. However, estate planning is actually an essential tool for individuals who have minor-aged children at home, need healthcare proxies, or simply wish to protect their loved ones from having to deal with probate after they pass away.
The attorneys of Martino Law Group, LLC, have extensive experience handling estate plans, guardianships, asset preservation, wills, and other estate planning documents that our clients may need for proper estate planning. We accept nothing less than legal excellence when working for our client’s futures.
Schedule an initial consultation with our team today.
How Can Proper Estate Planning Protect Your Family’s Future?
If you are like most people, you want to do everything in your power to protect your family’s future after you have passed away. However, many individuals are under the mistaken impression that their assets, such as their house and bank accounts, are automatically transferred to their family members or beneficiaries after they die. Sadly, this is not always the case. Others believe their estate is too small to warrant estate planning, or they are too young to be concerned with how their estate will be handled when they die. The fact of the matter is anyone with valuable personal belongings, real estate, a home, a business, or anything else they would like passed to specific people when they die could benefit from speaking with an estate planning attorney.
The estate planning lawyers of the Martino Law Group, LLC of Melrose, MA, are happy to assist clients in creating a solid estate plan that includes a will, establishes powers of attorney, and designates beneficiaries. In addition, an estate plan can bring parents peace of mind in determining who should have guardianship over their minor-aged children in the event of their death.
Many Massachusetts families have found themselves having to go through probate or the court system after another family member dies without leaving a will that stipulates their final wishes. Proper planning with the help of a lawyer who is experienced in family law can help assure you that your desires for your family are carried out. You need an attorney with estate planning knowledge to ensure all your bases are covered.
What is the Massachusetts Probate Process?
Probate occurs after a person dies, regardless of the size of the estate or if they die without the benefit of a will. The probate process helps validate the will, pay creditors, distribute rightful assets to heirs and beneficiaries, and ensure that any other final wishes of the decedent are carried out.
Through proper estate planning, the process of filing for probate can possibly be avoided by establishing a trust for your heirs and other beneficiaries.
What Happens If You Die Without a Will?
Dying intestate, which means dying without a will, puts more pressure on your family as they attempt to navigate settling your estate without your input. The probate court will have to appoint someone to settle your account in place of an executor. This person will be required to inventory and assess your valuables, pay your outstanding debts, and distribute the remaining assets to your family.
Are you acting as someone’s executor or estate administrator? Contact Martino Law Group, LLC, for a free consultation. We offer estate planning legal services and can also help with the administration of an estate and advocate for administrators to ensure it is properly and legally settled.
Do You and Your Spouse Need Separate Estate Plans?
No two estate plans are exactly alike, and the same holds true for wills drawn up for spouses. It is advisable that each spouse create their own estate plan. This is especially true if you create a revocable trust as part of your estate plan. Some of the benefits of two estate plans that involve trusts include:
Protection of assets:
This can prove to be especially important if one spouse makes risky investments that could negatively affect the other spouse after their death.
Tax avoidance:
Often, tax issues arise during probate after one spouse predeceases another, which can be avoided by individual estate planning.
Division of personal property:
Often, spouses may wish to divide their assets among their children from previous marriages.
How Can You Protect Your Business Interests With Estate Planning?
After you pass away, your heirs could be forced to sell your business due to estate taxes and other expenses related to the business. Consequently, it is vital to take the proper steps so that you can protect your loved ones.
One of the next methods for protecting your assets is through estate planning, such as revocable or irrevocable trusts, which help to avoid tax implications for your family. This can also allow them to carry on with the business well into the future.
Can An Estate Plan Help Decide Future Issues Related to Your Health Care?
One of the most common estate planning needs relates to future healthcare decisions. As individuals grow older in life, they begin to recognize that they may need someone who can act as a medical or health care power of attorney. This is key when establishing an estate plan, as you can never be certain as to what may lie ahead as far as your health is concerned.
Designating a predetermined medical power of attorney, such as a loved one or a friend, and having your decisions outlined in medical directives is a key portion of estate planning. By doing so, you can relieve a great deal of the potential stress that your loved ones could have to deal with if you should fall ill. Read this post here also for more reasons to create an estate plan.
Do You Need Legal Representation to Draw Up a Will?
Although by law, you are not required to have legal representation to draw up a will, it is highly recommended that you seek legal advice before composing a will on your own. There are many legal issues that you may not be aware of when conducting estate planning that need to be taken into account.
How Can Martino Law Group, LLC Help You?
Every estate planning lawyer at Martino Law Group, LLC, is ready to assist you in any way they can. We strive to establish a personal connection between clients and ourselves. You may search for a long time before you find a law group that can offer you the same types of personal services that we are able to provide.
To learn if you are missing anything in your estate plan, refer to this link on the 4 things your estate plan may be missing.
Contact our offices by calling (781) 531-8673 and schedule a free consultation with one of the estate planning attorneys today. Our associates offer a variety of legal services to help protect your estate and ensure as much of your wealth is passed to your heirs as possible.