5 Reasons to Hire an Estate Planning Attorney MA
If you’ve decided, you need to hire an Estate Planning Attorney Massachusetts, consider this - estate planning is serious industry. One missing signature or one wrong word can change the entire intent of a will or trust. Apart from this, the five reasons listed below should be sufficient to convince you to go out and hire a qualified expert estate planning attorney to draft your estate planning papers.
Avoiding probate is the most common reason why people seek out the advice of an estate planning attorney. While many have never even split with probate, they still know one thing - they want to avoid it at all costs. This stems from probate shock stories covered by the media or told by neighbors, friends or business associates. Suffice it to say that for the huge majority of people, avoiding probate is a very good reason for creating an estate plan and can be easily achieved.
The important loss of one's estate to the payment of state and/or federal estate taxes or state inheritance taxes is a great motivator for many people to put an estate plan together. Through the most basic planning, married couples can cut or even possibly remove estate taxes altogether by setting up AB Trusts or ABC Trusts as part of their wills or revocable living trusts. In addition, a variety of advanced estate planning techniques can be used by both married couples and individuals to make the estate or legacy tax bill less troublesome or totally go away.
After personally experiencing, numerous clients seek the guidance of an estate planning attorney NH, or seeing a close friend or business associate experience, an important waste of time and money due to a loved one's disappointment to make an estate plan. Choosing someone to be in charge if you become mentally disabled and after you die and deciding who will get what, when they will get it, and how they will get it after you're away will go a long way towards avoiding family fights and costly probate court proceedings.
There are two main reasons why people put together an estate plan in order to protect their receivers: (a) Protecting minor beneficiaries, and/or (b) Protecting adult beneficiaries from bad choices, outside influences, creditor problems and divorcing spouses. If the beneficiary is a minor, all 50 states have laws that require a guardian to be appointed to oversee the minor's requirements and moneys until the minor becomes a legal adult (at age 18 or 21, depending upon the rules of the state where the negligible lives).
You can prevent family dissonance and costly legal expenditures by taking the time to designate a guardian and trustee for your minor recipients. Or, if the recipient is already an adult or mature but is bad at managing money or has an arrogant spouse or partner who you fear will waste the beneficiary's inheritance or take it in a divorce, then you can create an estate plan that will protect the beneficiary from their individual bad choices as well as persons of others.
Newly, asset protection planning has become a very key reason why many people, including those who already have an estate plan, are meeting with their estate planning attorney. Once you know just suspect that a lawsuit is on the prospect, it's too late to put a plan in place to defend your resources. Instead, you need to start with a sound financial plan and couple that with a complete estate plan that will, in turn, protect your moneys for the benefit of both you during your lifetime and your recipients after your death.
You can also provide asset protection for your spouse through the use of ABC Trusts or AB Trusts and your other beneficiaries through the use of lifetime trusts. This can also include electronic assets.