Articles from Mair Law Offices

This is the first of several estate planning articles on my blog. Whether you are single or married, with or without children, as an adult you should have a Will and other estate planning documents (Durable Power of Attorney, Health Care Proxy).

Some people believe that estate planning is only necessary for wealthy people or those with children. This is definitely not the case. People often procrastinate when it comes to estate planning for several reasons – perceived cost, lack of assets, young age and indecision. The cost of your estate plan will be directly related to its complexity. Don’t let rumors of high cost scare you off. Most attorneys offer a free consultation and an estimate of the cost. After you find that the cost of a simple estate plan is reasonable, the value of protecting your assets and children through an estate plan will be obvious.

The need for a Will is addressed in this article. To me, the most important reason to have a Will is having minor children. Who will care for your children if you and your spouse both pass away or if you are a single parent? A Will allows you to choose a guardian for your minor children, or better, make sure the guardian is not someone you don’t want to raise your children. Without a Will, a court will decide among family members or a state-appointed guardian.

A Will is also how you arrange for the distribution of your assets after you die. If your Will is clearly drafted, it can minimize family disputes. Without a Will, the state dictates who receives your assets. You can also provide in your Will for your assets to be placed in a trust to be preserved for future generations. This can be particularly important if you have minor children or a large estate.

In the Will you also appoint a personal representative and provide for his or her powers with regard to your estate. The personal representative ensures that your affairs are in order, pays bills, closes accounts, sells assets, transfers titles, etc. You should select someone that is honest, trustworthy, organized and financially responsible. Without a Will, the probate court will appoint someone to fill this role.

A Will can also be used to avoid or minimize estate taxes, avoid a more complicated probate process, disinherit individuals, make gifts and charitable donations and reduce legal challenges. You should act before an unexpected disability or death occurs. Having a Will can help avoid added stress on your family during an already difficult time.

Retaining a qualified attorney can help make the estate planning process go smoothly. If you’re interested in reading about other legal or other estate planning topics or have questions that you can’t find answers to just let me know! You’re also invited to schedule a free consultation. You can also email me at glen@gmairlaw.com or call me at (508) 250-0797.

This article is intended to inform you of developments in the law and to provide information of general interest. It is not intended to constitute legal advice regarding a client’s specific legal issues and should not be relied upon as such. This article may be considered advertising under the rules of the Massachusetts Supreme Judicial Court.