Case Estate Law, P.C.

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While nobody wants to think about death or disability, establishing an estate plan is one of the most important steps you can take to protect yourself and your loved ones. Proper estate planning not only puts you in charge of your finances, it can also spare your loved ones of the expense, delay and frustration associated with managing your affairs when you pass away or become disabled. Providing for Incapacity If you become incapacitated, you won’t be able to manage your own financial affairs. Many are under the mistaken impression that their spouse or adult children can automatically take over for them in case they become incapacitated. The truth is that in order for others to be able to manage your finances, they must petition a court to declare you legally incompetent. This process can be lengthy, costly and stressful. Even if the court appoints the person you would have chosen, they may have to come back to the court every year and show how they are spending and investing each and every penny. If you want your family to be able to immediately take over for you, you must designate a person or persons that you trust in proper legal documents so that they will have the authority to withdraw money from your accounts, pay bills, take distributions from your IRAs, sell stocks, and refinance your home. A will does not take effect until you die and a power of attorney may be insufficient. In addition to planning for the financial aspect of your affairs during incapacity, you should establish a plan for your medical care. The law allows you to appoint someone you trust - for example, a family member or close friend to make decisions on your behalf about medical treatment options if you lose the ability to decide for yourself. You can do this by using a health care proxy where you designate the person to make such decisions. Avoiding Probate If you leave your estate to your loved ones using a will, everything you own will pass through probate. The process may be expensive, time-consuming and open to the public. The probate court is in control of the process in contested cases until the estate has been settled and distributed. If you are married and have children, you want to make certain that your surviving family has immediate access to cash to pay for living expenses while your estate is being settled. With proper planning, your assets can pass on to your loved ones without undergoing probate, in a manner that is quick, inexpensive and private. Providing for Minor Children It is important that your estate plan address issues regarding the upbringing of your children. If your children are young, you may want to consider implementing a plan that will allow your surviving spouse to devote more attention to your children, without the burden of work obligations. You may also want to provide for special counseling and resources for your spouse if you believe they lack the experience, mental capacity, or ability to handle financial and legal matters. You should also discuss with your attorney the possibility of both you and your spouse dying simultaneously, or within a short duration of time. A contingency plan should provide for persons you’d like to manage your assets as well as the guardian you’d like to nominate for the upbringing of your children. The person, or trustee in charge of the finances need not be the same person as the guardian. In fact, in many situations, you may want to purposely designate different persons to maintain a system of checks and balances and accountability. Otherwise, the decision as to who will manage your finances and raise your children will be left to a court of law. Even if you are lucky enough to have the person or persons you would have wanted selected by the court, they may have undue burdens and restrictions p

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BBB Rating

A+

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Extra Phones

Phone: (508) 470-7077

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Services/Products

Estate Planning, Elder Law, Probate and Trusts Administration, High-Net-Worth Estate Planning, Asset Protection, Special Needs Planning, Planning for Children, MassHealth Application, Medicaid Planning for Long-Term Care

Location

Centerville MA

AKA

Case Estate & Elder Law, P.C.

Other Link

http://www.caseestatelaw.com

Social Links

https://www.linkedin.com/company/case-estate-&-elder-law-p-c-

Categories

Probate Law Attorneys, Attorneys, Elder Law Attorneys, Estate Planning, Probate, & Living Trusts, Family Law Attorneys, General Practice Attorneys, Social Security & Disability Law Attorneys, Wills, Trusts & Estate Planning Attorneys

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Details

Phone: (508) 827-1135

Address: 1645 Falmouth Rd, Centerville, MA 02632

Website: http://www.caseestatelaw.com