If you do not have an estate plan, you leave it to the Commonwealth to make important personal decisions on your behalf. With Old Colony Law, you can rest assured that you have an estate plan that reflects your choices.
We emphasize our estate planning practice because we view it as a necessary and important weapon in asset protection, not merely a transactional event or one-off legal service.
That’s why our estate planning process is as thorough as it is. We believe that getting it right requires helping you consider options, confronting potentially difficult questions with you, and making sure you understand how your plan works.
A properly drafted Estate Plan will typically include Wills, Living Trusts (sometimes), Powers of Attorney, Health Care Proxies and, depending on the particular situation other legal documents and memorandums. Of course, an important part of the estate planning process involves ensuring that a client understands the meaning and affects of the documents, which is why we incorporate a review meeting into our process to actually review the documents, rather than simply have you “come in and sign paperwork.”
Seven Reasons for Estate Planning
Below is a summary of our exclusive White Paper, Seven Reasons for Estate Planning. Our approach to estate planning places particular emphasis on Estate Tax Minimization planning and Asset Protection for children and other beneficiaries.
Distribution of Assets at Death
If you don’t decide how your assets are to be distributed at your death, the Commonwealth of Massachusetts has already decided for you.
Planning for Incapacity
Who will attend to your financial, property and business affairs, and make medical decisions on your behalf if you can’t make those decisions for yourself?
Asset Protection for Beneficiaries
How will your child’s inheritance be protected from a future divorcing spouse or other creditors?
Managing a Loved One’s Inheritance
Various types of trusts are available if you have concerns about leaving an inheritance outright to a loved one.
Estate Tax Elimination or Reduction
Even people who don’t consider themselves to be wealthy are surprised to learn that their estate may be subject to Massachusetts estate tax.
Avoiding Probate
In addition to potentially saving costs on estate administration, avoiding probate can help protect your privacy.
Appointing Guardians
Without a will, parents leave it to the court to decide guardianship of minor children, often with family members fighting over who should have control.