People with estates they want to protect usually enlist the help from an attorney for their wills, trusts, and other estate planning issues. Wills And Trust Lawyers in Wellesley, MA help ensure your wishes are carried out in case you become incapacitated or die. This kind of planning is about preparing for the unexpected as much as it is the inevitable. The following will discuss some of the aspects of wills and trusts planning.
Will Preparation
A lawyer helps draft your will which will name your conservator, designates powers of attorney according to your wishes including durable health care, mental health care, and financial POA. Wills can help make the probate process shorter and easier for everyone concerned. Wills do have to be verified by a probate judge before they can be executed. This is mostly in case there are outstanding debts that have to be reconciled before any assets are distributed to family, friends, or charities.
Trust Preparation
Lawyers help with creating the trust(s), draft a pour-over will, and take care of the same aspects as in a probate will like designating a conservator and powers of attorney. Trusts are used to protect inherited property and avoid probate. Trusts are setup so you can assign your assets to people, entities, or charities using legal documentation. Unlike a will where money and assets are doled out to people, charities, and entities, trusts are indefinite and can be maintained and passed to a trustee of your choosing and successors of their choosing.
A lawyer will be able to discuss your estate with you and work with you to decide if you need a will, a trust, or a combination to protect your assets. Besides protecting your assets, these legal documents also control how your assets will be distributed, who will manage your estate when you cannot or when you pass away, who will care for your minor children where applicable, who will make your medical and financial decisions if you happen to become mentally or physically unable to take care of yourself. For more details, contact The Estate Planning & Asset Protection Law Center today.
