Estate Planning
*Massachusetts Only
Real estate plans for real people.
Whether you’re married or single, young or old, the importance of a well-drafted estate plan cannot be overstated. Protecting your assets and making sure that your assets are distributed in accordance with your wishes is the foundation of a personalized estate plan.
Some estate plans can be simple and inexpensive to create, while others are more complex and require a great deal of legal and financial planning. The Attorneys at Goldberg Family Law will help you understand and decide which expertly curated, personalized estate plan is best for you, with a commitment to a affordability. We carefully listen to and advise our clients with a collaborative approach, to insure your estate plan reflects your personal wishes while minimizing avoidable estate tax exposure and family conflict. We are committed to helping you plan for your future, no matter how simple or complicated your circumstances are.
Estate Planning Services
Last Will and Testament
The Last Will and Testament is the foundation of every estate plan. Generally speaking, a will provides for the disposition of your tangible and intangible property and names a personal representative to oversee the administration of your will. In Massachusetts, any person eighteen years or older may make a Will. In order to be valid, a will must be in writing and signed by the individual or by another person at the express direction of that individual. There must also be at least two competent witnesses who will swear that the individual has published their will as their own.
Health-Care Proxy
A health-care proxy is a document where you appoint a designated health-care agent to serve on your behalf in the event you are unable to make or communicate decisions for yourself. This agent is designated to make medical these decisions on your behalf only once you lack the capacity to make or the ability to communicate decisions on your own. Once signed, it will remain in effect until revocation or death. For more information, please see M.G.L. c. 201D.
Durable Power of Attorney
A durable power of attorney is a document in which you designate an individual to serve as your designated agent or attorney-in-fact. This attorney-in-fact can be authorized to make a wide range of legal and financial decisions on behalf of the principal. Generally, these powers become effective immediately upon signing and remain in effect until revocation or death. For more information, please see M.G.L. c. 190B, Article V §5.
Revocable and Irrevocable Trusts
In Massachusetts, trusts have a wide variety of uses and can be used to provide for the management of your assets, afford privacy not available with a will, and in some circumstances to save on estate taxes. In order to accomplish these goals, there are two main types of trusts used in Massachusetts, revocable trusts and irrevocable trusts.
A revocable trust is an estate planning tool executed during your life that generally contains the provisions of your estate plan. A revocable trust may be amended or revoked at any point during your lifetime. It can include provisions relating to the management of your assets during your life, as well as the distribution of your assets after your death. These trusts may be funded during your life, however, most are funded upon your death in conjunction with a pour-over will.
The main benefits of a revocable trust are probate avoidance, asset management, and privacy. While it is impossible to avoid the probate process as a whole, assets contained within a revocable trust will not be included in the donor’s probate estate. Another main benefit of a revocable trust is privacy. If your estate plan is contained within your revocable trust, a trust will generally prevent the necessity to identify the beneficiaries, the assets contained within the trust at death, and the manner in which the assets are to be distributed.
An irrevocable trust is an estate planning tool executed during your life that offers asset protection and is most often used to remove assets from your control for estate tax purposes as well as for eligibility for certain governmental benefits. An irrevocable trust should only be created after careful consideration of your needs as well as the potential tax implications.