At Jordan & White, we’ve spent the past 13 years helping individuals and families throughout Massachusetts create estate plans that bring peace of mind. Whether it’s setting up a will, creating trusts, or ensuring your healthcare wishes are respected, we understand how important it is to plan for the future while protecting what matters most. Estate planning is not just about planning for the unexpected—it’s about making thoughtful decisions for your loved ones and your legacy.
If you’ve ever wondered whether estate planning is right for you or what’s involved, you’re not alone. Below, we answer some of the most common questions people have about estate planning in Massachusetts.
1. Why Do I Need a Will?
A will is more than just a document—it’s your voice when you’re no longer here to speak for yourself. Without one, Massachusetts state laws determine how your assets are distributed, which may not reflect your wishes.
Creating a will allows you to:
- Clearly state who should inherit your property.
- Avoid family confusion or disputes.
- Name guardians for your minor children.
- Include charitable gifts to causes you care about.
By taking the time to create a will, you provide your family with clarity and guidance during what can be a challenging time.
2. How Can I Avoid Probate?
Probate can be a time-consuming and public process, but there are ways to sidestep it for some or all of your assets. Here’s how:
- Living Trusts: Transfer your assets into a living trust that allows them to pass to your beneficiaries without probate.
- Joint Ownership: Property owned jointly with rights of survivorship automatically transfers to the other owner.
- Beneficiary Designations: Accounts like life insurance or retirement funds can pass directly to named beneficiaries.
- Gifts: By gifting assets during your lifetime, you reduce what remains in your estate.
Keep in mind that some estate administration may still be required, even if you avoid probate. We’re here to help you explore the best options for your situation.
3. What is a Durable Power of Attorney?
A durable power of attorney gives someone you trust the authority to handle financial matters if you’re unable to do so. This document is essential in case of illness or incapacity, and it can cover:
- Paying bills or managing bank accounts.
- Handling real estate transactions.
- Overseeing investments.
There are different types of powers of attorney, such as general (broad authority), special (limited to specific tasks), and springing (effective only if a specific event occurs). Choosing the right agent is key—they should be someone dependable and familiar with your financial preferences.
4. What About Healthcare Decisions?
Planning for healthcare decisions ensures that your medical care reflects your values and preferences. In Massachusetts, two documents are particularly important:
- Healthcare Proxy: Names someone to make medical decisions on your behalf if you can’t.
- Living Will: Provides guidance on your end-of-life care, such as the use of life support.
Having open conversations with your healthcare agent and loved ones about your wishes can prevent confusion and provide comfort to your family.
5. How Does Estate Tax Work in Massachusetts?
Massachusetts has its own estate tax, which applies to estates valued at $1 million or more. This exemption amount is much lower than the federal threshold, so even modest estates can be affected.
Estate tax rates range from 0.8% to 16% depending on the value of the estate. Planning strategies, such as creating trusts or gifting assets, can help reduce or eliminate estate tax liability. Let’s discuss your estate to see if you might be impacted and explore ways to manage taxes effectively.
6. Where Should I Keep My Estate Planning Documents?
Storing your estate planning documents securely is as important as creating them. Here are some options:
- Fireproof Box or Safe: Keep them at home in a secure, easily accessible location.
- Attorney’s Office: Many clients opt to leave copies with their attorney for safekeeping.
- Digital Storage: Secure online storage solutions can provide both backup and easy access.
Make sure your loved ones know where to find your documents, and review them regularly to ensure they’re up to date.
7. Can I Make Changes to My Estate Plan?
Absolutely. Life changes, like marriage, divorce, or the birth of a child, may require updates to your plan. Common ways to make changes include:
- Creating a new will or adding a codicil (an amendment to your will).
- Amending or restating a trust.
Handwritten changes are generally not valid, so it’s best to consult with an attorney to ensure updates are legally binding.
8. Do I Need an Attorney for Estate Planning?
While DIY estate planning tools exist, working with an attorney provides peace of mind and ensures that your documents are properly executed and legally enforceable. We help with:
- Crafting plans that reflect your unique needs.
- Addressing complex issues like tax planning or special needs trusts.
- Ensuring your wishes are clear and binding.
Our goal is to make the process as straightforward and stress-free as possible while protecting your family’s future.
Need Help with Estate Planning in Massachusetts?
At Jordan & White, we’ve been helping families protect their legacies for over a decade. Whether you need a simple will or a comprehensive plan, we’re here to guide you every step of the way.
Call us at 978-744-2811 or visit our contact us page to schedule your consultation. Let’s create a plan that gives you peace of mind today and secures your loved ones’ future for tomorrow.