Most young married couples assume they don’t need an estate plan. Without many assets or children to pass things to, it’s easy to overlook the benefits of a comprehensive estate planning strategy.
The truth is, there are many different benefits to having an estate plan created by an experienced lawyer in Massachusetts. Far too many couples and young families find this out the hard way after a loved one has failed to do their proper estate planning. Many scenarios can affect your family both during your life as well as after you pass away. You can make things much easier for your loved ones by working with a talented estate planning lawyer now to create a plan that protects your family. In this way, the plan serves as a foundation for your estate plan so that it can grow over time as you add to your family or need more advanced support.
Here are a few things your estate plan does when it’s created and put into place properly. Your estate plan can name a guardian for your minor child if you have one. Your estate plan also explains your intentions for the distribution of your assets. Finally, you can also name someone else to manage the estate known as the executor. Without an estate plan, the laws of Massachusetts determine what happens to your property.
But estate planning is not just about what happens to your children or your belongings when you pass away. One of the most important reasons to engage with a Massachusetts estate planning lawyer now is to protect your interests while you’re still alive.
Disability Concerns for Massachusetts Families
As a young family, one or both spouses might work to contribute to the relationship financially. If something happens to one spouse, however, the other could be left reeling with the consequences. Imagine that one partner is injured in an accident or becomes ill for some time. This influences the other family members in two ways: immediate and ongoing care concerns and financial stress.
Working with a lawyer in Massachusetts to create a holistic estate plan does require thinking about these complex issues, but it also means that you get to decide what that future looks like if it ever happens. If something happens to one spouse that makes them unable to speak for themselves or manage their own finances, it puts the other spouse in a difficult situation. Depending on the circumstances, they might need to go to court to get permission to manage things for you. During an already difficult time, you don’t need the added pressure of your family members trying to sort things out in court to help you.
At a minimum, for example, you want to have a power of attorney document for each spouse naming the other spouse as the attorney in fact or agent. This means they can act quickly if an incident arises without additional hassle or confusion. Since incapacity can happen at any age, you need to protect yourself and your family by creating a basic estate plan to give you peace of mind. No one expects to end up in a situation with a young spouse regarding illness or injury, but if it does happen, the right plan is crucial so that your decisions are driving the process.
Minor Children Concerns
If you and your partner have a child together, estate planning in Massachusetts becomes even more important. The most basic estate planning tool, a will, is used to name a guardian for that child. You might also need to name someone to manage any inheritance for your minor children until they become old enough to manage it themselves.
Your estate plan can be as simple or as complex, as needed, but this must be determined during a Massachusetts estate planning lawyer meeting. As a young family, you can manage your estate plan effectively and efficiently with the support of a lawyer. When you form a relationship with an attorney now, you can revisit your estate plan over time if the need calls for it.
What to Look for in a Massachusetts Estate Planning Lawyer
Even if you searched “estate planning attorney near me” to get this process started, there are many legal options from which to choose. Finding the right lawyer is about your level of comfort as well as clarity in their services. Your lawyer should help guide you to select the estate planning tools that make sense for your family now. Even with few assets or no children, you can make things much easier for your loved ones by meeting with an experienced MA estate planning lawyer to talk through some of your goals and concerns.
The Law Offices of Kimberly Butler Rainen: Planning for Families, Planning for Life
If you’re ready to learn more about family estate planning, contact the Law Offices of Kimberly Butler Rainen, estate planning lawyers in Andover, Massachusetts, today. We have your best interests at heart and will help you ensure that your family is taken care of. Estate planning attorney Kimberly Butler Rainen’s knowledge base is second to none. She has worked with many clients to secure their future and their family’s well-being through estate planning, and she looks forward to serving you. Take the first step by scheduling a brief “get to know you” call at 978-409-1928 or complete our online form.
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The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information contained in this post should be construed as legal advice from the individual author or the law firm, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting based on any information included in or accessible through this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country or other appropriate licensing jurisdiction.