Everyone needs and can benefit from estate planning regardless of how small or large their estates may be. Even if a person thinks they do not have anything of value, an estate plan is a valuable tool to ensure that a person’s wishes are followed.
An estate plan can include a will, a durable power of attorney, a health care proxy, a living will and a trust. Each of these documents will help protect a person’s wishes if they get sick, incapacitated and after their death.
A will is the document that declares how you want to have your assets distributed after your death. If you die without a will, the laws in your state will determine who inherits all of your assets.
A Power of Attorney is a tool used during your lifetime, if you become incapacitated and unable to handle your finances and other matters. Upon your death, the power of attorney is no longer valid, and your assets would then be distributed in accordance with your will.
A Health Care Proxy allows you to name someone to act as your Health Care Agent in the event you are unable to make medical decisions for yourself. A Health Care Proxy works with the Living Will, which can provide guidance to your health care agent about what you would wish to have happen in various medical situations.
A trust is a tool that can be used for various reasons, including minimizing estate taxes, or providing administration of trust assets for minors.
As you can see, there is much to consider when it comes to your estate plan. Also, keep in mind, that the laws vary from state to state. The attorneys at The Law Offices of Carolina K. Tumminelli, PLLC will sit down with you to discuss your needs and wishes and help you formulate the appropriate estate plan and documents. We can assist clients in New Hampshire and Massachusetts.
We offer a free one-hour initial consultation to discuss your needs. After that time, a fee agreement will be discussed and forwarded to you in order to retain our office for your legal needs.