Somerville Wills, Trusts, and Estate Lawyers

Estate planning allows you to make important decisions about how your assets and property should be managed and distributed in the event of your death or if you become incapacitated. In addition to the financial aspect of estate planning, several other issues can be addressed, including an advance healthcare directive (AHCD), setting up a trust, and determining who will care for your children or other dependents if you can no longer care for them. While there is a common misconception that estate planning is only necessary for people with substantial wealth, it is a process that everyone should consider, regardless of age, financial state, or health. If you have questions about estate planning or how to get started, do not hesitate to contact a Somerville wills, trusts, and estate lawyer at your earliest convenience.

What Is a Will?

Also known as a “last will and testament,” a will is a legal document that provides instructions about how you want your property distributed after you die. If you have minor children, you may also specify whom you would like to be the guardian of your children in the event that the other parent is unwilling or unable to care for the children. If you do not have a will in place when you die, the state will determine who gets your property, and a judge will likely decide who will get custody of your children if they are under the age of 18. If the following statements apply to you, a basic will is most likely sufficient:

• You are under the age of 50.
• You are in good overall health.
• You do not have assets worth several million dollars.
• It is unlikely that you will owe estate tax after you die.
• You are not concerned about the expenses and delays associated with probate.

You may need more than a basic will if the following statements apply:

• You will likely owe estate tax when you or your spouse dies.
• You want to maintain control over what happens to your property after you die.
• You want to set up a special needs trust for a child with a disability.
• You have children from a previous marriage and want to avoid conflict between them and your current spouse.
• You are concerned that the will may be contested by someone who claims that you were not mentally competent when writing the will.
• You want to avoid probate to save your loved ones time and money.

What Should Be Included in a Will?

A basic will should explain how you would like your property distributed after you die, including the people and organizations you would like to be named beneficiaries. You can also name a guardian for your children if you can no longer care for them. If you have minor children, it is highly recommended that you name a personal guardian to care for them and a property guardian to handle the assets and property you left to your children. In addition, you can name an executor who will manage your affairs after you die, determine who inherits the property, take care of any debts and taxes, and supervise the distribution of your property to your beneficiaries.

Are There Legal Requirements for a Will?

If you are thinking about writing a will, there are a few legal requirements that will need to be met, including the following:

• You will need to be “of sound mind,” which means that you understand your property and what it means to leave it to someone after you die.
• You must sign the document.
• Two adult witnesses must also sign the document.

You can get the document notarized or make a notarized self-proving affidavit that accompanies the will. This will make the probate process less time-consuming and easier for your inheritors.

Your will must go through the probate process, which is a legal process that involves validating the will, appointing an executor, identifying all assets, paying debts, distributing assets, and filing tax returns. This can be time-consuming, and your family members will not have access to your assets until the probate process is complete.

What Is a Trust?

A revocable living trust is another estate planning tool that allows you to control your assets while you are still alive and designate who you would like to inherit when you die or become incapacitated. The following are some important factors to understand about a living trust:

• You can name yourself the trustee and a successor trustee to take over the management of the trust when you die or become incapacitated.
• You can designate the beneficiaries that you would like to inherit your assets.
• You can avoid the probate process, which provides privacy and allows your heirs to access your assets more quickly.
• Trusts are more challenging to contest, which makes it more difficult for disgruntled heirs to contest the terms of the trust.
• A trust allows you to reduce estate taxes.
• You can structure payouts over time, allowing you to control how and when your beneficiaries inherit the assets.