How do you protect your assets and independence in the course of your life and clearly guide and protect your family after death? Consult a Lawyer for Estate Planning. It is necessary to work with a professional in the area of estate planning to insure you you not only have a strategy in motion but that your strategy is legitimate and accepted by the current state laws. By clicking we get more information about the Estate Planning Attorney-Law Offices of Boyd & Boyd, P.C
A lawyer in the field of estate planning will help establish an attorney’s power, living trust and a health care proxy to protect you in your lifetime. The attorney may also work with you to create a will and/or testamentary arrangements to protect those you left behind under your living confidence. These measures can prevent the distribution of your property according to the Massachusetts statutes of intestacy. Therefore, if these statutes control your situation it means you have lost control over who receives your assets and who is appointed guardians of your children.
The Attorney’s Power is a formal instrument allowing someone else to handle the financial affairs. There are two forms of procuratorial force. The first is a general, lasting attorney power which automatically gives power to another individual known as a “attorney-in-fact.” The second is an attorney’s springing power that transfers authority to another party identified as a “attorney-in-fact” even while you have become physically or mentally impaired. When you are ill, you will escape the confusion, pause, and expensive phase of restoration by getting a control counsel prepared by an estate planning specialist. Ultimately, the cycle of restoration involves a judge to nominate a conservator, who may potentially be a total outsider to the family.
The Health Care Proxy allows an adult to appoint another adult if they are unable to make medical decisions in the future. That power includes the ability to decide whether to take life-sustaining measures. If you become disabled, you can avoid the frustration, delay and costly guardianship process by having a health care proxy drafted by an estate planning lawyer.
The Will to Live
The living will need to express their desires about using extraordinary measures to prolong their lives when there is no reasonable expectation that they will regain consciousness.
Will and the Last Testament
The Last Will and Testament is a tool that allows one to bequeath assets to specific individuals and/or entities, naming guardians for your minor children and potentially preventing the distribution of your property and children under the default intestacy statutes of the State. Unfortunately, many residents of Massachusetts are unaware that the Last Will and Testament can neither prevent a preceding probate ‘s expense, delay, and publicity nor can the Will override a beneficiary designation on a life insurance policy, retirement plan, or joint form of ownership. Therefore, in relation to the Final Will and Testament, the estate manager will be mindful of all investment fund recipients, pension scheme recipients, mutual funds and decide whether a living trust will be written.