Asset Protection | Wills | Trusts | Family Business | Family Real Estate
The estate planning provided to our clients may involve only the preparation of simple wills, or it may require sophisticated trust arrangements designed to accomplish the most complicated of goals. Comprehensive estate planning may also include advice concerning closely held business interests, lifetime transfers to family members, life insurance arrangements, family real estate partnerships, charitable donations and a variety of other related issues. While we believe that an estate plan may often involve complexities, it should only be as complicated as it needs to be.
Our estate planning attorneys will assist you through the entire estate planning process in a thoughtful and compassionate manner. We understand the importance of this process to both you and your family. The scope of our services includes all aspects of estate planning, including revocable living trusts, probate wills, and health care powers of attorney.
Living Trusts: A revocable and irrevocable living trust determines how your property will be distributed after your death and also can help protect assets in the trust if you become incapacitated during your lifetime. Unlike a will, a living trust doesn’t go through probate. This saves time and money, because distributions from probate may be delayed from six months to a year. Probate fees are set by law. Distributions from living trusts may be made immediately.
In order for your living trust to serve its purpose, your property must be owned by the trust. To put your real estate into your trust you will need a new deed. To transfer bank accounts, you may need a Certification of Trust and letters to your bank. The experienced estate planning attorneys at Fields and Dennis LLP ensure your living trust is prepared properly.
Will: A set of instructions that explains how you want your property to be distributed after your death. The property that is transferred by a will is referred to as “probate property.” Generally speaking, probate property is comprised of assets that are owned individually by you.
Power of Attorney: These are helpful if you lose the ability to make decisions during your lifetime. There are two types of Power of Attorney.
- Durable health care power of attorney: This designates someone to make medical decisions for you. For example, this person would determine what life-sustaining treatment should be provided or discontinued.
- Durable financial power of attorney:This designates someone to deal with your financial matters. For example, this person would manage your accounts, receive Social Security checks, pay bills and file your tax return.
Contact the estate planning attorneys at Field and Dennis to discuss your estate planning needs.
The Wellesley estate planning lawyers at the law firm of Fields and Dennis LLP serve the Greater Boston region including Allston, Arlington, Boston, Brighton, Brookline, Chestnut Hill, Concord, Dedham, Dover, Lexington, Natick, Needham, Newton, Waltham, Watertown, Wayland, Wellesley, Weston, Westwood, and all Massachusetts.