Estate Planning Lawyers in Quincy, MA

What Is Estate Planning? 

Estate planning is about taking control of your assets and ensuring they are distributed according to your wishes when the time comes. Your "estate" consists of everything you own: your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions, and even your digital assets, such as social media accounts, cryptocurrencies, documents, and more.

Various legal tools can be used in estate planning to meet your unique needs.

These can include: 

• Wills: A will is a legal document specifying how you want your property distributed after death. Without a will, the state will determine this, which may not be to your liking. It also allows you to name an executor to manage your estate and a guardian for any minor children.  
• Trusts: A trust is a legal arrangement where one person (or an institution, such as a bank or law firm), called a “trustee,” holds legal title to property for another person, called a “beneficiary.” Various types of trusts can be created for different purposes, with different benefits, beneficiaries, and tax repercussions. 
• Examples include charitable trusts, special needs trusts, revocable living trusts, and more. Trusts can help avoid probate, reduce estate taxes, and offer more control over your assets.
• Health Care Proxies: These documents allow you to appoint someone you trust to make healthcare decisions for you if you cannot make those decisions yourself.
• Powers of Attorney: A power of attorney gives one or more individuals the authority to act on your behalf as your agent. This can be very helpful in the event that you cannot handle matters due to health reasons. A Durable Power of Attorney allows your “agent” to act on your behalf should you become incapacitated. This person is given the authority by you to handle your financial affairs. 
• Probate of Estates: Probate is the court-supervised process of authenticating a last will and testament if the deceased made one. This includes locating and determining the value of the deceased's assets, paying final bills and taxes, and distributing the remainder of the estate to the rightful beneficiaries.

Is it Possible to Avoid Probate in MA?

Yes, it is possible to avoid probate in Massachusetts through various estate planning strategies. Probate is the legal process of administering a deceased person's estate, including validating the will, paying debts, and distributing assets to beneficiaries. 

While probate can be time-consuming and costly, several methods can help you bypass this process, allowing for a more streamlined transfer of assets.

• Revocable Living Trust: One of the most effective ways to avoid probate is by creating a revocable living trust. When you place assets into this trust, you continue to manage them during your lifetime, but upon your death, the assets are transferred to your beneficiaries without going through probate. This process remains private, and your heirs can access the assets more quickly.
• Joint Ownership: Holding property jointly with rights of survivorship is another way to avoid probate. In Massachusetts, if you own property jointly with another person—such as a spouse—the property automatically passes to the surviving owner upon your death, bypassing probate.
• Beneficiary Designations: Certain assets, such as life insurance policies, retirement accounts (e.g., IRAs and 401(k)s), and payable-on-death (POD) or transfer-on-death (TOD) accounts, allow you to name a beneficiary. Upon your death, these assets transfer directly to the designated beneficiaries without needing to go through probate.
• Small Estate Affidavit: In Massachusetts, if the total value of your probate estate is $25,000 or less (excluding the value of a car), your heirs can use a simplified probate process by filing a small estate affidavit. This process is quicker and less costly than full probate and may not require court involvement.
• Gifts: Transferring assets as gifts during your lifetime can also help avoid probate. By gifting assets to your heirs while you’re still alive, those assets are no longer part of your estate and won’t go through probate.
• Life Estate Deed: A life estate deed allows you to retain the right to live in and use a property during your lifetime, but upon your death, the property automatically passes to the designated beneficiaries (known as remaindermen) without going through probate.

By carefully planning your estate and using these strategies, you can significantly reduce or eliminate the need for probate, making the transfer of your assets more efficient and less burdensome for your heirs. However, it's advisable to consult with an estate planning attorney to ensure that your plan is tailored to your specific situation and complies with Massachusetts law. Contact our firm today to talk to an experienced attorney.

Davis Law Group Estate Planning Representation in Quincy & Greater Boston Metro

We understand that each client's estate planning needs are unique. Our firm offers customized, comprehensive services to meet those needs. Our team's understanding of Massachusetts law enables us to guide you through the complexities of estate planning, ensuring your assets and desires are secured and your loved ones are protected. 

We can help create the right estate plan for you, revise it as your needs change over time, and provide counsel for trust and probate administration when needed. Davis Law Group is committed to providing you with the proficient legal representation and human support you need in all estate planning and probate matters. 

You can reach us on our contact form or at (617) 752-6216 to schedule a consultation with a Quincy estate planning lawyer.