Estate Planning/Wills & Trusts
No matter what stage of life they’re in, everyone should take time to plan their estate.
We can help you make sure that your loved ones are properly taken care of throughout your life and theirs. Having a comprehensive estate plan is an important way to plan for the future and make sure all your wishes are met upon your passing.
The documents below are necessary for a thorough, effective, and comprehensive estate plan. Vickstrom Law and your attorney, Kristina Vickstrom, will work diligently to execute the proper documents so you are protected for years to come.
Your Last Will & Testament appoints a Personal Representative (formerly referred to as Executor) to manage your estate after your death and distributes your property according to your wishes. If you were to pass without a Will your property is distributed according to Massachusetts’ law of intestacy. At a minimum, a basic estate plan should include a valid Will that will carry your final wishes.
A Will is especially important if you have minor children. A Will can also appoint a guardian for your minor children. This will work in conjunction with the Emergency Guardianship Proxy by nominating the permanent guardian for your children, who can be appointed while the Emergency Guardianship fills the gap in time. Property you leave to minor children will not pass to them directly. It will instead be held by their guardian until they reach the age of 18. If you want more control over how the funds are used and when they are distributed to your children, consider a testamentary trust or a Revocable Trust.
Should you become incapacitated, this crucial document ensures that your affairs continue to be handled exactly as you desire, by someone you’ve chosen to do so, called an attorney-in-fact. Their role can include managing bank accounts, real estate and many other financial matters.
A properly executed Durable Power of Attorney, ensures that your affairs are properly managed in the event you cannot yourself.
This essential document appoints a person of your choosing to make important health care decisions for you, on your behalf, if you are physically and/or mentally incapacitated. Your chosen agent will have the power to make important medical decisions for you including medications and treatment options.
A properly executed Living Will – or life support statement – is meant to assist your appointed Health Care Proxy on what exactly your wishes are in the event you cannot state your medical treatment wishes. Though not legally enforceable in Massachusetts, many people choose to have a Living Will prepared to serve as a guide for their named Health Care Proxy . Although, we at Vickstrom Law believe that nothing can replace open and thoughtful conversations with your children and/or chosen health care agent(s).
The Health Insurance Portability and Accountability Act (HIPAA) authorization is what allows the named Health Care Agent under your Health Care Proxy access to vital medical records. This document is vital because under HIPAA your physician may not even be able to discuss your privileged medical information, disclosing to your named agent that you have lost capacity and that your Health Care Proxy should be activated. It will also allow your named Health Care Agent to contact doctors and insurance companies on your behalf, including dealing with billing issues.
A Revocable Trust is a legal instrument that resembles a Will. However, a Will takes effect at the time of your death while a Revocable Trust is established during your lifetime by executing a declaration of trust and re-titling your assets in the name of the trust. If you create a Revocable Trust during your lifetime you will still need a simple “pour over” Will to direct any assets located outside of your Revocable Trust at the time of your passing to be distributed to the trustee of your Revocable Trust. During your lifetime you may choose to be both grantor and trustee of your trust. In addition your Revocable Trust is revocable and its terms can be changed at any time by you and you can re-title your assets or terminate the trust at your discretion.
Use of a Revocable Trust not only gives you more control how your assets are managed after your death, but also can avoid probate when properly funded. Probate can be time-consuming, slow, and result in additional legal costs. Avoiding Probate is an important goal of estate planning for many families.
Vickstrom Law would love to assist you meet your estate planning goals. Contact Us today for a consultation.
