Many people believe that they must be rich or own real estate to need a Last Will & Testament. However, that is a common misconception that ends with families being frustrated and arguing when a loved one passes away without a will. For several reasons, estate planning is necessary whether you own a vast amount of property or not. That is why the Law Offices of Attorney Stephen R. Manning advise that everyone needs a Last Will & Testament.
1. To make sure your wishes are carried out. If you do not have a valid, legally enforceable will, your assets will pass according to the intestate laws of Massachusetts. These laws rarely reflect your wishes. Attorney Stephen R. Manning has over 35 years of estate planning experience. This experience allows him to help clients make sure that their wishes are carried out once they have passed.
2. Avoid costly tax consequences. Having a Massachusetts estate attorney help you devise an estate plan to avoid or reduce estate taxes is beneficial for your heirs and devisees. It will protect your assets and leave more of your hard-earned wealth to your heirs and devisees rather than to the state.
3. Avoid probate problems. By having a Last Will & Testament, you will avoid many of the probate problems that families face when a loved one dies without a will. The Massachusetts probate process may be more costly and complicated when a person dies without a will.
4. Protect your children. Having a Last Will & Testament allows you to provide for your minor children both financially and physically. Rather than allowing the state to govern who will be your children's guardian, you need a will to name the person you want to raise your children in case you and your spouse pass away. You also need to set forth how funds will be used to support your children in this unlikely event.
5. Make specific devises of personal property. By having a will, you can add an addendum to leave specific items to certain individuals. This allows you to leave family heirlooms or sentimental items to family or friends who you know will cherish those items after your passing.
6. You are divorced. If you are divorced, you want a will so that you can name the person who will be in charge of your child's inheritance if that child is a minor when you die. This may or may not be your ex-spouse. Without a will, your ex-spouse will likely be granted authority to manage your child's inheritance until he or she reaches the age of 18.
7. You remarry. If you have a blended family, you should have a Last Will & Testament to ensure that your wishes are carried out with regard to your children from your previous marriage, any stepchildren and your current spouse.
Having a Last Will & Testament protects your heirs and ensures that your wishes will be carried out after your death. Estate planning is a way to make a difficult process easier for your heirs. Dealing with the death of a loved one is traumatic; however, dealing with the pain of that loss in addition to dealing with probate issues can be avoided by having a valid, legal Massachusetts Last Will & Testament. The Stephen R. Manning Law Office has the experience and knowledge to help you draft a Last Will & Testament that will carry out your final wishes as well as help you devise an estate plan that will protect your property, your heirs and devisees after your death.