Why You Need A Plan

Everyone have an estate. Whether you have $1 million or $10,000, you need a written plan to keep you in control and to protect yourself and those you love. If you don’t have an estate plan, the Commonwealth of Massachusetts has a plan for you…and you might not like it very much.

Do you know what would happen legally to you, your loved ones, and your assets if something unexpected were to happen to you?

If you don’t know, then the first step is to find out exactly what would happen, legally and financially, so that you can decide what you would want to happen differently and if you want to change the plan the Commonwealth of Massachusetts has for your family.

To do this at the Socius Law Firm, we conduct an Initial Planning Meeting with you. During our meeting, which lasts a couple of hours, you will teach us about your family your family and personal circumstances and discuss your concerns, fears, goals, and objectives. Then we will teach you about the law and your planning options, so you can make informed decisions.

Before your Initial Planning Meeting, you will complete an Estate Planning Worksheet, which is designed to help you organize your family and financial information and help you think about your goals and objectives when it comes to planning for the well-being and care of your loved ones.

We will help you to choose the estate planning option that will give you peace of mind knowing that your family would be taken care of in the way you want if something happened to you.

The foundation of your estate plan will often include a Revocable Living Trust, which is created by transferring your property into a Trust, for your benefit, during your lifetime. One of the benefits of a Revocable Living Trust is, when done correctly and maintained over time, your estate plan should help your family to avoid the expense and time, of the process of Probate, and minimize or eliminate estate taxes.

What would happen to your children?

Without proper planning, your child could be temporarily placed into the care of the Department of Children and Families (DCF). The Probate Court will determine who will raise your child, even if it is the last person you would ever want. The probate court will also appoint a conservator to manage your child’s inheritance (along with its related costs and expenses) until the age of 18.

Then, at age 18, when most parents plan for their children to attend college, your child’s inheritance will be distributed outright to him or her without any guidance or protection. Think about that for a minute – would you want your child to unrestricted access to sizeable inheritance at the age of 18? Most parents would say absolutely not!