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Topics like death, inheritance, and who makes decisions for you if you are incapacitated are challenging to discuss. However, you’ve spent your entire life working hard to accumulate the assets and property you own. Protect it with a comprehensive estate plan. Additionally, with the right estate plan in place, you can provide for your family and see that their needs are taken care of after you’re gone.
Getting started doesn’t have to be complicated, and paying to develop a strategic estate plan today can spare your family heartache and save them money later.
What Is Estate Planning?
Estate planning amounts to more than drafting a will. Estate planning includes creating a series of documents that will allow someone to manage your assets and property on your behalf if you become incapacitated. Estate planning also means establishing a plan for how those assets will be used or distributed after your death. A well-crafted estate plan also allows you to maintain control over your financial and healthcare decisions should the unthinkable happen and an injury or illness incapacitate you.
Estate planning is a comprehensive approach utilizing numerous legal tools to manage the distribution of your estate, appoint the person you want to be responsible for making decisions on your behalf if you’re unable to do so or when you die, and who you want to have guardianship over your children if something happens to you.
Communicating your wishes to family or friends is step one, but verbally expressing your wishes is not enough to protect your family and your assets. That’s where an experienced estate planning attorney comes in. An attorney can help you choose the estate planning tools that meet your goals and address your concerns.
Some of the estate planning tools that can help you may include:
- Last Will and Testament
- Trusts
- Power of attorney
- Healthcare Proxy with advance medical directives
- Guardianship designations
- Long-term care planning
- Special needs planning and trusts
How Much Does Massachusetts Estate Planning Cost?
Putting a price on estate planning is challenging. The cost of drafting a comprehensive estate plan varies depending on your circumstances, financial situation, and the complexity of your estate. Establishing and maintaining an estate plan in Massachusetts can cost hundreds to tens of thousands of dollars.
Filing a Last Will and Testament in Massachusetts can set you back $75.00 after a loved one passes away, the filing fee for an informal probate of a Last Will and Testament is about $375.00. However, it is always in your best interest to hire an experienced estate planning attorney to draft a Last Will and Testamentl or estate plan and ensure it checks all the boxes and leaves no room for interpretation, challenges, or legal issues.
Creating a power of attorney or healthcare directives can also cost a few hundred dollars. Still, it is well worth it to designate a responsible individual to manage financial and healthcare decisions if incapacitated.
Trusts can be among the more expensive estate planning tools, depending on the complexity of your situation. However, as part of a complete estate plan, trusts can be highly beneficial because they can protect assets from creditors, help family members avoid probate, provide for dependent family members while maintaining their eligibility for government benefits, and potentially minimize your family’s tax burden. Some trusts can also protect your assets while keeping you eligible to file for Medicaid if you need assistance paying for a nursing home or long-term care.
An initial investment in a solid estate plan can pay off later in life. A seasoned Massachusetts estate planning attorney should be happy to break down their fee schedule and address your financial concerns, including filing fees, attorney’s fees, and administration services.
A Compassionate Massachusetts Estate Planning Attorney Can Help
At The Law Offices of Patricia Bloom-McDonald, our estate planning team will work with you to create a personalized estate plan that addresses your essential needs. Contact our office today to arrange a consultation and learn more about how an estate plan can protect you and your family.