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- Who needs an estate plan?
- What is Probate?
- What if all of my property is jointly owned with my spouse?
- If I decide that I should have an estate plan, what is the process?
- What will an Estate Plan do for me?
- Should I have a Trust?
- What kinds of trusts are there?
- Is my estate in need of updating?
Q. Who needs an estate plan?
The short answer is: everyone! All of us have some asset which constitutes an estate, whether it is a home, a car, a coin collection or stocks, bonds and CDs. Any asset owned by you solely at the time of your death is subject to a process called Probate. Some people have more complex estates than others such that tax planning is required. In the end, a good estate plan, no matter how small your estate can save your heirs time and money.
Click here to download our Estate Planning Questionnaire (PDF)
Q. What is Probate?
A. In Massachusetts and in most other states, the court process whereby Wills are allowed and estates are settled is called Probate. In New York, it is the Surrogate Court which handles these matters. Again, if you own an asset in your own name solely, when you die, your estate will be subject to Probate.
Q. What if all of my property is jointly owned with my spouse?
A. If you and your spouse own all of your property jointly, then when the first spouse passes on, the second spouse will have title to all of the assets and there is no need for Probate. However, when the surviving spouse later passes away, the entire estate will be subject to Probate because the surviving spouse then held everything in his or her own name solely.
Q. If I decide that I should have an estate plan, what is the process?
A. The process is quite simple. We will send you a short questionnaire for your completion prior to our initial free client consultation. The initial consultation usually takes about an hour to one and one half hours. At that meeting, we will review the information you provided and try to determine exactly what your goals and objectives are. Once we determine your goals, we will recommend what it is that you need to make up your estate plan and we will provide you a flat fee quote at that time. If you decide that you would like to move ahead with our recommendations, we will ask you for a retainer of fifty (50%) percent of the quoted fee. We will then set up another mutually convenient time to meet, usually within two to four weeks.
When we meet the second time, we will review together the documents that we have prepared and if approved by you, have you sign them. At the end of the second meeting, you will be expected to pay the balance of the fee. Once all signatures are obtained on all of the documents, we will prepare and ship to you a tabbed three-ring binder with all of your documents in it. (If requested, we will even send you a DVD or CD containing your estate plan documents).
The process does not end there. On the third anniversary of your plan, we will send you a letter indicating that you are now eligible for a free review of your estate plan. We recommend this because we want to ensure that the plan still works for you. In addition, if you have questions about your plan at any time, those phone calls or emails to us are at no cost to you.
Q. What will an Estate Plan do for me?
A. A well executed estate plan will ensure that your assets pass to whom and when you intend. It will allow you to name who will manage your assets and your estate and it can even have you designate who will be the guardian of any minor children. In addition, a good estate plan can eliminate or defer estate taxes which might become due and payable upon your passing.
Q. Should I have a Trust?
A. Because every individual and family's circumstances and assets are unique to that individual and family, we may recommend a trust to meet your specific requirements. If your family has business succession concerns, those matters can also be addressed by a trust. When you deposit your assets in a trust or name your trust as a beneficiary, you can designate how those assets should be distributed while avoiding the time delays, expense, and publicity of a probate proceeding. You may select a revocable trust or an irrevocable trust, depending upon your specific objectives.
Q. What kinds of trusts are there?
A. A revocable trust (often referred to as a “living trust”) places your assets in a trust that you can change over time as you buy and sell assets and as circumstances change. The revocable trust contains instructions about distribution of assets, much as a Will would but without the need for probate. When you establish a revocable trust, we will also prepare a "pour-over Will" that simply pours assets into the trust for administration purposes. An irrevocable trust is a trust that you may not change or terminate. These types of trusts serve many different purposes, and for larger estates, we may recommend one or more types of irrevocable trusts, such as an irrevocable life insurance trust, an intentionally defective grantor trust, a charitable remainder trust, or a qualified personal residence trust.
Your estate plan may also include realty trusts or nominee trusts, which hold title to real estate, and which are primarily established to maintain confidentiality.
Q. Is my estate in need of updating?
A. As a general rule, an estate plan should be reviewed whenever there is a major life event: death of a loved one or potential heir, divorce, disability or incapacity or unexpected financial gain or reversal. Every estate plan needs a periodic check to make sure that it covers changes in your personal, family and financial situations, in addition to revisions of tax and probate laws or regulations. This simple questionnaire will help you to determine whether or not your estate plan is in need of an update.
Questions To Ask Yourself About People:
- Are all the individuals named in my Will/trust living? Competent?
- Are individuals named to receive a bequest/distribution who no longer need (or deserve) a part of my estate?
- Should I add beneficiaries? Have any children or grandchildren entered my family through birth or adoption?
- Have I or any of my beneficiaries changed marital status? Will this, or should this, change my plans?
- Has any person named in my Will or related to anyone named in my Will become disabled, or shown an indication that they are unable to manage their finances?
- Would any person named in my Will to receive outright bequests be better off if their property were placed in trust?
- Is/are my successor trustees still willing and able to act if I become disabled? Could my beneficiaries benefit from the full-time management a professional trustee could provide? Could my beneficiaries benefit from an independent trustee who could act with or instead of my family trustee?
- Have I, my spouse, my parent, or the parent of my spouse been diagnosed with a chronic or progressive illness that is debilitating?
- Does my Will/trust authorize my fiduciaries (personal representative/trustee) to reduce bequests by loans or advances made to beneficiaries? Should it do so?
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