YOUR #1 NEW YEAR'S RESOLUTION SHOULD BE GETTING YOUR ESTATE PLAN IN ORDER

New Years Resolution = Estate Planning.jpg

So have you ever stopped to think about what will happen if you die? Now I'm talking about the philosophical argument about heaven/hell. I'm talking about what will happen to the people and things you leave behind? Being proactive and planning for your family’s future is a necessity in today’s world. If you do not take the time to plan, the state will step in and dictate what happens to your minor children and your worldly possessions. Wouldn't you rather be in control of what happens? 

In general, most estate plans will include at a minimum a combination of the following legal documents:

Will:

A will can fulfill several purposes. It nominates fiduciaries, provides the fiduciary with the authority they need to act and it disposes of probate assets. The will nominates a Personal Representative who will guide the estate through the probate process.  

Durable Power of Attorney:

A durable power of attorney is a document whereby one person, the principal, appoints another person, the agent or attorney-in-fact, to act as his or her attorney-in-fact. The person serving need not be an attorney so, to some extent, the term “attorney” is a misnomer. The attorney-in-fact, in effect, stands in the shoes of the principal and acts for him or her on financial, business, or other matters.

Health Care Proxy:

A Health Care Proxy is a legal document that allows you to name someone you know and trust to make health care decisions for you if, and only if, you are unable to make or communicate those decisions yourself.

Living Wills:

A living will sets forth the specific written instructions of the principal regarding his or her treatment preferences in various hypothetical situations. Living wills tend to focus on end-of-life situations and decisions about pursuing or terminating treatment, including life-sustaining measures.

Declaration of Homestead:

The Homestead Act allows Massachusetts homeowners to protect their home from future creditors.  The Act was updated and effective as of March 16, 2011. The updated Act allows homeowners to choose between an Automatic Homestead, which is effective without a written declaration and a written Declaration of Homestead. The amount of the Automatic Homestead protection is $125,000. When a written Declaration of Homestead is filed the exemption increases to $500,000. Both the homeowner and his/her spouse must sign the declaration form.

Contact Attorney Curran to discuss your  estate planning options: 

10 Tower Office Park
Suite 406
Woburn, MA 01801
Phone: 781-933-1542
Fax: 781-933-1549
ellen@emcurranlegal.com

ARE YOU PREPARED FOR THE INEVITABLE?

cemetry.jpg

Being proactive and planning for your family’s future is a necessity in today’s world. If you do not take the time to plan, the state will step in and dictate what happens to your worldly possessions. In general, most estate plans will include at a minimum a combination of the following legal documents:

Will:

A will can fulfill several purposes. It nominates fiduciaries, provides the fiduciary with the authority they need to act and it disposes of probate assets. The will nominates a Personal Representative who will guide the estate through the probate process.  

Durable Power of Attorney:

A durable power of attorney is a document whereby one person, the principal, appoints another person, the agent or attorney-in-fact, to act as his or her attorney-in-fact. The person serving need not be an attorney so, to some extent, the term “attorney” is a misnomer. The attorney-in-fact, in effect, stands in the shoes of the principal and acts for him or her on financial, business, or other matters.

Health Care Proxy:

A Health Care Proxy is a legal document that allows you to name someone you know and trust to make health care decisions for you if, and only if, you are unable to make or communicate those decisions yourself.

Living Wills:

A living will sets forth the specific written instructions of the principal regarding his or her treatment preferences in various hypothetical situations. Living wills tend to focus on end-of-life situations and decisions about pursuing or terminating treatment, including life-sustaining measures.

Declaration of Homestead:

The Homestead Act allows Massachusetts homeowners to protect their home from future creditors.  The Act was updated and effective as of March 16, 2011. The updated Act allows homeowners to choose between an Automatic Homestead, which is effective without a written declaration and a written Declaration of Homestead. The amount of the Automatic Homestead protection is $125,000. When a written Declaration of Homestead is filed the exemption increases to $500,000. Both the homeowner and his/her spouse must sign the declaration form.

Contact Attorney Curran to discuss your options: 

10 Tower Office Park
Suite 406
Woburn, MA 01801
Phone: 781-933-1542
Fax: 781-933-1549
ellen@emcurranlegal.com

 

WHY DO YOU NEED A DURABLE POWER OF ATTORNEY?

Durable Power of Attorney.jpg

A durable power of attorney is a document in which you appoint an “attorney-in-fact also sometimes called an agent” to do anything on your behalf that you, the “principal” could do for yourself. The attorney-in-fact, in effect, stands in your shoes and acts for you on financial, business and other matters. Your attorney-in-fact can be any competent adult that you trust.

Giving someone a power of attorney does not limit your rights in any way. It simply gives the other person the power to act when you cannot. Your attorney-in-fact would be your fiduciary. A fiduciary is a person who is held to a high standard of good faith, fair dealing and undivided loyalty to the principal. The attorney-in-fact must always act in the principal’s best interest. The attorney-in-fact should keep complete records of what they do in case there are any questions of impropriety or bad faith dealing.

A power of attorney normally, takes effect as soon as the principal signs it. Most people do not intend that their durable power of attorney be used until they are incapacitated. The principal should discuss this with their attorney-in-fact so that both parties are clear on what the principal’s wishes are so that they can be carried out without delay or question. 

A principal may revoke a power of attorney at any time. All the principal needs to do is send a letter to his or her attorney-in-fact telling the attorney-in-fact that their appointment has been revoked. From the moment the attorney-in-fact receives the letter, they can no longer act under the power of attorney. If want to have proof that this letter was in fact received by the attorney-in-fact, send the letter certified signature required.

Your Durable Power of Attorney should be updated every 3-5 years or as soon as possible after a major life event (i.e. marriage, divorce, birth of a child, death of a family member, etc.)

Have questions or concerns about your estate planning? Contact us to discuss further:

E.M. Curran & Associates LLC

10 Tower Office Park
Suite 406
Woburn, MA 01801
Phone: 781-933-1542
Fax: 781-933-1549
ellen@emcurranlegal.com

The importance of Estate Planning

If you die without any estate planning documents, the State will step in and decide how your assets will be distributed to those who survive you.

Last Will.jpg

Massachusetts Intestacy Statute

 Under G.L. c.1908,§ 2-102 (http://bit.ly/2DV3nkQ): 

  • The surviving spouse receives the entire estate if the decedent is not survived by descendants or parents, or if the only descendants are also descendants of the surviving spouse and the surviving spouse has no other descendants.
  • The surviving spouse receives the first $200,000 plus ¾ of the balance of the estate, if decedent is not survived by descendants but is survived by a parent.
  • The surviving spouse receives the first the first $100,000 plus 1/2 of any balance of the estate in all other scenarios.

IF you want to make sure your estate goes to specific people, you need to have a written will that is properly executed and witnessed.

Contact Attorney Curran to discuss your options: 

E.M. Curran & Associates LLC
10 Tower Office Park
Suite 406
Woburn, MA 01801
Phone: 781-933-1542
Fax: 781-933-1549
ellen@emcurranlegal.com
@emcurranlegal

It’s a topic that many of us try to avoid – our deaths. Are you prepared?

cemetry.jpg

Being proactive and planning for your family’s future is a necessity in today’s world. If you do not take the time to plan, the state will step in and dictate what happens to your worldly possessions. In general, most estate plans will include at a minimum a combination of the following legal documents:

Will:

A will can fulfill several purposes. It nominates fiduciaries, provides the fiduciary with the authority they need to act and it disposes of probate assets. The will nominates a Personal Representative who will guide the estate through the probate process.  

Durable Power of Attorney:

A durable power of attorney is a document whereby one person, the principal, appoints another person, the agent or attorney-in-fact, to act as his or her attorney-in-fact. The person serving need not be an attorney so, to some extent, the term “attorney” is a misnomer. The attorney-in-fact, in effect, stands in the shoes of the principal and acts for him or her on financial, business, or other matters.

Health Care Proxy:

A Health Care Proxy is a legal document that allows you to name someone you know and trust to make health care decisions for you if, and only if, you are unable to make or communicate those decisions yourself.

Living Wills:

A living will sets forth the specific written instructions of the principal regarding his or her treatment preferences in various hypothetical situations. Living wills tend to focus on end-of-life situations and decisions about pursuing or terminating treatment, including life-sustaining measures.

Declaration of Homestead:

The Homestead Act allows Massachusetts homeowners to protect their home from future creditors.  The Act was updated and effective as of March 16, 2011. The updated Act allows homeowners to choose between an Automatic Homestead, which is effective without a written declaration and a written Declaration of Homestead. The amount of the Automatic Homestead protection is $125,000. When a written Declaration of Homestead is filed the exemption increases to $500,000. Both the homeowner and his/her spouse must sign the declaration form.

Contact Attorney Curran to discuss your options: 

10 Tower Office Park
Suite 406
Woburn, MA 01801
Phone: 781-933-1542
Fax: 781-933-1549
ellen@emcurranlegal.com