Why Choose Bespoke Trusts & Estates
Estate planning can be somewhat intimidating and overwhelming. Many people prefer to do nothing and hope that everything works out for the best, but it usually doesn’t. With a proper plan in place it can put your mind at ease, keep family relationships intact, improve your financial prospects, and solidify the future of your loved ones.
Estate planning – Estate planning isn’t the exotic domain of the ultra-wealthy. Everyone with a modest estate should have the minimum documents in place. Effective planning starts with the basics. Wills, trusts, health care proxies, and powers of attorney are the foundation of any plan.
The Will – This document provides the instructions for who gets your property at death, it nominates and empowers fiduciaries, and it names the guardian for any minor children. The court’s role is to ensure its instructions are carried out.
The Revocable Trust – The trust goes into effect upon its creation. It is a bridge between life and death. It is a separate entity from the individual/grantor and it holds property, manages the property, and it distributes the assets in accordance to its terms. The value of the revocable trust is its ability to minimize or eliminate probate, minimize or eliminate estate taxes, and provide beneficiaries with creditor protection.
Durable Power of Attorney – This document allows an agent of your choosing to make business and financial decisions on your behalf.
The Health Care Proxy, Living Will, and HIPAA Authorization – The HCP allows an agent of your choosing to make health care decisions on your behalf should you become incapacitated. The living will in not binding in Massachusetts and your doctors are not legally obligated to follow your wishes, however, a living will can provide guidance to your health care providers when making decisions about your medical care. The HIPAA authorization is the consent needed from you that allows use or disclosure of your protected health information that would otherwise not be permitted.