Many people draft a basic will at some point in their adult lives — often along with a few other basic documents such as a power of attorney — and consider their estate planning obligations met. But when is a will (along with a few other documents reflecting your wishes and assets some time ago) not enough?
A Will Is Often Not Sufficient For Your Protection And Your Families’ Needs
In our view at Heritage Design Law LLC, a will is hardly ever sufficient for the planning needs of a person with assets to protect and loved ones for whom to provide. The majority of our clients approach us in midlife or when nearing retirement with assets in the $1 million to $50 million range. However, you may have significant business interests or other special considerations that clearly justify a well-constructed, well-maintained and easy-to-administer trust-based plan.
Why Are Trust-Based Plans Essential For All With Substantial Assets?
Your Last Will and Testament can provide basic instructions for distribution of your property when you die, but it is extremely limited beyond that. Estate settlement may still be costly and even contested among those you leave behind. You may have done no service at all to disability planning or proper tax planning when you set about preparing a will.
Trusts may be primarily associated with their tax benefits, but they also provide exceptional flexibility for ensuring what you have goes to who you want, when and under what circumstances. Experienced lawyer Frank L. Bridges creates and maintains optimally structured trusts as part of a comprehensive process of counseling, collaboration and exploration. We then work together to maintain clients’ comprehensive plans — so that they work and keep working just as intended.
Based In Middlesex County, We Make Full-Spectrum Estate Planning Accessible
If your situation calls for a basic will at this point, we will be happy to direct you to a qualified resource. If you are interested in our holistic approach to estate planning, however, our lawyer and staff can make getting started simple and straightforward. Call our Newton law firm at 617-630-5700 or send us an email now.