The COVID-19 / Coronavirus pandemic is a reminder to us all how important it is for you and especially your children to have an estate plan prepared, up to date and in place. Now is the time to speak with an Estate Planning Attorney.
At Amaral & Associates, P.C. we offer online and remote Estate Planning via videoconference. Don’t let social distancing keep you from starting or completing your estate plan.
We can help guide you with some important decisions regarding your Estate Plan. An Estate plan consists of some common planning documents. A Last Will and Testament, Power of Attorney, a Health Care Proxy, and a Living Will. Some depending on their financial situation will want to create a trust.
A Last Will and Testament is a legal document that coordinates the distribution of your assets after death and can appoint guardians for minor children.
A will generally includes:
Designation of an executor, who carries out the provisions of the will.
Beneficiaries—those who are inheriting the assets.
Instructions for how and when the beneficiaries will receive the assets.
Guardians for any minor children.
Here are some important documents that are part of your Estate Plan.
Health Care Proxy
Is a legal document that allows you to appoint someone, usually a spouse, partner, relative or close friend to carry out what medical choices you want made if were to become incapacitated. Be sure to go over with your proxy what medical treatments you do or don’t want. You may also want to share with them your spiritual or religious beliefs that shape your preferences in certain situations.
Power of Attorney
Is appointed to oversee your medical and well as financial concerns. For an individual to handle your financial concerns they must have the Durable Power of Attorney designation. This person does not have to be a lawyer.
Provides a written record that can guide your doctors and loved ones in caring for you. Often, it’s used to determine how aggressive you would like your health care to be near the end of life.
Trusts are used for many things including minimizing estate taxes and passing on a legacy and can also offer other benefits as part of a good estate plan. A trust is a relationship where property is held by one party for the benefit of another party. A trust is created by the owner, also called a “settlor,” “trustor” or “grantor” who transfers property to a trustee. The trustee holds that property for the trust’s beneficiaries.
Please contact us today to discuss any of your Estate Planning questions or concerns and we can get starting with your remote estate plan during the COVID-19 / Coronavirus Pandemic. Call our office at (617) 539-1010 for a confidential consultation with Attorney Amaral. Attorney Amaral will explain the Estate Planning process and answer any questions that you have.
Read more about Estate Planning.