A will is a written document that sets forth how an individual wants his/her property disposed of at death. A trust is a legal arrangement that allows one person to hold a legal interest or right for the benefit of another person. Wills, trusts and other estate planning documents are generally known in the law as estate planning instruments. At the Massachusetts law firm of Wood & Gresham, P.C., our lawyers can take the time to explain wills and trusts, along with all other types of estate planning documents, and why you may need them.
Contact our Franklin trust attorneys at Wood & Gresham, P.C., for a free consultation.
Wills and trusts, etc. are not just for the wealthy. These documents are important for anyone who wants to look after themselves, their children, and their property. Many different kinds of wills and trusts are available. An experienced wills and trusts attorney can help you create the specific combination of estate planning documents that are best for you and your family. The actual wills and trust instruments you choose will depend upon the specific circumstances of your unique life situation. For example, if you have minor children, you may want a will with a trust provision that appoints someone to act as "trustee" and or "guardian" over your minor children until they are old enough and responsible enough to manage their inheritance on their own.
What Do Trusts Do?
A trust is a legal property interest held by one person for the benefit of another. The person who holds the legal property interest is called the "trustee." The person for whom the property is being held is called the "beneficiary.. The person establishing the trust is called the grantor. A trust can be revocable or irrevocable. Revocable trusts may be changed or terminated by the grantor at any time and for any reason. An irrevocable trust, once established, cannot be terminated or altered for any reason. A trust designed to go into effect upon your death is called a testamentary trust. However, experienced estate planning attorneys often use living trusts, created while you are still alive, as a way to avoid probate and its associated costs.
What Is A Power Of Attorney?
A power of attorney gives someone you trust the ability to make decisions for you, when you are disabled. That person does not have to be an attorney although he/she will be known as your "attorney in fact." For example, you may wish to transfer money from one account to another but you are incapacitated. A power of attorney allows the person you named in the power of attorney to exercise that power to transfer funds for you without seeking court approval.
What Is A Health Care Proxy And A Living Will?
A health care proxy allows you to select someone to make decisions regarding your medical care for all situations should you become incapacitated. Oftentimes we will also draft a living will for the client to dovetail the health care proxy. A living will is a narrower form of a health care directive, generally limited to situations in which death is imminent. Massachusetts recognizes a patient's right to make fundamental choices about the care and treatment he/she receives at or near the end of life. Health care providers must generally honor the terms of living wills and advanced medical directives.
Contact Our Wrentham And Foxborough Wills Attorneys
Call 508-384-2008 to contact Wood & Gresham, P.C., to consult with one of our experienced attorneys to determine which estate planning documents are recommended for your particular situation. There is no cost and no obligation for this initial consultation. Let us use our unique experience to help you seek a beneficial resolution to the matter whenever possible.