Estate planning is the process of creating legal instructions for how your property, finances, and personal affairs should be handled during your lifetime and after your death. A Massachusetts estate plan can determine who receives your assets, who manages your affairs, and who can make financial or health care decisions for you if you cannot act for yourself.
At Surprenant, Beneski & Nunes, P.C., we help individuals and families throughout Southeastern Massachusetts, Cape Cod and the Islands create estate plans based on their families, assets and goals. Whether you are creating your first plan or updating existing documents, we will help you understand your options and put the appropriate protections in place.
Why Choose Surprenant, Beneski & Nunes for Your Estate Plan?
Our firm has counseled Massachusetts families for 60 years. Because estate planning often overlaps with elder law, long-term care, and special needs planning, our team can address concerns that extend beyond transferring assets after death.
Clients choose our firm because we offer:
- Certified Elder Law Attorneys. Managing partners Daniel Surprenant and Michelle Beneski are Certified Elder Law Attorneys through the National Elder Law Foundation.
- Planning tailored to your circumstances. We develop estate plans around your family, assets and goals rather than relying on a standard set of documents.
- Estate planning and elder law services. We can address estate planning alongside MassHealth, long-term care and special needs concerns.
- Convenient access. We have offices in New Bedford, Easton, Hyannis and Plymouth, along with virtual consultations.
- Ongoing planning. We can review and update your plan as your family, finances and goals change.
What Does an Estate Plan Actually Do?
An estate plan gives you greater control over decisions that may otherwise be governed by Massachusetts law or require court involvement.
Your plan can establish who receives your property, name a personal representative to administer your estate and nominate a guardian for minor children. It can also authorize trusted people to handle financial or medical matters if illness or injury prevents you from making decisions yourself.
Estate planning may also address tax exposure, long-term care, asset protection, and planning for a loved one with a disability.
What Documents Are Included in a Massachusetts Estate Plan?
The documents you need depend on your circumstances. A foundational plan commonly includes a last will and testament, durable power of attorney, and health care proxy.
Trusts may also be appropriate. A revocable living trust can provide for the management and transfer of assets and allow properly funded assets to avoid probate. Irrevocable trusts may serve different purposes, including certain tax, asset protection and long-term care planning goals.
We review your finances, family circumstances and objectives before recommending a specific combination of documents.
Who Needs an Estate Plan?
Estate planning is not limited to wealthy families or people approaching retirement. Adults at many stages of life can benefit from having appropriate documents in place.
Parents can use a will to nominate guardians for minor children. Homeowners may want to determine how real estate will pass. Business owners have additional succession concerns. Adults of any age can use powers of attorney and health care proxies to designate people to act for them during incapacity.
What Happens If You Die Without an Estate Plan in Massachusetts?
If you die without a valid will, property that passes through your probate estate is distributed according to Massachusetts intestacy law. Who inherits depends on which relatives survive you, including whether you leave a spouse, children, or parents.
Intestacy may produce a result you would not have chosen. The probate court may also need to appoint a personal representative to administer your estate. If you have minor children and no surviving parent is available to care for them, the court will determine who should serve as guardian.
Creating an estate plan allows you to make many of these decisions in advance rather than relying on default legal rules.
How Can the Massachusetts Estate Tax Affect Your Plan?
Massachusetts has its own estate tax, separate from the federal estate tax. For deaths occurring under current law, Massachusetts generally provides a $2 million estate tax threshold, meaning state estate tax planning can become relevant at a much lower asset level than federal estate tax planning.
A home, investment and retirement accounts, life insurance and other property can create a larger estate than you may initially expect. For individuals and couples who may face Massachusetts estate tax exposure, planning strategies can potentially reduce the amount ultimately owed.
Because tax laws change, we consider current state and federal rules when developing or reviewing your estate plan.
How Does the Estate Planning Process Work?
Estate planning begins with identifying what you own, whom you want to protect, and what you want your plan to accomplish. It is helpful to gather information about real estate, financial accounts, retirement benefits, insurance, and other significant assets.
We will also discuss whom you trust to serve in important roles, such as your personal representative, trustee, health care agent or attorney-in-fact. From there, we can recommend a planning structure, prepare the appropriate documents, and explain any additional steps needed to put your plan into effect.
Create an Estate Plan Built Around Your Priorities
Your estate plan should reflect your family, property, and wishes rather than rely on Massachusetts default rules to make important decisions for you.
If you are ready to create your first estate plan or review documents you already have, contact Surprenant, Beneski & Nunes, P.C. We help clients throughout Southeastern Massachusetts, Cape Cod, and the Islands develop estate plans tailored to their circumstances and long-term goals. Contact us today to schedule a consultation with our estate planning team.
Frequently Asked Questions About Estate Planning
Does My Out-of-State Property Need Separate Estate Planning?
It may. Real estate located in another state can be subject to probate proceedings in that state after your death. Depending on your circumstances, a trust or other planning strategy may help avoid an additional probate proceeding.
Should My Adult Children Have Estate Planning Documents?
Yes. Once a child turns 18, parents generally no longer have automatic authority to make medical or financial decisions for them. A health care proxy and durable power of attorney can authorize trusted people to act if the young adult cannot act for themselves.
What Happens to Digital Assets When I Die?
Digital assets can include online financial accounts, email, cloud storage, social media, and cryptocurrency. Estate planning documents can provide appropriate authority for a fiduciary to access or manage digital assets, subject to Massachusetts law and the terms governing individual accounts.