October 17-23, 2022 Is National Estate Planning Week

At the Law Offices of Adam J. Tobin in Andover, MA, fall is one of our favorite seasons of the year.

We love fall for its crisp and cool weather, brilliant autumn foliage, and estate planning week.

Estate planning week?

Yes! Every year the National Association of Estate Planners and Councils designates one week in October as National Estate Planning Awareness Week.

This year, National Estate Planning Awareness Week takes place between October 17 and 23.

According to a 2021 Gallup poll, just 46 percent of U.S. adults have a will that describes how they want their financial assets and estate to be handled after their death.

That’s a statistic we’re doing our part to change. As an elder law attorney located principally in Andover, Massachusetts, serving clients in Essex County, Middlesex County, Suffolk County, and Worcester County, we can help you develop an estate plan.

According to the American Bar Association, estate planning is a process that involves the counsel of professional advisers who are familiar with your goals and concerns, your assets and how they are owned, and your family structure.

That’s a role that an elder law attorney like Adam Tobin specializes in.

The proper handling of an estate is a critically important affair for individuals who want to ensure that their final wishes are fulfilled. The best way to achieve this is by working with an experienced and reputable elder law attorney with estate planning experience.

The Role of an Estate Planning Lawyer

An estate planning lawyer’s primary responsibility is making sure that the wishes of his or her clients are executed upon their deaths. The level of trust required for such a role is enormous, which is why choosing the right lawyer for such a responsibility is paramount.

For better or for worse, there are numerous legal and bureaucratic hurdles that must be jumped through after an individual dies. The more assets they have, the more complicated the process can be.

Elements of an Estate Plan

Every estate plan has these four elements:

1. A Living Trust. You can create a revocable or irrevocable living trust to protect assets and make sure that they transfer smoothly to the trustee after death. Living trusts can be created to avoid probate or inheritance tax.
2. A Will. A will designates possessions after your death. This might include property not in a trust, personal items like jewelry, bank accounts, and other financial assets.
3. A Power of Attorney. A durable power of attorney gives a designated individual power to oversee your personal and financial decisions in the event that you cannot. This is often used in cases of advanced age and illness, and as a safety precaution to protect you in the event of an accident.
4. A Health Care Proxy. A health care proxy is an individual who has the legal authority to make health care decisions for a person who is not capable of answering for their care.

Getting Ready to Meet with Your Estate Planning Attorney

National Estate Planning Awareness Week is a great time to make an appointment with us to start developing your estate plan. Call us at 978-725-9083 to schedule an initial meeting.

Have all of your documentation available at your initial meeting. If you are missing some paperwork or information, we can give you a list of things you’ll need to finalize all of your plans.

Items to bring with you include:

A List of Your Assets. These will include your home, any other properties, and your bank accounts, stocks, and retirement accounts.

Life Insurance Policies. You should have any life insurance policies on hand.

Information on Liabilities. Your estate planning will include paying off any of your final debts before disbursement to beneficiaries, so it’s important to include this information as well.

Lists of Any Financial Advisors. If you work with financial advisors or companies for various accounts, have that information on hand.

Information on Beneficiaries and Executors. If you already have an idea of who you’d like to name as your executor and the beneficiaries you currently want listed, bring contact information with you. Make sure you have accurate names and addresses.

Contact us today to start your estate plan.