A will is a legal document that outlines how your assets will be distributed after your death and typically goes through probate court, a public process. In contrast, a trust is a legal arrangement that can manage your assets during your lifetime and after your death, often allowing your estate to avoid probate if the trust is properly structured.

Creating a will on your own can be risky if the document is not clear or fails to meet legal requirements. This can lead to your family spending significant time and money in probate court to resolve any ambiguities or legal issues after your passing.

You can change your will or trust by either amending it or restating it entirely. For personalized advice and assistance, feel free to call us today for a free consultation.

A personal representative is an individual appointed by the probate court to manage and distribute your estate according to your will or state law if you die without a will. This person is responsible for settling debts, distributing assets, and handling other administrative tasks.

The privacy of your estate plan depends on the type of documents you use. A will becomes a public record once it goes through probate, whereas a trust can remain private, keeping the details of your estate confidential.

If you die without a will, your assets will be distributed according to the intestacy laws of your state. In Massachusetts, for example, these laws determine how your estate is divided among your surviving relatives based on what the legislature believes most people would want.

Essential estate planning documents include a revocable trust (recommended), a will, a durable power of attorney, a health care power of attorney, a HIPAA authorization form, and a living will if desired. These documents help ensure your wishes are followed and your affairs are managed according to your preferences.

Yes, you can create a pet trust to provide for your pet's care after your death. This trust allows you to designate a trustee to manage funds for your pet's care and a caretaker to look after your pet according to your instructions.

At The Law Office of Tracey D. Smith, we recommend reviewing your estate plan every five years or whenever there is a significant change in your family or financial situation. Regular reviews help ensure your plan remains up-to-date and aligned with your current wishes and circumstances.

A revocable trust allows you to retain control over the assets and make changes to the trust during your lifetime. An irrevocable trust, on the other hand, transfers control of the assets to the trust, and you cannot make changes to it once it is established. This can provide certain tax benefits and asset protection.