Spring has officially arrived! As the days grow warmer and flowers begin to bloom, we are reminded that spring is a season of renewal and growth, making it the ideal time to prepare for things to come.

Benjamin Franklin famously said: “In this world nothing can be said to be certain, except death and taxes.” Estate planning is all about addressing these certainties, as well as the possibility you may become incapacitated prior to death. Planning is a crucial step in ensuring your assets pass to those you wish to benefit while minimizing delay, expense, and taxes, and ensuring that your wishes are honored. By breaking down the word APRIL into an acronym of key estate planning concepts, we can explore how to create a secure financial future for your loved ones and leave a lasting impact on future generations.

A – Attorney-in-Fact

One of the most critical components of an estate plan is appointing an Attorney-in-Fact. An Attorney-in-Fact is the agent designated in your Power of Attorney to make legal and financial decisions on your behalf should you become incapacitated.

Without a Power of Attorney, and in the event you become incapacitated, your loved ones will have to go through a lengthy and expensive court process to obtain conservatorship to manage your financial affairs. A Power of Attorney ensures that your bills are paid, and your financial interests are protected immediately without Court involvement and the accompanying loss of privacy, delay, and expense.

P – Probate

Probate is the legal process by which a deceased person’s assets are distributed under court supervision. It can be time-consuming, costly, and stressful for surviving family members. Probate involves verifying the deceased’s will (if one exists), paying debts and taxes, and distributing assets to heirs.

However, probate can be avoided with proper planning. Certain financial accounts allow you to name beneficiaries, ensuring that these assets bypass probate and go directly to the designated recipients – provided that those beneficiaries are not incapacitated people or minor children. If you name a minor or incapacitated person, simply naming beneficiaries on an account will not avoid the involvement of the probate court.

So what should you do if you have minor children? An effective plan is to create a Revocable Trust, which allows assets to be transferred outside of probate, ensuring a seamless transition to all beneficiaries, regardless of age.

By taking these steps, you can save your loved ones from the hassle of probate and ensure a smoother distribution of your assets.

R – Real Estate

Real estate is often one of the most valuable assets in an estate, and proper planning is essential to ensure it is handled according to your wishes. Without a plan, real estate may be tied up in probate, delaying access for your heirs or the sale of the property and potentially leading to unnecessary legal fees and disputes.

Placing your real estate in a Trust can help you avoid probate and provide clear instructions for the management and distribution of your property. A Revocable Living Trust allows you to retain control of your property during your lifetime while ensuring a smooth transition of ownership upon your passing. If you own multiple properties, especially in different states, a Trust is particularly beneficial as it avoids multiple probate proceedings.

Additionally, ensuring that real estate ownership is properly titled will also help streamline the transfer process outside of probate.

I – Inventory

An often-overlooked yet vital aspect of estate planning is preparing an inventory of your assets and keeping it up to date. Without a clear record of what you own, your family may struggle to locate and distribute your assets after your passing or in the event you become incapacitated.

A well-organized asset inventory should include a list of income sources, bank accounts, investment accounts, real estate holdings, retirement plans, and life insurance policies, as well as trusted advisors (attorney, accountant, financial advisor, etc.). It’s a good practice to update this inventory every few years and keep it in a secure yet accessible location. Sharing it with your attorney, Trustee, or a trusted family member ensures that they can efficiently manage your estate when the time comes.

L – Legacy

Estate planning is about more than just transferring assets; it is about leaving a meaningful impact on future generations. By carefully structuring your estate plan, you can ensure that your wealth benefits your loved ones in a way that aligns with your values and aspirations. Whether through a well-drafted and well-managed Trust, charitable contributions, or providing financial security for your heirs, your estate plan becomes a testament to your life and the principles you hold dear. A thoughtful legacy is not just about money – it is about ensuring that your influence, generosity, and intentions endure long after you are gone.

Another way to view estate planning is as a means of shaping the future for those you leave behind. It allows you to provide stability, preserve family traditions, and support meaningful causes that align with your beliefs. Whether it is funding education, donating to charity, or ensuring the financial security of your heirs, an estate plan is a powerful tool to make your mark on the world. By taking proactive steps now, you create a roadmap that safeguards your wishes and provides guidance for future generations, ensuring that your legacy extends far beyond your lifetime.

Estate planning is an essential step in securing your future and protecting your loved ones. This April, take steps to build a comprehensive estate plan that ensures peace of mind and a seamless transition of your assets. Start planning today so that your legacy continues for generations to come.

Attorney Leah A. Kofos is an associate attorney with the Dedham firm of Samuel, Sayward & Baler LLC, which focuses on advising its clients in the areas of trust and estate planning, estate settlement, and elder law matters. This article is not intended to provide legal advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney. For more information visit ssbllc.com or call 781-461-1020.
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