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Health & Fitness

Why You need an Estate Plan!

Whether your estate is large or small, everyone needs an estate plan.  At the very least, you should designate someone to manage your assets and make health care and personal care decisions for you if you ever become unable to do so for yourself. 

If your estate is small, you may simply focus on who will receive your assets after your death, and who should manage your estate, pay your last debts and handle the distribution of your assets. This can be accomplished with a simple Will. A power of attorney and health care proxy is also recommended.

If your estate is large, there are various ways of preserving your assets for your beneficiaries and of reducing or postponing the amount of estate tax which otherwise might be payable after your death. 

If you fail to plan ahead, a judge will simply appoint someone to handle your assets and personal care. Further, your assets will be distributed to your heirs according to a set of rules known as “intestate distribution.” Contrary to popular myth, everything does not automatically go to the State if you die without a Will. Your relatives, no matter how remote, and, in some cases, the relatives of your spouse will have priority in inheritance ahead of the State. Still, they may not be your choice of heirs; an estate plan gives you much greater control over who will inherit your assets after your death.

For assistance with your estate planning needs or for more information, please contact us through our website at http://www.lamkinlawgroup.com/Contact-Us.html.

In accordance with rules established by the Supreme Judicial Court of Massachusetts, this post must be labeled "advertising." It is designed to provide general information for clients and friends of the firm and should not be construed as legal advice, or legal opinion on any specific facts or circumstances. This post is designed for general information only. The information presented in this post should not be construed as the formation of a lawyer/client relationship.

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