Estate Planning Attorney in Massachusetts
The Law Office of Glenn F. Russell, Jr.
If something were to happen to you today, are you confident your loved ones would be taken care of tomorrow? Having your estate planning documents taken care of properly and early-on can help you and your family rest easy for years to come. Without such documentation, the legal complications could make a hard situation even more difficult on your family and close friends, possibly throwing your estate into probate. To secure your future, and theirs, start planning your will and estate documents with our firm, today.
What documents are in an estate plan?
There is a common misconception that estate plans are only for the wealthy, but this is far from true. An estate plan is comprised of a will, trusts, and power of attorney documents, all of which can serve to protect a person's properties, divide possessions, designate beneficiaries, appoint financial and medical responsibility, and so on.
The Will
The will is the most basic documentation involved in an estate plan, and in many ways the most essential. With a will, you can designate who shall receive your properties and funds, as well as any other possessions and heirlooms. A will may also be used to appoint a guardian for underage children, and define and funds or assets to be given to charity organizations.
Power of Attorney
A power of attorney will appoint a person the authority to make financial decisions in the event of a person's incapacity or death. The person appointed is typically a spouse or adult child, or someone else capable of making sound financial choices should you be unable to do so. They will have the power to pay any necessary bills, maintain accounts, access financial information, and address any other expenses. Power will only be transferred to the designated person if you are otherwise unable to make sound decisions. For example, if a person has advanced Alzheimer's disease, is in a coma, or has suffered another injury that prevents them from necessary mental functions.
In addition to having your financial power of attorney, you may also have a medical power of attorney, or a healthcare proxy. Like the financial power of attorney, the healthcare proxy will appoint someone the authority to handle your medical decisions in the event that you are otherwise unable to do so.
Advanced Health Care Directive
In addition to a health care proxy, you can also create other documents to provide guidance if you ever face a medical emergency. The Advanced Health Care Directive, also called a living will, tells your loved ones what medical services you prefer, where you would like to be cared for, and so on.
Trusts
Many people choose to use trusts as a way to distribute assets in more specific ways than wills allow. Through a trust, you can appoint beneficiaries to receive their allotted assets at specific times, or only when certain terms are met. The assets will then be turned over to another person until that beneficiary may take control of their assets.
Let our firm help you!
At The Law Office of Glenn F. Russell, Jr. we understand the importance of taking care of your family's future, and we want to help you establish an estate plan you can be confident in. Whether you have existing documents in need of revision, or you need to start from scratch, our firm can help.
Contact The Law Office of Glenn F. Russell, Jr. in Massachusetts to discuss your estate planning needs.
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Our FAQ
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Do I really need a foreclosure lawyer?Absolutely. Should you need foreclosure defense counsel, only an experienced attorney can determine which course of action is best for you. Whereas predatory scam artists try to prey on your financial vulnerability, a skilled foreclosure defense attorney genuinely can look out for the best interest of you and your family. Legal advice must be practical and efficient in order to be effective, so if you need strong legal guidance, trust that The Law Office of Glenn F. Russell, Jr. can offer the counsel needed to successfully navigate the complicated legalities of foreclosure or bankruptcy.
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Third parties are offering to help my foreclosure process. How do I know who to trust?
Perhaps one of the greatest obstacles individuals encounter during the foreclosure process is learning who to trust and who to avoid. Due to the nature of the foreclosure process, descriptions of any homes being foreclosed may be published and accessible as public information. It is a sad truth that there are fraudulent companies that prey on public lists of foreclosing homes and attempt to take advantage of a people's financial vulnerability.
You may be contacted by mortgage brokers, mortgage negotiators, or mortgage holders. You may also be contacted by a Massachusetts bankruptcy attorney or a private financier who offers to help you sort out your finances. These parties may be dependable sources of legal and helpful advice during your foreclosure.
Unfortunately, there are frauds and scam artists who will try to take your home or your money without providing any sort of service. A general word of advice we give to clients to follow is: If a deal sounds too good to be true, it probably is. Avoid scams with the help of a qualified attorney from our firm!
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What happens at a foreclosure sale?
It doesn't happen all the time, but if you have exhausted all of your legal alternatives and feel as though a foreclosure or short sale is the last resort, you need to know what to expect.
No foreclosure sale is exactly the same, but for the most part, the foreclosure sale process typically involves the following:
- Lenders must first send a notice of a foreclosure to the homeowner. The notice must be sent at least 14 days prior to the foreclosure sale date.
- A foreclosure sale will take place at the date, time, and place specified in the foreclosure notice.
- The foreclosure sale will be conducted by a licensed auctioneer. The auctioneer will read various legal notices, descriptions, and documents pertaining to the property.
- The auctioneer will take bids on the property, take deposit checks, and accept the highest bid to close the foreclosure property sale.
- Parties - including the mortgagor, the purchaser, and the auctioneer - will draft a foreclosure deed, which must be recorded and filed at the Registry of Deeds.
- A grace period - typically 30 days - will be given to allow the purchaser to line up financing.
- A closing will take place, and the new owner will formally take title to the foreclosed property.
All monies paid by the new purchaser will go toward paying real estate taxes, owed mortgages, and payments to creditors or other debts owed on the property. If no one at the foreclosure sale is able to bid a high enough amount to cover the debt of the property, then the balanced owed - called a deficiency - would then be the liability of the old owner.