How much will it cost to review or establish my estate plan?
The actual cost of drafting your estate plan depends on the complexity of your family and financial situation. Since this cost may vary from client to client, and most clients want to have an up-front cost estimate before engaging an attorney. At Moniz & Mendes, P.C., we offer our estate planning clients a one hour free initial consultation. At the end of the one hour free consultation, our estate planning attorney will give you a reasonable estimate of the cost of handling your estate plan. This way we can assess your family and financial situation at no cost to you; and you can decide whether you want to continue based on the cost estimate.
How frequently should I review my estate plan?
As a general rule, we suggest reviewing your family estate plan every three to five years. It is also highly recommended that a review of your estate plan take place whenever a "life-changing" event occurs, such as the birth of a new child, a marriage, a divorce, retirement, an inheritance, winning the lottery, etc.
What happens if I die without a Will?
If you do not have a Will, the laws of the Commonwealth of Massachusetts have a "default" estate plan for you. These laws of "intestacy" or "intestate" distribution prescribe both the persons to whom your estate will pass, and how those people will share your estate. In addition, amounts to be distributed to your children may involve a cumbersome and costly legal guardianship if the children are under the age of 18 at the time of your death.
What does "administration" of my estate entail?
Administration of an estate involves the collection of assets, payment of liabilities, and distribution of property to beneficiaries or heirs. Administration of an estate is supervised by your County's Probate Court, whether you die with a Will or you die intestate. An Executor or Administrator is appointed to serve as the primary representative of the estate, and he/she is responsible to administer the estate for the benefit of the heirs or beneficiaries.
Can I establish my estate plan using a Will "kit" or legal software available at an office supply store?
Of course, you are free to use these commercially available forms or software; however, you should know that pre-printed forms and "fill in the blank" software are typically not designed to address your unique situation. Also, these forms are usually written in such a way that they apply in most jurisdictions in the United States, but may not comply with the specific probate laws in effect here in Massachusetts. Ultimately, you may be taking the risk that legal documents produced in this manner will not be recognized by the courts, and your wishes may not be carried out in the manner you desire.
Do I really need a lawyer?
The old adage, "you get what you pay for" couldn't be more true than when attempting to draft legal documents, such as a Will, power of attorney or health care proxy without the assistance of an attorney. You should remember that these legal documents are ultimately intended to be used either in a court or in a lawsuit setting where inaccuracies and mistakes could result in legal fees that will in all likelihood be much greater than the dollars spent today on sound legal counsel to properly draft documents that comply with the law and express your wishes.
