Best Business Attorneys in Haverhill, MA

Your Executor or Administrator is the court appointed fiduciary who will serve as the primary representative of your estate. An "Executor" is appointed if you have a will. An "Administrator" is appointed if you do not have a will.

Proceeds from life insurance policies and retirement benefits will pass in accordance with the beneficiary designations. In addition, property held in certain joint tenancies with a right of survivorship (e.g., joint bank or brokerage accounts with a right of survivorship) will pass to the surviving joint account holder. Therefore, you should review the beneficiary designations and account agreements to be sure they are coordinated with your intentions and with your will.

Several years ago a new law was passed allowing you to authorize another individual or entity to manage your affairs. It allows you to draft a relatively simple document known as a durable power of attorney. A durable power of attorney is a written document in which you, as the principal, designate someone you trust, such as your spouse, another family member, a friend or a professional, as your "attorney-in-fact" or "agent." Your attorney-in-fact is authorized to perform certain acts on your behalf. You may give as much or as little power to your agent as you desire. For instance, you may authorize your attorney-in-fact only to have the power to transfer your assets to a trust set up for your benefit, or the powers could be very broad and authorize the attorney-in-fact to do anything with respect to your assets, including for example, have access to your safe deposit box, manage your investments, run your closely held business, sell and transfer your assets. The powers you give your attorney-in-fact will be in effect when the document is signed. Generally, a power of attorney terminates on the disability of the principal. If the power of attorney is "durable," it will not be affected if you become disabled or incapacitated. Not all powers of attorney are durable.

As a general rule, we recommend that you contact us in the event of a dramatic change in your finances or in your family situation. For example, a substantial increase in your estate (through increased life insurance, inheritance, gifts, or successful investments) may create opportunities for tax savings, as well as necessitate further family financial planning. A substantial decrease in your net worth may also necessitate a revision in your estate plan. A divorce, marriage, or second marriage, of course, will re-open completely the matter of planning your estate. Likewise, do not hesitate to contact us anytime you have questions as to whether or not changes in tax or other substantive laws may affect your estate plan.