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FREQUENTLY ASKED QUESTIONS

We aim to take the complexity out of estate planning.  We are often asked questions. While many of these questions can be answered in our blogs or elsewhere on this site, here are a few of the most common questions we are asked.

1. I am not wealthy or I have no assets, why do I need an estate plan?

Estate planning is about much more than your assets or your wealth. It is relevant both in life and in death.  It can determine who can make decisions on your behalf, who can care for your children, and alleviating the burdens on surviving family members when you pass.  It is also about planning and anticipation. Just because you do not have much today, it does not mean that you will not acquire much in your lifetime. A well thought out estate plan is one of the most caring things you can do for yourself or your loved ones.

2. Doing an estate plan is expensive. Can I do my own or do I need an estate planning professional?

You absolutely can do your own estate plan. As a matter of fact, there are many online document production services that will save you the expense of working with a professional. However, we would never recommend this option. Do it yourself estate plans can be easily contested,can leave loopholes where unintended beneficiaries can benefit from your estate, and may be considered invalid from the start. There may also be tax consequences.  An estate plan not well written may end up costing you or your loved one’s much more money and stress down the road. Avoid this option if you can.

3. What will happen if I pass away without a will?
Your state's laws determine how your assets will be distributed if you pass away intestate (not having made a will). In Massachusetts, intestacy law provides that your next of kin will inherit your estate. If you are married, this would be your spouse. If you are not married or your spouse predeceases you, your next of kin (closest blood relatives). There are many layers to this and if you are a Massachusetts resident, we would be happy to provide you with further details on the specifics.
4. If I pass away, who will raise my children?

This is such a difficult question and it is one that is so important. If you fail to have an estate plan that expresses your wishes about who will raise your children, then that decision will fall to a judge who will be responsible to decide what is in the best interest of your child with little or no knowledge of your child, your family, or your wishes. In fact, if you are a parent of a minor child or children or have other legal dependents this may very well be your number one reason to not delay estate planning.  Because the long term care provisions for your children are outlined in your will which only comes into play when you pass away, it is also important to take steps that ensure your child will be cared for by someone you choose in the event of incapacitation where your child or children may need temporary care. 

5. How do I include cryptocurrency in my estate plan?

If you own cryptocurrency, you must leave detailed instructions for accessing it and ensure that one or more trustworthy people know about your crypto and how to find these instructions. Since accessing crypto can be a complex process, consider including terms in your estate plan allowing your fiduciary to hire an IT consultant or designate a separate co-fiduciary, known as a digital executor, to help them manage your digital assets.

Like other assets, crypto passes through a Will or Trust, and we can advise you on the planning vehicle best suited for your situation. From there, specify in your Will or Trust the person(s) you want to inherit your digital currency and include instructions on how you’d like it managed after your death.

However, NEVER provide the account info, login data, or passkeys for your crypto in your estate plan, especially your Will, which becomes public upon your death.

As your Personal Family Lawyer®, we can help ensure all of your digital or otherwise assets are protected, preserved, and passed seamlessly to your family following your death or incapacity.

For more information, please see our click here: ESTATE PLANNING AND CRYPTOCURRENCY - Envision Estate Planning LLC  

Contact Us

CONTACT US FOR ANY QUESTIONS

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    Contact Us

    FREQUENTLY ASKED QUESTIONS

    We aim to take the complexity out of estate planning.  We are often asked questions. While many of these questions can be answered in our blogs or elsewhere on this site, here are a few of the most common questions we are asked.

    1. What will happen if I die without a will?

    Your state's laws determine how your assets will be distributed if you die intestate (not having made a will). In Massachusetts, intestacy law provides that your next of kin will inherit your estate. If you are married, this would be your spouse. If you are not married or your spouse predeceases you, your next of kin (closest blood relatives). There are many layers to this and if you are a Massachusetts resident, we would be happy to provide you with further details on the specifics.

    2. Doing an estate plan is expensive. Can I do my own or do I need an estate planning professional?

    You absolutely can do your own estate plan. As a matter of fact, there are many online document production services that will save you the expense of working with a professional. However, we would never recommend this option. Do it yourself estate plans can be easily contested,can leave loopholes where unintended beneficiaries can benefit from your estate, and may be considered invalid from the start. There may also be tax consequences.  An estate plan not well written may end up costing you or your loved one’s much more money and stress down the road. Avoid this option if you can.

    3. I am not wealthy or I have no assets, why do I need an estate plan?

    Estate planning is about much more than your assets or your wealth. It is relevant both in life and in death.  It can determine who can make decisions on your behalf, who can care for your children, and alleviating the burdens on surviving family members when you pass.  It is also about planning and anticipation. Just because you do not have much today, it does not mean that you will not acquire much in your lifetime. A well thought out estate plan is one of the most caring things you can do for yourself or your loved ones.

    4. If I die, who will raise my children?

    This is such a difficult question and it is one that is so important. If you fail to have an estate plan that expresses your wishes about who will raise your children, then that decision will fall to a judge who will be responsible to decide what is in the best interest of your child with little or no knowledge of your child, your family, or your wishes. In fact, if you are a parent of a minor child or children or have other legal dependents this may very well be your number one reason to not delay estate planning.  Because the long term care provisions for your children are outlined in your will which only comes into play when you die, it is also important to take steps that ensure your child will be cared for by someone you choose in the event of incapacitation where your child or children may need temporary care. 



    Contact Us

    CONTACT US FOR ANY QUESTIONS

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