Are you newly-married? We encourage our clients to consider basic estate planning at the time of these life changes. By executing a will, you can provide for your new spouse to receive property from your estate according to your wishes and her needs. Without a will, upon your death, property will pass according to the statutory law of the state in which you were domiciled before your death. This is called the law of intestate succession, and it may or may not correspond to your desires. For newlyweds with small estates, ownership of property as joint tenants with right of survivorship, or tenancy by the entireties may be an acceptable solution. However, there are additional issues to consider involving contingencies for double tragedy and needs of parents and siblings.

Expecting a Baby?    You can also name a guardian for your child, to take care of your child in the event that both you and your spouse were to die while your child is a minor. If you have a proposed guardian who would be a good person to take care of the child, but the person does not have the skill to manage money left for the child, you may also appoint someone to carry out that separate role. While no one likes to think of tragedy, the comfort of having made suitable plans offers a small measure of relief. Most wills executed by younger clients are never needed, and are revised many times during a lifetime. Nevertheless, they provide you with the comfort of knowing that your wishes will be carried out . You can provide for your child according to your own priorities, and if you have more than one child, you can provide for allocation of resources according to the particular needs of each child through an appropriately structured trust. While you are considering a will, you should also consider whether you would like to execute a power of attorney and a health care proxy.

Please contact our office at (781) 237-7766 or send an email inquiry to hwc@jamesoncooper.com if you would like to discuss any of the topics listed above.

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