The importance of having a Will.

Planning for the unexpected is always necessary, no matter your age or the amount of assets you have. Many people think that their assets are not valuable enough to necessitate a Will. On the contrary, a properly executed Will is one of the most important estate planning documents one can have. A Will gives you control over the disposition of your hard-earned assets and makes the process of handling your estate easier for your loved ones during an already difficult time.

If you die without a Will, also known as dying intestate, your property is distributed according to state law. These distributions may not be in accordance with your wishes. For example, all your assets may go directly to your children, when you wished to provide for a close sibling; all property may go to one person, when you wished to leave specific items to several different people. Without a Will, your wishes are left unconsidered as your assets are distributed according to statute. Having a Will allows you to decide which assets you would like to go to particular friends, family members, or even charities. It allows you to leave specific items to whomever you wish or divide your assets amongst loved ones in equal or differing percentages. Most importantly, it gives you the right to decide how your assets are distributed.

Another important aspect of a Will is the appointment of a Personal Representative. This person is responsible for managing your estate. They will file paperwork with the court, manage your estate, distribute assets according to your Will and eventually close the estate once all distributions have been made. By appointing a Personal Representative, you are able to select someone you trust to handle your estate. Without this appointment, there is the potential for a conflict among your family members, added expenses in administering your estate, and the final decision could result in the Court appointing someone you would not have otherwise chosen yourself.

Planning for the future with a properly executed Will ensures that your wishes are adhered to, even after you are gone. If you already have a Will it may need to be updated as well. Contact Attorney Kayla E. Boehlen at (413) 730-4455) or kayla@law-eb.com to draft a Last Will and Testament that meets your needs.

Do I need an estate plan?

The past year and the ongoing pandemic have underscored just how fragile life can be, and—perhaps most significantly—just how essential it is to prepare for unexpected circumstances. Now, more than ever, preparing an estate planning is of paramount importance. Your estate plan allows you to conscientiously provide for your family after your death and forever sidestep unenviable questions such as:

Who will take care of my children when I am gone?

What happens to my assets when I die?

Who will deal with my financial affairs if I am unable?

From wills and trusts to health care proxies and powers of attorney, a comprehensive estate plan ensures that your wishes are adhered to upon your death or incapacity, reduces the your loved one’s stress during a difficult time, and saves money in the administration of your estate. In the coming weeks, Ence & Boehlen, PLLC will present “Benefits of Estate Planning,” a series that will give insight into the options and the importance of the estate planning process. Contact Attorney Kayla E. Boehlen at (413) 730-4455 or kayla@law-eb.com to customize an estate plan that will afford you invaluable peace of mind.

Will Bankruptcy take everything I own?

Many people struggling with debt fear the bankruptcy process because they worry that they’ll lose everything, their home, cars, personal belongings, etc., to creditors in order to satisfy their outstanding debts.Not all of a debtor’s assets are collectible by creditors in bankruptcy.The U.S. Bankruptcy Code recognizes that a debtor needs to retain certain assets in order to rebuild their credit and a more secure financial future.As a result, there are a series of exemptions, both under state and federal law that may exempt for collection many of a debtor’s assets and items of property, including personal belongings, often a vehicle or even their home.This list of exemptions is not all-inclusive, but it is intended to help a debtor achieve a fresh start by allowing them to rebuild with certain assets and personal property so they can find financial success.