Estate Planning: Thinking About the Future

By Rick Kraft | Published on September 7, 2011 | 0 Comments

Estate planning is a sensitive, multifaceted task. As an estate planning attorney in Boston, Rick Kraft has performed a lot of such sensitive work. But what are some of the most sensitive aspects of this work? As the principal of the Kraft Law Offices, Kraft explains that at the heart of successful estate planning are the beneficiaries to whom property and assets will be left – be they children, a spouse, or other loved ones.

Goal number one for a Boston estate planning attorney such as Kraft is to make sure loved ones are taken care of and that loved ones have the legal security they need to receive the property and care the provider expects they will get. Many property holders assume that, in their absence (for example, if they passed away suddenly), their entire estate would automatically pass to their children, or to their spouse, or to a long-term unmarried partner. Kraft says that it is a misconception to make any assumptions when dealing with an estate since the law is more complex than many people realize. Without the right estate planning documents, in many situations the property may not pass to the parties the owner assumed it would pass to. Remember: Assumptions and intentions aren’t enough under the law. Documents have to show who the recipients of estates will be.

For example, if an estate holder passes away, the property will not automatically all go to the person’s spouse if there are also children. Similarly, even if an estate holder had a relationship with a partner for decades but never married, the unmarried partner won’t receive any of the partner’s property, without legal documents which explicitly direct that outcome. By and large, the relationships of unmarried couples aren’t recognized by the law, says Kraft. Without the proper legal documents, unmarried partners have no rights to make legal or medical decisions for the other if one of them becomes sick, or to receive the other’s property when the other passes away. But this is where estate planning documents become critical: those documents allow everyone to designate who should make decisions for them if they become incapacitated, and who should receive their property at their death.

Such provisions have to be made in writing with a Boston estate planning attorney such as Kraft. A knowledgeable and experienced planner like Kraft will help you think through the many details involved in making provisions for passing on an estate, and making the process as easy as possible for those who will implement your wishes. Kraft says that if an estate is to be left to children, special provisions should be set into place to direct the management and administration of the property not only while the children are under age 18, but also when the children are young adults and don’t yet have the maturity and life experience to responsibly control large sums of money intended to provide for their long-term security. In that situation it’s particularly important to have a Boston estate planning attorney, such as Kraft, establish proper provisions to designate a close family friend or relative who will control the estate’s properties and funds until it’s determined that the beneficiary can responsibly take over that control. Doing so will ensure both the current and long-term security of the beneficiaries.

The secret to good estate planning is not only foresight, but also building in provisions for unexpected situations and the unpredictable. A capable Boston estate planning attorney, such as Kraft, will create broad and flexible provisions that handle both the situations you anticipate and as many of the unexpected twists and turns which life may send your way as possible.