Thomas F Williams & Associates, PC

03/29/2023

When creating an estate plan, the only thing you can do is make the best possible decisions at that particular time. However, you should come to grips with the fact that you may need to review and alter your estate plan at some point in the future.
There are particular times to consider taking action, including but not limited to the following:
• Passage of time: As you age, it’s important that you regularly review your estate plan to ensure that it still meets your wants and needs. For example, if your spouse has passed on before you, it’s likely that you’ll need to change some parts of your estate plan, such as if you’ve named them as your beneficiary on your life insurance policy. Try to review your estate plan once a year or every other year.
• Marriage or divorce: Both of these are major steps in your life, so strongly consider the impact they will have on your estate plan. Maybe you’re going through a divorce and realize that your ex-spouse is in line to receive your assets upon your death. You probably want to change this as soon as possible, so as not to take this risk.
• Expanding your family: When expanding your family, either through the birth of a child or adoption, it’s critical that you review your estate plan at the appropriate time. For instance, it’s a must to name a guardian for any children who are under the age of 18. This person takes on the responsibility of raising them should you be unable to do so, such as the result of your death.
• Change in financial circumstances: As the years go by, your financial circumstances will change. Maybe you get a big promotion and your net worth quickly increases. Or maybe you receive an inheritance or win the lottery. Regardless of what type of change your finances go through, consider the impact on your estate plan.
If you get into the habit of regularly reviewing your estate plan, you will never wonder if it’s in good working order. You’ll always have a clear idea of what it says, how to attack the future and if you need to make any changes.

09/03/2020

6 Estate Planning Steps for Families

Based on our experience, we think others should take these six steps to ensure their family knows their wishes and plans when they die or become mentally or physically incapacitated:

1. Organize your emergency information. This is more than a list of doctors and phone numbers. It should include specifics about your digital assets, bank accounts, storage rental, lawyers and financial advisers. Doing so will save your loved ones additional stress during an already stressful time and can be critical for quick decision-making.

2. Draw up a will and maybe trusts, too. Meet with an estate attorney who can give you guidance and create the proper documents. Make sure everything is as clear as possible and easily understood so there will be no questions about what you really meant.

3. Designate a durable power of attorney. This allows the person you designate to make legal decisions if you’re incapacitated. Provide as much detail as possible, including safe deposit boxes and passwords to online accounts. Without power of attorney, the courts or a third-party designated by the courts will wind up making legal decisions.

4. Prepare an advance medical directive. This document will save family members from having to make end-of-life decisions for you.

5. Open frank conversations with your parents about their financial affairs sooner rather than later. Don’t wait until they have an injury, get sick or you notice that they shouldn’t be driving anymore.
6. Tell your grown children your plans. They probably assume you have been smart with your money. Prove them right. Then teach them to put their affairs in order, too.

Call today and ask for Attorney Tom Williams or Attorney Austin McGovern to see what we can do to help you. They've helped thousands of people just like you - 617-847-4200.

09/03/2020

Have you ever asked yourself if you really need a will?

Well, what does a will really do?

A will is a legal document that dictates the distribution of assets when you die. A will sets a plan in motion for your belongings and assets if you pass away. If you die without a will there is no plan only state law.

If you pass away and have a will:

Your property and assets will be distributed according to your wishes.

If you pass away and don’t have a will:
State law governs who gets your property and assets—this is called “dying intestate.”

Property does not also get where or to who it was intended for. Causing confusion and arguments between loved ones who thought they were supposed to get certain property.

Usually, your spouse and/or children will take priority and inherit your stuff, but that’s not necessarily true.

If you don’t have a spouse or kids, then it’s more complicated.
Probating an estate can take a long time resulting in costly legal fees and a lengthy hold up receiving the inheritance.

When do you really need a will?

Arguments can be made that it is always better to have a will, but there are a few specific categories of people who really do need a will.

Are you married? Yes, you do need a will.

If you are married, then you need a will because your spouse is someone who is so closely tied to you that it’s important for you to put in writing whether she or he gets your assets upon your death.

Traditionally, your spouse would likely inherit your things even if you die without a will, but you shouldn’t leave that up to chance. Additionally, if you want anyone other than your spouse to receive any of your assets, you would need to include that in your will because that isn’t the default.

Do you have kids? Yes, you do need a will.

Kids are likely to inherit your assets if you die without a will after your spouse, but not 100% of the time. This means that if you want your kids to inherit after your spouse, then you need to put that in writing so there is no room for error or interpretation by the courts. Additionally, if you don’t want one of (or all of) your kids to inherit, then that needs to be in writing.

It is possible you want your kids to inherit from you but it also possible that you do not want your children to inherit from you. It is better to decide before the state decides what the kids receive.
Another reason why a will is important is to plan accordingly for minor children. When you are gone who is going to take care of your children? Who is going to make sure there is a roof over their heads, and make sure they are taken care of? A will allows you to name an executor of your estate and a guardian of your children. The executor is responsible for distributing your assets, and the guardian is responsible for raising your children. Who you name as executor and as guardian is important to how your children inherit and how they are raised.

A will is not permanent in regards to children. For example if you have another child, you will need to update the will in order to include the child.

Do you have a positive net worth? A will is a good idea.

It is possible that you are single with no children and have a positive net worth. If you die what happens to this? Consider obtaining a living trust which goes into effect right after it’s signed. This allows you to dictate what happens to your assets you worked so hard to get.

If you have assets that need to be distributed when you die, it is almost easier to have a will or a trust.

Are you elderly or want to help your elderly parents? A will as well as an estate plan is a good idea.

With the cost of assisted living homes and nursing homes rising exponentially every year planning for the future has become a must. An estate plan is not just about passing your wealth to your loved ones, it’s about providing for independence and control as you age. Having a will that records your wishes with your property and assets helps alleviate adding extra stress to family members who may already be struggling to provide care for you.

If you fall into one of these categories or want to be prepared in the unfortunate even of your death make sure you hire an estate attorney to draft it for you. A will can help your family avoid conflict when you die, and it is not something you should draft yourself. Let us know if we can help you plan for your future. Call us today for a free consultation to see what we can do to help you. (617)-847-4200

09/03/2020

Many people have heard of a living trust, but not do understand how they actually work and how they may protect a person and his family.

Most individuals first hear of trusts in the context of extremely affluent families passing down wealth from generation to generation and believe trusts would be of no use to them. This is false! Living trusts can be used by most families and can be a very useful estate planning tool.

A living trust allows a person to select property he or she owns that will be distributed upon his or her death by an individual he or she previously chose.

Using a living trusts as an estate-planning tool will help loved ones avoid the frustrations of probate, expensive legal fees, and valuable time.

While the creator of the trust is alive, there is no need to pay any special taxes, the property in the trust may be managed and sold at anytime, and the trust itself may be modified or cancelled. The benefits associated with drafting a living trust far outweighs the cost of having one drafted. Simply avoiding the legal cost of probate can save your beneficiaries thousands.

To find out whether a living trust would be beneficial to you and as an estate planning tool please contact the Law Offices of Thomas F. Williams and Associates.

03/16/2020

In light of all the news regarding the spread of the Coronavirus (COVID-19), we want you to be aware of the preventative measures we are taking to keep our office environment clean and our clients, staff and other visitors as safe as possible. We are practicing social distancing, including not shaking hands and spraying/wiping down all surfaces, including tables, chairs, door handles, phones/computers in all rooms and common areas. We have latex gloves, tissues and hand sanitizers available in our waiting area, conference rooms and desks. We understand everyone's concerns, particularly older adults, those who may be more at risk for any reason and/or your concern for loved ones at home. We also understand that your estate plan is important for your peace of mind and will do everything possible to ensure your needs are met through this trying time. If we need to cancel in person meetings or if you are unable to come to the office for your appointment, we will conduct as much business via telephone as possible with follow up as needed and when normal business practices are resumed completely. Please call us, and we will work together to find a comfortable and safe way to continue to serve your estate planning and real estate needs.

02/25/2020

Need to be close to the Quincy Courthouse? Need easy access to major routes to Boston and beyond? We've got office space for you!

Looking for an office or two? We have the perfect solution. Across from the Quincy Courthouse, close to major routes to the North and South Shore. Reasonable rate, flexible terms, free parking for you and your clients and many amenities. Call Jim Barrett, 617-847-4200, ext. 219 for more information.

02/18/2020

Tom's holding his Free Seminar in Brockton again in March! Don't miss out... Share with your family, friends, coworkers!

02/12/2020

The attorneys at Thomas F. Williams & Associates can answer all of your questions regarding Estate Planning, Elder, Real Estate, Family and Personal Injury Laws. For over 45 years we have helped people protect their hard-earned assets with the RIGHT Estate Plan for their needs, the RIGHT divorce and...

01/28/2020

Don't forget to sign up for this free seminar!

Free Estate Planning Seminar!