Estate Planning FAQs

Commonly Asked Questions About Estate Planning, Elder Law & Probate

What is a Will?
A Last Will and Testament is a legal document stating a person’s intention for the settlement of his or her estate with regard to naming a personal representative (formally known as “executor”), paying final debts, and disbursing any remaining assets to selected individuals.

A Will is “probated” and must be presented to the Probate Court unless all assets have been disbursed previous to death or after death under the terms of a trust, a beneficiary designation (such as IRAs, life insurance) or assets passed by operation of law, such as joint ownership with rights of survivorship.

Through proper estate planning, the attorneys at Falco & Associates, P.C. are prepared to help you establish a Last Will and Testament that will insure that your final wishes are fulfilled.
What is a Will?

What is a Living Will?
A Living Will is not a Will in the traditional sense. Whereas a Last Will and Testament is a document that distributes your estate, a Living Will is more of an expression of your preferred medical decisions and the type of care you would like to receive, especially concerning end of life issues. Although a Living Will is not legally binding in the Commonwealth, it can be used as an important tool in estate planning to guide loved ones (especially an acting health care proxy agent) on how you would like care and medical decisions handled. Falco & Associates, P.C. can provide comfort and support to your loved ones by helping create a Living Will as a way to know that the decisions they are making on your behalf are fulfilled.
What is a Living Will?
What is a Trust?
There are various forms of Trusts depending on the goals and needs of the person(s) creating the Trust as well as the person(s) whom are beneficiaries of the Trust. A Trust allows a third party, (a Trustee), to hold and direct assets in a Trust on behalf of a beneficiary. Assets in Trusts generally avoid Probate; some Trusts protect assets from long term care costs.

While every clients situation is unique in their circumstances and level of care and financial needs, the team at Falco & Associates, P.C., will assist you in creating a custom tailored Trust and estate plan that will directly address your unique circumstances.

What is a Trust?

What is a Living Trust?
A Living Trust is a Trust you create while you’re alive. The purpose of a Living Trust varies depending on the type of Trust. Some Living Trusts just avoid probate. Other types of Trusts avoid Probate AND protect assets. Still other Trusts avoid Probate, protect assets and minimize taxes.

A Living Trust names beneficiaries similar to the way a Will does. The big difference, assets in a Living Trust avoid probate and the need for the use of a Will. The Attorneys at Falco & Associates, P.C. are prepared to help you protect your hard-earned assets, avoid Probate and minimize taxes through the process of establishing a unique Estate Plan to fit your needs.

What is a Living Trust?

What is Probate?
Probate is the process of the Court’s involvement in the distribution of a decedent’s assets when those assets do not pass through a trust, joint ownership, or contract. There are different types of Probate based on the value of the Estate, whether real estate is involved, whether the family is in agreement or dispute, and several other variables. It is important to know if your Estate requires timely action in the Probate Court due to the fact that there are important deadlines that are costly to miss. The Probate team at Falco & Associates, P.C. will help your family determine if probate is necessary at all and if so, will help initiate the most efficient type of probate for your situation.
What is Probate?
What is Elder Law?

Elder Law is defined as the practice of law with a concentration in issues that affect senior citizens and their families. An Elder Law Attorney handles a range of issues that focus on the needs of the elderly, working with tools and techniques to meet specific goals and objectives.

  • Estate planning and asset preservation
  • Long term care and Medicaid planning
  • Accessing various benefits and programs to pay for care options
  • Preparing and executing living documents that prepare for possible incapacity and allow for seniors to choose trusted alternative decision makers

What is Elder Law?

Contact Us Today

Contact the Estate Planning and Elder Law Attorneys at Falco & Associates, P.C. for a FREE Consultation

Take the first steps to protecting your assets for generations to come. Whether you need legal advice setting up an estate, dealing with probate or any issue regarding elder law, our helpful and experienced attorneys can help.

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Phone: 617-472-3341
Fax: 617-472-7394

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National Academy of Elder Law Attorneys

Falco & Associates, P.C. are members of the National Academy of Elder Law Attorneys.

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Falco & Associates, P.C. is affiliated with Senior Resource Center, Inc., an ancillary care management and financial overview business.