Estate Planning For Young Families In The Greater Boston Area: Where To Start

If you recently had a child, bought a home, or found yourself thinking more seriously about the future, you may have wondered whether it is time to put an estate plan in place. For young families in the Greater Boston area, the answer is almost always yes, and the sooner the better. Estate planning is not just for the wealthy or the elderly. It is for anyone who has people depending on them.

Why Young Families Cannot Afford to Wait

Many young parents assume estate planning can wait until later in life. The reality is that the years when children are small are precisely when a plan matters most. If something happens to both parents and no plan exists, Massachusetts law steps in to decide what happens to your children, your home, and your assets. That outcome may look very different from what you would have chosen.

A will is the only legal document through which Massachusetts parents can nominate a guardian for their minor children. Under M.G.L. c. 190B, § 5-204, a guardian named by a parent in a valid will or written appointment has priority over other potential candidates when a court makes its determination. Without that nomination, the Probate and Family Court decides who raises your children, a process that can be contested and uncertain.

The Core Documents Young Families Should Consider

A comprehensive estate plan for a young family typically involves more than a will. The full picture often includes:

• A last will and testament naming a guardian for minor children and directing the distribution of assets
• A revocable living trust, which can hold assets for children until they reach an appropriate age and can help avoid probate
• A durable power of attorney, naming someone to handle financial matters if a parent becomes incapacitated
• A health care proxy, designating someone to make medical decisions if a parent cannot do so
• Beneficiary designations on life insurance policies, retirement accounts, and other financial assets, which pass outside of a will entirely

Each of these documents serves a distinct purpose, and gaps in any one of them can create problems.

What Happens Without a Plan in Massachusetts?

If a Massachusetts resident dies without a will, the state’s intestacy laws govern who inherits. Under M.G.L. c. 190B, Article II, assets pass to a surviving spouse and children according to a fixed formula that may not reflect the family’s actual wishes. Assets intended for a child may pass outright at age 18 rather than being held in trust until the child is more financially mature. Life insurance and retirement accounts with no named beneficiary can be subject to probate and delays.

For young families still building wealth, the structure of how assets pass and who controls them can matter enormously.

Reach Out to Our Team Today

At Fisher Law, LLC, we understand that starting an estate plan can feel overwhelming, especially when life is already full. We are here to make the process straightforward and to help you put a plan in place that truly reflects your family’s needs and goals. Contact our Norwood estate planning lawyers today to arrange a confidential initial consultation. We serve young families throughout Norwood, Dedham, Westwood, Walpole, and the Greater Boston area.

Source:

mass.gov/info-details/mass-general-laws-c190b-ss-5-204