Flat-Fee Estate Planning in Hopkinton, MA: What Clients Need to Know

ByKen Collinson
Flat-Fee Estate Planning in Hopkinton, MA: What Clients Need to Know

Estate Planning With Lifetime Planning in Mind

At Collinson Law Office, lifetime and estate planning is designed to provide security and benefits throughout your life and your family’s lives—offering clarity and comfort no matter what life brings your way. Clients come at many stages: starting a family, preparing for retirement, responding to a health or financial concern, or managing an estate for someone who did not plan. Through conversation and counseling, many discover the value of a comprehensive suite of planning tools rather than relying on just a single document.

You can read more about this approach on our Lifetime and Estate Planning page.

Our Flat-Fee Agreement Policy

Collinson Law Office uses a straightforward flat-fee agreement policy. You will know your fee before making any commitment, and the fee is based on your goals and the work required to achieve them. Often, these fees are significantly less than those charged by many other practices.

With no hourly billing, clients are free to ask questions throughout the planning process. This encourages a more thoughtful and open collaboration, allowing clients to become fully comfortable with their decisions.

Clients who complete their lifetime and estate planning with the firm may choose to become Annual Advising Clients for a modest yearly fee. This program provides ongoing counseling throughout the year, support when circumstances change, guidance before making financial or personal decisions, adjustments to existing documents, and an annual review meeting.

Key Components of Lifetime and Estate Planning at Collinson Law

Collinson Law structures lifetime and estate planning around two key parts: designing and executing the planning documents, and ensuring the planning is properly funded. This combination ensures that plans function correctly when needed.

Below are the key components:

HealthCare Documents

HealthCare Documents authorize trusted individuals to make medical decisions and access necessary information if you cannot do so yourself. These documents are also important for parents of adult children, who become legally independent at age 18.

Powers of Attorney

A Power of Attorney allows a chosen individual to act in financial and legal matters. These may take effect immediately or upon disability.

Revocable Trusts

Revocable trusts are often the central tool in contemporary planning. They allow seamless transition of management during different stages of life, enable backup trustees to act when necessary, and provide for distribution of assets after death. These trusts can be adjusted during the client’s lifetime.

Last Wills

In modern planning, the Last Will serves as a backup to the trust. It directs any property not already owned by the trust to be transferred into it upon death.

Irrevocable Trusts

Irrevocable trusts may be used for asset preservation but are not appropriate for all situations. Transfers into such trusts are permanent and must be considered carefully with an attorney.

Personal Property Memorandum

This document outlines how specific items of non-titled personal property—such as jewelry, artwork, or tools—should be distributed after death.

Memorial Memorandum

A Memorial Memorandum allows clients to express their wishes for what should happen after they pass away, offering guidance and comfort to loved ones.

Details on these documents can be found here.

Why Funding Is Essential

A well-crafted estate plan only works if it is properly funded. Many families believe they have an adequate plan, only to find that their trust was never funded and therefore would not work as intended. Collinson Law Office assists clients throughout the funding process, including coordination with HR departments or financial planners, to ensure that assets are properly titled.

Why Clients Choose Collinson Law

Clients seek our services for many reasons, including entering a new life stage, responding to health or financial concerns, or experiencing firsthand the challenges of managing an unplanned estate. Many initially seek one document and discover the value of fuller planning. Across situations, the shared goal is peace of mind: knowing that their wishes are in place and their loved ones will not face unnecessary burdens.

Schedule Your Flat-Fee Estate Planning Consultation

If you are ready for a clear, transparent, flat-fee approach to estate planning in Hopkinton, Collinson Law Office is here to help. Schedule a consultation to speak with an attorney, discuss your goals, and begin building a plan that fits your needs.

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  • Frequently Asked Questions About Estate Planning

    ByKen Collinson

    Estate planning is a crucial aspect of managing your assets and ensuring your wishes are carried out after your death or upon your becoming incapacitated. Here are some frequently asked questions about estate planning:
    What is estate planning?
    Estate planning is the process of arranging for the transfer of your assets in the event of your death or incapacitation. An effective estate plan is designed in two parts. The first part is to deal with the implications of a sudden occurrence which leaves you unable to make decisions for yourself, and the second half is to ensure that upon your death, your assets are distributed in accordance with your wishes. There is much more to estate planning than this, but these are the basics.
    Why is estate planning important?
    Imagine if you could provide for your family’s financial security, have decisions in place regarding your healthcare and guardianship forms in place in the event something unforeseen occurs and you need your children cared for. This is why an estate plan is important. These documents can save a lot of grief, time, and money for your loved ones in the event you should become disabled or lose your life unexpectedly.
    When should I start estate planning?
    Any person who has assets, a family member who has a disability, or has significant wealth should have an estate plan in place. You are never too young to have an estate plan if you have assets which do not have designated beneficiaries.
    What documents are typically included in an estate plan?
    Your estate planning documents outline your wishes regarding asset distribution, healthcare decisions, and the management of your finances. This may involve trusts, wills, guardianship documents, powers of attorney, or health care proxies. Since each estate plan is customized, your estate plan will look different than other’s estate plans.
    What is a will, and why do I need one?
    A will is a legal document that outlines how you want your assets distributed after your death. It allows you to name an executor to carry out your wishes and specify guardianship for minor children if needed. If you die without a will (known as intestate) then the Commonwealth of Massachusetts will ultimately use their guidelines for distribution of your assets.
    What are trusts?
    A trust is a legal arrangement where a trustee manages assets. During your lifetime, you would be the trustee and the successor trustee would be able to take control of your assets immediately upon your death or incapacitation.. Trusts can be used to avoid probate, manage assets for minor children, and provide for special needs individuals. One of the most significant advantages of trusts is privacy. Unlike a will, trusts are not required to go through the probate process meaning there is no public record of your estate.
    How does estate planning help minimize taxes?
    Proper estate planning can help minimize estate taxes by using strategies such as gifting, setting up trusts, and taking advantage of tax exemptions. We will discuss the various ways that your estate plan can help minimize the taxes your loved ones will have to deal with following your death.
    What happens if I die without an estate plan?
    If you die without an estate plan, your assets will be distributed according to the laws of the Commonwealth of Massachusetts. This distribution may not align with your wishes. The probate process could also be more time-consuming and costly.
    Can I make changes to my estate plan?
    Yes. It is important to remember that it is essential to review and update your estate plan regularly. Any significant life events such as marriage, divorce, the birth of children, or changes in financial circumstances would warrant making changes.
    Do I need a lawyer for estate planning?
    While it’s possible to create some basic estate planning documents on your own, consulting with an estate planning attorney is advisable. There are several reasons for working with an attorney including their knowledge of the laws of the Commonwealth and their understanding of the importance of a customized plan that works for you and helps meet your needs and goals.
    Estate planning is a personal process. The specifics can and should vary based on your individual circumstances. At Collinson Law, we will help you design an estate plan that helps meet your long-term goals.