New Hampshire Wills & Trusts Attorneys

Helping You Plan for the Future

To create a good estate plan, you need to have the right estate planning tools in place. Most people can benefit from a will and at least one form of trust to supplement it. Figuring out the details of these tools can be complicated, though, which is why you should always team up with a legal professional.

Wyskiel, Boc, Tillinghast & Bolduc, P.A. offers comprehensive estate planning services to the people of New Hampshire, including the creation and management of wills and trusts. If you would like to make your future a little less stressful, then please contact our firm today.

Contact a New Hampshire Wills & Trust lawyer by reaching out to us online or at (603) 742-5222 today!

What is a Will?

In simple terms, a will – also called a last will and testament in some contexts – is an estate planning document that allows you to explain how you would like your property and responsibilities distributed when you pass away. If you pass away without having created a will, then your loved ones will have a more difficult time figuring out your final wishes. The state might even have to get involved with how your estate is managed, and no one benefits much from that.

The benefits of your will can include:

• Clearly deciding who will inherit what and why.
• Choosing who will take care of your children when you can’t.
• Expediting the probate process by explaining your wishes thoroughly.
• Donating to charity to lower the estate tax.

When Should You Write Your Will?

While you do not technically need to create a will, you should all the same. Most people can benefit from a will, even if they don’t realize it.

Wills can help bring peace of mind to people who are:

• Elderly
• Parents
• Business owners
• In possession of a high-value estate

Because most people can benefit from having a will, there is really no wrong time to create one. When you do write your will, though, you should not just freehand it. Allow our New Hampshire wills attorneys to guide you through this process, so you can know that your intentions are clearly recorded and can be followed as intended when you pass away. Also, we can sign your will as an official witness to its creation, which should dramatically reduce the risk of any interest parties contesting the will’s validity.

What is a Trust?

When you want to give certain assets to a trusted party as part of your estate plan and you don’t want to wait until you pass away, you can use a trust. Trusts establish a fiduciary agreement between you and the person named as the beneficiary, executor, or administrator. Most trusts are used to allow someone else to manage an asset or responsibility for you while you are still alive but unable or unwilling to handle those matters yourself. Upon your passing, the asset or responsibility in the trust can fully transfer to the ownership of the executor.

Benefits of a trust include:

• Keeping certain assets entirely out of probate
• Increasing privacy for your estate and family members
• Minimizing or avoiding certain estate taxes
• Improving direct control of asset distribution

What Types of Trusts are There?

Trusts do not come in just one form, so creating a trust can be tricky if you don’t have estate planning knowledge. Let our team determine what type of trust is the right fit for your estate and what you want to do with your assets.

Different types of trusts include:

• Revocable
• Irrevocable
• Living
• Joint
• Testamentary
• Charitable
• Special needs
• Asset protection
• AB
• And more

In estate planning, the most common types of trusts are revocable, irrevocable, and special needs. Revocable trusts – which are essentially the same as living trusts – are usually seen as temporary solutions because they do not provide in-depth asset protection. Irrevocable trusts are stronger but, as the name suggests, cannot be changed or undone once established without significant complications and costs. A special needs trust creates a lifelong care plan for a loved one with special needs who currently depends on you for assistance and support.

Importance of Updating Your Will and Trusts

Updating your will and trust regularly is crucial to ensure your estate plan continues to reflect your current wishes and life circumstances. Here’s why and how often you should review your documents.

Why Regular Updates Matter
Life events can drastically change your situation, which might require adjustments to your estate plan. Regular updates help:

• Ensure your assets are distributed according to your current wishes.
• Reflect any changes in family dynamics (e.g., marriages, divorces, or births).
• Adapt to changes in tax laws or financial status.
• Prevent disputes among family members by keeping everything clear and current.

What Needs to Be Updated
Certain events in your life should trigger an update to your will and trust. Consider revisiting your estate plan if you experience:

• Marriage or Divorce: You may need to change beneficiaries or update your spouse's role as executor or trustee.
• Birth of a Child or Grandchild: Adding new beneficiaries or naming guardians for minor children.
• Acquisition or Sale of Assets: Adding significant assets, such as property, to your estate plan, or removing ones you no longer own.
• Changes in Health: Adjusting your medical directives, powers of attorney, or even trustees if necessary.
• Changes in Beneficiaries: Updating who will receive your estate, especially if relationships change.

Powers of Attorney and Advance Directives

In addition to a will and trust, certain documents are key in managing your affairs during illness or incapacity.

• Healthcare Power of Attorney: Appoint someone to make medical decisions for you if you can’t do so yourself.
• Financial Power of Attorney: Choose someone to handle your financial affairs if you are incapacitated.
• Living Will/Advance Directive: Outline your wishes for medical treatment and life support, ensuring your desires are followed in critical situations.

Estate Planning for Blended Families

Blended families face unique challenges when it comes to estate planning, as different family members might be entitled to assets or inheritances.

• Special Considerations: It’s important to ensure that both biological and stepchildren, as well as ex-spouses, are addressed appropriately in your will and trust.
• Strategies for Protecting Assets: Techniques such as creating separate trusts for children from previous marriages or ensuring that assets are distributed fairly to avoid family disputes.

Digital Estate Planning

Managing digital assets is becoming increasingly important in modern estate planning.

• Managing Online Accounts: Consider how to transfer or manage your social media accounts, digital currencies, and online financial accounts after death.
• Creating a Digital Will: Incorporate instructions for your digital estate in your planning, ensuring your loved ones have access to critical online accounts.

Common Estate Planning Mistakes to Avoid

Avoiding these mistakes can save your family time and money after your death.

• Not Having a Will or Trust: If you pass away without a will, the state will determine how your assets are distributed, which can lead to family disputes and a lengthy probate process.
• Failing to Account for All Assets: Be sure to include all assets, such as life insurance policies, retirement accounts, and personal property, in your estate plan.
• Not Naming a Backup Executor or Trustee: Ensure your plan includes backup choices for executors and trustees in case the primary individual cannot fulfill their duties.

Probate Process in New Hampshire

The probate process is often necessary when a person passes away without a living trust, but it can be time-consuming and costly.

• What is Probate?: Probate is the court process for distributing the deceased person’s assets. It can take several months or even years, depending on the complexity of the estate.
• How to Avoid Probate: You can use trusts, joint ownership, or beneficiary designations to avoid the probate process.
• Probate Timeline and Costs: The probate process in New Hampshire typically takes six months to a year, and can involve court fees, lawyer fees, and other costs. A well-crafted estate plan can help reduce these costs and streamline the process.

By regularly updating your will and trust, you ensure that your estate plan reflects your current wishes and reduces the risk of complications later on. Having the right documents in place, including powers of attorney and advance directives, is essential for ensuring your preferences are followed during life and after death.

Frequently Asked Questions (FAQs)

• Why do I need both a will and a trust?
  A will outlines how you want your assets distributed after your death, while a trust allows you to transfer assets to a trustee for management during your life or after death. A trust can help avoid probate and ensure quicker and more private distribution of assets.
• How often should I update my will and trust?
  It’s recommended to review your will and trust every 3-5 years, or after any major life event, such as marriage, divorce, the birth of a child, or a significant change in assets.
• Can I make changes to my will after it's been written?
  Yes, you can modify your will after it has been created. To ensure the changes are valid, you must amend your will through a legal process called a "codicil," or you can draft a new will.
• What happens if I die without a will?
  If you pass away without a will, the state will distribute your assets according to New Hampshire's laws of intestate succession. This could lead to family disputes, and your wishes may not be followed. 
• What is the difference between a revocable and an irrevocable trust?
  A revocable trust can be changed or canceled by the creator at any time, while an irrevocable trust cannot be altered once established. Irrevocable trusts provide more protection from creditors but offer less flexibility.
• Do I need an attorney to create a will or trust?
  While you can create a will or trust without an attorney, working with an estate planning attorney ensures that the documents are legally sound and address all your needs properly, reducing the risk of future disputes.
• Can I include digital assets in my will or trust?
  Yes, you can specify how your digital assets, such as social media accounts, online banking, and digital currencies, should be handled in your will or trust. It’s important to include detailed instructions for access and management.

Choose Our Firm for Caring Legal Assistance

Getting into the details of wills and trusts is not that fun – unless you actually made a career out of doing it as we have! Allow our New Hampshire wills and trusts lawyers to assist you with your estate plan from start to finish. We take pride in creating simple-to-understand estate plans for clients in our communities and from all walks of life.

Want to speak with our team today? Dial (603) 742-5222 now.