• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • WHO WE ARE
    • About Our Firm
    • Attorney and Staff Profiles
    • News and Events
  • Areas We Serve
    • Essex County, MA
      • Andover
      • North Andover
    • Hillsborough County, NH
      • Manchester
      • Nashua
    • Middlesex County, MA
      • Concord
      • Lexington
      • Wakefield
      • Winchester
      • Woburn
    • Rockingham County, NH
      • Exeter
      • Londonderry
      • Salem
  • Services
    • Asset & Business Planning
    • Elder Law & Medicaid Services
    • Estate And Gift Tax Figures
    • Family-Owned Businesses & Farms
    • Legacy Planning Services
    • LGBTQ Estate Planning
    • Loss Of A Loved One
    • Pet Planning
    • Power Of Attorney
    • Probate and Trust Administration
    • SECURE Act
    • Special Needs Planning
    • Young Families
  • Elder Law
    • Coping with Alzheimer’s
    • Hospice Care
    • Medicaid Planning
    • Nursing Home Planning
  • Resources
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder law reports
      • Elder Law Resources
        • Elder Law Resources – Londonderry, New Hampshire
        • Elder Law Resources North Andover, Massachusetts
        • Nashua, New Hampshire Elder Law Resources
        • Woburn, MA Elder Law Resources
    • Estate Planning
      • Estate Planning Articles
      • Estate and Gift Tax Figures
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Free Seminars
    • Frequently Asked Questions
      • Asset Protection Planning
      • Business Planning
      • Charitable Gifting
      • Estate Planning
      • Elder Law
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Trust Administration & Probate
      • Wills and Trusts
    • Newsletters
    • Pre Consultation Form
    • Presentations
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss Of A Loved One
      • Probate Resources
        • Nashua, New Hampshire Probate Resources
        • Probate Resources – Londonderry, New Hampshire
        • Probate Resources – North Andover, MA
        • Probate Resources – Wakefield, Massachusetts
        • Woburn, MA Probate Resources
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
    • Published Books
  • Live Seminars
    • Online Seminars
    • In-Person Seminars
  • Videos
  • Contact Us
  • Blog
  • Reviews
    • Our Reviews
    • Review Us

DeBruyckere Law Offices, PC

Serving Southern New Hampshire & Essex Country, Massachussetts

Call us today(603) 894-4141

(978) 969-0331

Online Seminars
Attend Free Seminar
Home » Estate Planning » How Can Inheritance Planning Help My Loved Ones?

How Can Inheritance Planning Help My Loved Ones?

August 17, 2017Estate Planning

Inheritance planning

Have you put off creating an estate plan because you didn’t think you really needed one yet? If so, you are not alone. Despite understanding the importance of inheritance planning, over half of all Americans do not have even a basic estate plan in place. Like you, most of them are under the impression that they don’t have a large enough estate yet to warrant an estate plan and/or that the cost of creating an estate plan isn’t justified. You don’t need to have a valuable estate though to benefit from estate planning. Moreover, not having an estate plan in place often costs your loved ones much more than creating one would have cost you. Often, the strongest motivation for inheritance planning is knowing how it will help your loved ones if something happens to you.

What Is Inheritance Planning?

As the name implies, inheritance, or estate, planning refers to creating a plan that will determine what happens to your assets when you are gone. A comprehensive estate plan, however, can do much more than just decide who gets what when you are gone. It can also do things like protect you and your loved ones in the event of your incapacity, plan ahead for your retirement and the need for long-term care, and even address specific concerns such as special needs planning or business succession planning.

How Your Loved Ones Benefit from Your Inheritance Planning

One reason people tend to put off creating an estate plan is the simple fact that they prefer not to dwell on the eventuality of their own death. While this is certainly understandable, it is important to remember that your death will affect your family and other loved ones. For this reason alone, it is important to sit down and create an inheritance plan. Doing so will benefit your loved ones in numerous ways, including:

  • Having a funeral plan in place. Having to make important decisions regarding your funeral and burial while they are still grieving your loss would be very difficult for your loved ones. By including a funeral plan in your overall estate plan, you can save your loved ones from having to make these decisions when they are emotionally not prepared to do so.
  • Ensuring that funds are immediately available through non-probate assets. Upon your death, your estate must go through the legal process known as “probate.” Assets required to go through the probate process will be tied up or months, even years, until the probate process reaches a conclusion. Some assets, however, are not required to go through probate. These non-probate assets pass immediately to the intended beneficiary upon your death, providing much needed funds for your loved ones to survive on while the rest of your estate goes through the probate process. Some common examples of non-probate assets include:
  • Assets held in a trust
  • Proceeds of a life insurance policy
  • Certain types of jointly held property
  • Accounts with a designation of “Payable on death (POD)” or “Transfer on death (TOD)”
  • Providing transparency with regard to inheritances. If you die without an estate plan in place the Massachusetts intestate succession laws will determine what happens to your estate assets. This means that only close family members will inherit from your estate. Specific gifts you promised to people will not be honored. In fact, your estate assets – including family heirlooms and special items – may need to be sold to create the required division of assets according to the intestate succession laws. By creating an estate plan both you and your loved ones are able to know exactly what will happen to all of your estate assets when you are gone.
  • Protecting assets now and in the future. In order for your assets to help your loved ones when you are gone, or if you become incapacitated, those assets must be protected so they are available when the time comes. Inheritance planning allows you to do just that. For example, assets can be placed in a trust where they are out of the reach of creditors now and available to be distributed in installments to the beneficiaries at a later date, thereby protecting the assets now and avoiding the inherent risks of giving a young beneficiary a lump sum inheritance down the road.

Contact Us

If you have additional questions or concerns regarding inheritance planning, contact the experienced Massachusetts estate planning attorneys at Debruyckere Law Offices by calling (603) 894-4141 or (978) 969-0331 to schedule an appointment.

  • Author
  • Recent Posts
Daniel DeBruyckere
Daniel DeBruyckere
Attorney Daniel A. DeBruyckere has been practicing law in New Hampshire and Massachusetts since 1998, and has helped hundreds of clients with their estate planning and elder care issues. He is very well respected in the area of estate planning, probate, trust administration, elder law issues, and business planning.
Daniel DeBruyckere
Latest posts by Daniel DeBruyckere (see all)
  • Concerned about Leaving a Large Inheritance? A Trust May Be the Solution - January 19, 2021
  • If You Are a Parent Estate Planning Is Essential - January 14, 2021
  • Is It Too Late for Medicaid Planning to Help Me? - January 12, 2021

Other Articles You May Find Useful

What Is an Incentive Trust?
Providing for Your Spouse If He/She Is Not a Citizen
DeBruyckere Law Offices, PC | Estate Planning & Medicaid Attorneys
Estate Planning — 3 Mistakes to Avoid
What the 2020 Election Could Mean for Your Estate Plan
A Time for Thanks and Community
Fair Isn’t Always Equal and Vice Versa

DeBruyckere Law Offices, PC

Download our free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
  • This field is for validation purposes and should be left unchanged.

Subscribe to Our Newsletter

Please fill out the form below:
  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

Blog Subscribe

  • This field is for validation purposes and should be left unchanged.

Testimonials

I felt complete trust and confidence in Dan DeBruyckere and his staff. They have a caring, low-key approach and there is no pressure to add products to the estate plan; rather he makes me aware of changes in the law, etc. I always learn something new to assist me in our planning!

LN

Your seminar was the only seminar we attended without financial advisors wanting to invest our money instead of protecting it! The information this firm provided was easy to understand even though it is a difficult topic. Thank you for all of your help!

HR

We both felt so comfortable in they way our Estate Planning was handled. We felt like someone was watching out for our best interest. Everyone we worked with at the firm was thorough, and explained everything in a way where we could walk away feeling like everything was complete.

RS

A truly great experience all the way through. Felt like we were a part of the family! Thank you.

LW

We could not have picked a more qualified law firm. Everyone that we came in contact with made us feel at ease.

Happy Client

We were very impressed with the statements put forth by Dan at the Seminar. We were impressed even more by their down to earth approach and the efficiency they accomplished it all.

Charles

Londonderry Office

Londonderry Office
One Verani Way
Londonderry, NH 03053
Phone: (603) 894-4141

See Larger Map Get Directions

Nashua Office

Nashua Office
76 Northeastern Boulevard, Unit 31B
Nashua, NH 03062
Phone: (603) 894-4141

See Larger Map Get Directions

North Andover Office

North Andover Office
231 Sutton St, Suite 1B
North Andover, MA 01845
Phone: (978) 686-4645

See Larger Map Get Directions

Woburn Office

Woburn Office
444 Washington Street, Suite 503
Woburn, MA 01801
Phone: (978) 969-0331

See Larger Map Get Directions

By Appointment Only

BEVERLY OFFICE

Beverly Office
900 Cummings Center Suite 204-U
Beverly, MA 01915
Phone: (978) 969-0331

See Larger Map Get Directions

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Map

dadlawoffices_sidbr_map
  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
footer-logo

© 2021 DeBruyckere Law Offices
All Right Reseved.

Attorney Advertisement

© 2021 American Academy of Estate Planning Attorneys, Inc.