Sheehan Phinney

Mark Bartram is a member of Sheehan Phinney’s Estate Planning Group, focusing his legal practice on trusts and estates with extensive experience in estate planning, trust and fiduciary administration, and probate matters. For more information please contact Mark
at mbartram@sheehan.com or (603) 627-8326.

Q: How can I determine whether I need a will, a trust, or both as part of my estate plan, what key documents should every adult have in place, how often should an estate plan be reviewed or updated, and how can proper estate planning help minimize taxes, fees, and delays for my heirs?

A: Estate planning begins with understanding your goals, assets, and family situation. Whether you need a will, a trust, or both depends on factors such as the size and complexity of your estate, whether you own real estate in multiple states, your privacy concerns, and whether you want to avoid probate. A will directs how assets are distributed and names guardians for minor children, while a trust can manage assets during your lifetime, provide continuity if you become incapacitated, and help avoid probate delays.

Every adult should have several core documents in place. These typically include a will, a durable power of attorney for financial matters, a health care power of attorney, and an advance directive or living will. Depending on your circumstances, a revocable or irrevocable trust may also be appropriate.

Estate plans should be reviewed every three to five years or whenever a major life event occurs. Events such as marriage, divorce, the birth of a child, a significant change in assets, relocation, or changes in tax law should trigger a review.

Proper estate planning can reduce taxes, administrative costs, and court involvement. By structuring assets thoughtfully and clearly documenting your wishes, you help ensure a smoother, more efficient transfer of wealth to your heirs.