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June 2014 Archives

Accounting for all assets, including digital ones

The purpose of an estate plan is to be sure that family is aware of how a Massachusetts resident's estate is to be administered in case of incapacitation or death. In order to effectively do so, family needs to know about every asset the individual owns, including digital ones. Without this information, crucial assets and liabilities could go unnoticed.

Advance directives do not always work, ask Casey Kasem's family

As many Massachusetts residents are aware, Casey Kasem lent his voice to both television and radio for decades. Now, he is lying in an out-of-state hospital dying, and his family is fighting over how it will happen despite the fact that he signed an advance directive in 2007. His dilemma illustrates how sometimes families end up in court despite their loved ones having advance directives.

The probate process is harder without an up-to-date estate plan

Without an up-to-date estate plan, there is little to no guarantee that a Massachusetts resident's assets will end up with the person or persons intended. This will also make the probate process more difficult for family members, since they have no guide as to how an individual wanted his or her property distributed after death. There could also be additional time and costs expended in order to settle the estate.

Do rich, young people need wills? The answer is yes

The last thing on many young people's minds is their own mortality. Wills are for older people with children, right? Wrong. Young people who are rich and do not have children may not think they need a will, but they do. Otherwise, a Massachusetts resident's assets might not be distributed according to his or her wishes if he or she meets an untimely death.

More people need to consider long-term health care planning

As the population of the United States gets older, planning for retirement may not be enough. Massachusetts residents may want to consider long-term health care planning as well. Putting a plan in place to pay for the possibility of a need to be moved to an assisted living center or nursing home can provide an individual and his or her family with options they may not otherwise have when the time comes.

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