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July 2015 Archives

What is the purpose of a special needs trust?

A person can have special needs as the result of a variety of situations. A disability could be genetic, occur at birth or be the result of a catastrophic accident. Regardless of how a Massachusetts resident became disabled, he or she may be entitled to assets through an inheritance, a settlement or some other means. Using a special needs trust to hold those assets can provide unique protections for the disabled person.

Are wills really that important for Massachusetts residents?

Many Massachusetts residents might be questioning whether or not they really need an estate plan. Wills may not seem to be that important since family members still have to file paperwork with the probate court. That may be true, but without wills, the time spent in probate often takes longer, costs more and often results in an individual's assets being distributed contrary to what the decedent would have preferred.

Wills do not dictate where every asset will end up

Massachusetts residents are urged to review their estate plans periodically to ensure that they continue to meet their goals. However, many people forget to review the beneficiary designations made on retirement accounts and life insurance policies when they are opened. Wills do not dictate where these assets will go upon death.

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