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May 2017 Archives

Wills, healthcare proxies may bolster basic estate plans

When it comes to estate planning basics, many Massachusetts residents may think that having a will can cover their needs. While it is true that wills have a multitude of benefits, there are other planning documents that may also prove just as important. In fact, these documents could come in handy while a person is still alive, and not just after death.

If used correctly, a revocable trust could help avoid probate

Choosing to utilize planning tools other than wills commonly occur during individuals' estate planning. For many Massachusetts residents, a revocable trust could come in handy if they hope to avoid probate or allow certain assets more protection. However, while this tool can prove beneficial in theory, parties may only be limiting themselves if they do not use their trusts to their full potential.

Estate planning can help plan guardianships in Massachusetts

Estate plans have a variety of uses, and many Massachusetts residents may only know the surface benefits of such plans. Though individuals can create wills to distribute property, they can also utilize their plans to address guardianships or conservatorships that may be necessary after their deaths. Addressing the need for such appointments ahead of time could prove crucial to many people.

What kind of taxes will apply to my father's estate?

If you recently lost a loved one, financial concerns are probably the last thing on your mind. You're going through the grieving process and this takes time. Let's say, for example, your father passed away, and you're his only heir. It will now be up to you to navigate the probate process and other legal concerns.

Dividing land, other assets in wills can have complications

Having children often results in parents having to find creative ways to ensure that each child receives his or her fair share. These shares could relate to minor things such as treats or toys to more significant property as the kids grow older. Most often, individuals want to leave their children equal portions of their parents' estates in their wills, but that tactic may not always be fair. 

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