Call to schedule an appointment or house call

Local : 617-379-0022

Toll Free : 866-591-4451

View Our Practice Areas

May 2014 Archives

Be sure to update beneficiary designations on retirement assets

Who will receive an individual's retirement account upon his or her death? One person is named in the will, and another is named on the beneficiary designation filled out by the decedent back when the account was opened. Many people in Massachusetts would make the assumption that the assets in the account would be given to the person named in the will. However, that would be an incorrect assumption.

What to do when adult children become incapacitated adults

Upon turning 18, one of the last things a newly emancipated adult and his or her parents think about is what would happen if he or she ended up in the hospital, unable to make decisions regarding his or her health care and finances. However, the possibility of adult children becoming incapacitated adults does exist. Without an estate plan, gaining access to a child's health care information and finances could require a trip to a Massachusetts court.

Choosing a trustee for an irrevocable or revocable trust

Many Massachusetts residents create trusts. Whether it is an irrevocable or revocable trust, one of the most important decisions the creator of a trust can make is choosing a trustee. People are often advised to review their trusts periodically to be sure the trust complies with current law and still meets the creator's goals. However, it is also important to review whether the trustee is still the best person to administer the trust.

Making estate administration less complicated

When a Massachusetts resident dies, the estate will be distributed in accordance with his or her estate plan. Knowing a person's wishes makes estate administration easier, but without some basic basic awareness of an estate plan, things can become unnecessarily complicated. Important, but often neglected, parts of estate planning include making a list of all assets, accounts and debts. Moreover, it's vital to keep the information up to date.

Massachusetts residents sometimes forget possessions in wills

Many Massachusetts residents have estate plans providing a certain percentage of their estates to their heirs. This may be helpful when it comes to the individual's money, but it may not work when it comes to personal possessions. Without some additional consideration in people's wills as to what will happen to possessions such as artwork, furniture and even the china, families can end up in court fighting over an object never considered by the maker of the will.