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June 2015 Archives

Study says full guardianships recommended most often

Massachusetts parents who have special needs children typically reach a point where that child will reach the age of majority. At that point, parents can lose the right to make decisions on their behalf. Many of those parents look into the possibility of obtaining guardianships in order to continue caring for their children.

Use a revocable or irrevocable trust for life insurance proceeds

Many Massachusetts families purchase life insurance policies to provide for their minor children if they pass away. However, a minor child cannot inherit the proceeds. Without a revocable or irrevocable trust to hold the proceeds upon death, family members will have to spend additional time and money to be appointed as the guardian of the minor child in order for the funds to be distributed.

Family members benefit from a loved one's estate planning

Most Massachusetts residents are already aware of the benefits they receive by creating an estate plan. The benefits are not only for the person doing the estate planning but also for that person's family members. The more comprehensive the plan, the less work family members may have to do if a relative becomes incapacitated or passes away.

What is the probate process?

Most Massachusetts residents have been told at one time or another that they should create an estate plan in order to avoid probate. Some residents, however, are not quite sure what the probate process entails and why it should be avoided. Two of the biggest reasons are that it can be time consuming and costly.