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April 2016 Archives

No will? The fate of Prince's assets could take years to resolve

By now, nearly everyone across the globe has heard about the passing of music legend Prince. Considering how protective the artist was when it came to his music, it might surprise Massachusetts readers that it appears that he had no will. It could take years before the fate of his assets is decided.

Estate planning for a second marriage focuses on asset protection

Finding love for the second time can be exciting, but it can also create an estate planning challenge -- especially if there are children from a prior marriage involved. When a Massachusetts resident is getting married for the second time, asset protection becomes a focal point. Many people want to provide for their new spouses in the event of their deaths, but they also want to ensure that their existing children are not denied their inheritances.

Contemplating the probate process is often uncomfortable

The fact of the matter is that everyone will die someday, and many people could end up incapacitated beforehand. Most Massachusetts residents would accept these statements to be true, yet when it comes time to contemplate how they would like the probate process to go when they pass away, it can be uncomfortable. In fact, it can be uncomfortable enough that many people fail to engage in estate planning even when they know they should.

For many people, the hardest part of estate planning is beginning

No one likes to contemplate his or her own demise or a time when someone else may need to make important decisions because he or she is not able. That may be why one of the hardest decisions for most Massachusetts residents to make is to begin the estate planning process. Once begun, other decisions can be made that will give the individual and family members peace of mind that a plan is in place.