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November 2016 Archives

Is the probate process always necessary?

When it comes to estate administration, the word probate makes a lot of people cringe. The idea can be scary and confusing, especially to those who may not understand how it works. Thankfully, not every estate is subject to the probate process. This column will go over why probate may be necessary for estates administered in Massachusetts.

Why asset protection matters for entrepreneurs

When going through the estate planning process, one tends to focus purely on protecting personal assets and loved ones. However, for entrepreneurs in Massachusetts and elsewhere, asset protection for one's business is equally important. After all, how business affairs are handled in the event of one's incapacitation or death will affect one's personal or family situation as well.

Revocable or irrevocable trust -- which is right for me?

When planning one's estate, there are numerous things to consider -- such as how assets and beneficiaries would best be protected, for instance. Unfortunately, many Massachusetts residents may not know all of the available options open to them that will allow them to achieve such goals. Honestly, for some, creating trusts may prove to be in their best interests -- but what kind? Should revocable trust or an irrevocable trust be chosen?

Massachusetts wills 101

A will is one of the most foundational documents in the estate planning process. A will is a legal document in which a person designates who will receive one's property when he or she dies.

Why consider advance directives?

When it comes to estate planning, failing to create a plan for all conceivable situations can result in a lot of problems. For instance, in the event of one's incapacitation, who is going to make all of the important medical decisions? Having clear instructions and an assigned representative matters. For this reason, Massachusetts residents may want to consider having advance directives.