Because Massachusetts residents undoubtedly want to ensure that their children and other family members are taken care of in the event of their demise, they may want to take the time to consider their options for bequeathing assets. When it comes to estate administration, the details left in a will play a significant role in how assets are distributed, but extenuating circumstances could affect that administration. For instance, if property is left to individuals who are not ready to receive it, outside parties could step in.
If a parent hopes to leave life insurance polices or the funds in bank accounts to his or her children, it’s important to take the children’s ages into account. If a considerable amount of money is bequeathed to a child and the parent passes away while that child is still a minor, the child will likely not have the proper means to handle the funds. As a result, the state will likely step in and appoint someone to control the funds for the child.
Before any assets left through a will can be distributed, the estate must go through probate. Because this process can sometimes stretch over an extended period, parties may wish to ensure that their heirs and beneficiaries will not need the property immediately. If a person hopes to bequeath assets more quickly, establishing a trust may be an appropriate solution.
Estate administration can differ from person to person. Because of that, Massachusetts residents may wish to take a close look at their estates and what their administration may entail. Experienced attorneys can help interested individuals understand this and help them plan an estate that will address all relevant concerns.
Source: Forbes, “Pass On Your Assets Wisely: How To Choose The Right Beneficiaries“, Mark Eghrari, May 30, 2017