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Posts tagged "Wills"

Including pets in wills

The family pet is, for many Massachusetts families, more than just a companion or living possession; these animals are members of the family. However, many owners are unsure of how to ensure that their beloved pets are taken care of after they are gone. Bequeathing money directly to a pet can often be problematic, but there are ways for pet owners to construct their wills in a way that protects and ensures the care of their pets.

Wills and their beneficiaries

Making an estate plan or writing a will can be difficult or confusing for many people. However, few people wonder what they should do when named as a beneficiary. People across the nation are bequeathed money or other assets through wills every day. In some cases, as some Massachusetts residents know, beneficiaries may not be expecting to receive anything from the deceased, and they may be unsure of what to do when they are named in a will.

Wills and how they can help your loved ones

Protecting loved ones and ensuring that assets are divided quickly and fairly after their deaths are major concerns for a large number of Massachusetts residents. Some will leave unofficial instructions or hope that other family members will be able to divide the assets that they left behind. Unfortunately, not leaving a last will and testament can cause family members of the deceased to have to undergo lengthy and expensive legal battles. Wills can help to protect an individual's assets and ensure that they are divided amongst the beneficiaries without additional legal costs.

Including pets in wills

Pets are valued members of many families across the country. In fact, there are many people living in Massachusetts, as well as many other states, who are including their pets in their wills. There are cases where owners have left thousands or even millions of dollars to their pets specifically for their care. This money is often used to pay for food, grooming and veterinary care. 

Wills and naming beneficiaries

There are many people who have difficulties creating an estate plan. Some are unsure of what they wish to include in their wills, and others know what they wish to include but are unsure of how to do so. Naming beneficiaries can be especially confusing for some. However, there are some tips that Massachusetts residents may find helpful when naming or changing beneficiaries. 

Digital asset protection

Nearly everyone has a digital presence today. Technologies such as social media and email have made it possible for people from Massachusetts to Hawaii to stay connected to one another. Many people also have important documents stored online, or they use the internet to access financial accounts. Unfortunately, because technology is advancing so quickly, laws and other policies are often forced to play catch up. People are realizing that many asset protection laws or policies do not cover a significant portion of their digital assets. 

Updating wills and estate plans

It can be difficult for a person to decide how to divide his or her assets after death, but it can also be comforting to have a plan in place. However, after writing a will, it isn't unusual for some people to put the document away and not look at it again for several years. People living in Massachusetts, or any other state, may wish to dust off their wills and see if revisions are needed. Over the years, laws and tax codes have changed, and wills and estate plans may need to change with them in order to remain effective.

Leaving instructions in wills for beneficiaries

By now, most people across the country, including Massachusetts, have heard about the passing of the famous playboy Hugh Hefner. While many may not have agreed with his lavish and somewhat scandalous lifestyle, some individuals may be surprised to find themselves agreeing with the stipulations left in his will. Many people may be unaware of what stipulations or instructions can be included in their wills.

Using only wills may not benefit sizable Massachusetts estates

When Massachusetts residents have sizable estates, they may have concerns when it comes to carrying out estate planning and end-of-life wishes. Some parties may think that creating wills can allow them to execute good-enough plans that address their desires when it comes to having their surviving loved ones handle the estate. However, some individuals may want to utilize additional planning tools.

Waiting too long to create wills could have negative impacts

Procrastination is an issue with which many Massachusetts residents struggle. The idea of putting off a task until a later time often seems appealing, but of course, serious issues could come about in certain situations if the task gets put off for too long. For instance, if individuals do not create their wills or address other estate planning needs soon enough, complications could arise.