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June 2014 Archives

Estate Planning: How to Alter a Valid Will

While reviewing your estate planning documents, the occasion may arise when a change must be made to a will. The question is, how does one alter a valid will?
When one wants to change their already drafted will, it can be done through a couple of pathways including: adding another aspect to the will, taking out a part of the will, or revoking the whole will. Once the initial will is drafted, it should be periodically amended to keep up with one's accumulation or depletion of assets and changing relationships, etc. Life is not static, so it only makes sense to go over a will every so often through the stages of life as long as one is of the proper age and sound mind.

Estate Planning: Life Estates

When discussing life estates, questions often arise, such as what rights does the grantee have? What are the advantages and disadvantages of a life estate? A life estate occurs when a grantor conveys a property to a grantee, or a remainderman, giving the grantee all legal rights, or the remainder interest, of the property after the grantor dies. In this particular conveyance, the grantor continues to have an interest in the property until their death. The interest allows the grantor to continue to utilize the property.

Specific Bequests in a Will

In the process of making a will, a testator can be "specific, general, or demonstrative" in how their belongings will be disbursed after their death. A specific bequest dives into the specific personal items that the testator wants to give; the language of a specific bequest uses the language of "my and me" to denote the possession of the testator. Usually when we think of items involved in a will, we think of tangible items that can be touched and used in everyday life. When putting a tangible item into a specific bequest it is necessary to use the possessive language. For example: my diamond necklace that I've had for twenty years. Sometimes, these specific bequests can be outside of the will itself and mentioned in a memorandum instead; the memo would be referenced in the will. The only problem with putting specific bequests in a memorandum is that memorandums cannot be amended unless under certain situations, whereas wills can be amended as much as a testator wants.

The Benefits of a Revocable Trust

When it comes to formulating an estate plan, there are so many benefits of a revocable trust. A revocable trust is a trust created by a grantor during their lifetime, and it is a trust which can be revoked or amended by the grantor during their lifetime. A revocable trust is a beneficial avenue to take when dealing with estate planning because of five different reasons.

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Casey & Lundregan, P.C.
71 Washington Street
Salem, MA 01970

Phone: 978-224-8893
Toll Free: 800-785-3588
Fax: 978-745-3607
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