If a person passes away and they have not made a will at the time of their death, they are referred to under the law as dying intestate. When a person dies intestate, the probate court usually deals with the situation, and there are certain benefits to this.
When you enter retirement, it is likely that you will start to think about how you would like your assets to be used at the end of your life. It is very common for those planning their estate to decide that they would like a portion of their assets to go to their grandchildren. However, while they have all the best intentions for these assets to be inherited by their grandchildren, it is likely that they also have concerns about large sums of money being inherited by young people, and want to make sure that the assets will be used in a wise way.
As the years pass by, it is common to start thinking about making a will. Making a will is something that many people do not look forward to doing, and often people are overwhelmed by the several options they have, and become confused by the legal jargon.
We've all heard it before; estate planning is an important part of life. In fact, it is one of the most important things you will ever do. When you plan your estate, you are securing your future and the future of your dependents. You are ensuring that all of your assets and property go exactly where you want them to go at the time of your death. You are also protecting your own rights should you no longer be able to care for yourself mentally, physically and financially.
When a person is disabled or has been diagnosed with an illness which means they will be eventually unable to make their own decisions, they often think about the need for a guardianship. A guardianship involves a person appointing another adult that can make legal and important decisions on their behalf when they are unable to.
When creating a will, it's only natural to turn your attention to your assets and who you want to name as your beneficiary (or beneficiaries).
The probate process can be every bit as complicated as it sounds, with disagreements between family members and beneficiaries often leading to litigation.
Eleven years after his death, you would assume that James Brown's estate would have been settled by now. Unfortunately, this isn't the case. Instead, things remain at a standstill.
While a charitable trust isn't the right estate planning tool for everyone, it's something you should at least consider. As you learn more about the benefits, you may come to find that it's something you can work into your estate plan.
As a resident of Massachusetts, there may come a time when you need to create a will. Like most, you'll begin to think about this early in life as to give yourself the peace of mind you deserve.