Some trust beneficiaries in Massachusetts are capable of responsibly handling trust assets. However, others are a bit more reckless with their spending. For times when a trust creator (grantor) wants to protect intended heirs from themselves, one option is what's termed a spendthrift trust.
Chronic illness affects more than 130 million Americans. However, many families in Massachusetts dealing with conditions like multiple sclerosis, Alzheimer's or Parkinson's don't reflect this reality in their estate plans. As a person ages, their chances of being impacted by chronic illness rises quickly, but people of all ages should account for present and possible conditions in an estate plan. This means including provisions for a variety of issues related to health and aging.
If you are one of the few adults in Massachusetts who have visited a legal professional to start the process of making an estate plan, you deserve a hearty congratulations. Not only are you protecting your wishes for your assets and belongings, but you are also saving your loved ones the confusion and frustration of dealing with an unprepared estate.
Massachusetts residents can include transfer on death accounts in their estate plans to help their beneficiaries avoid having to go to court to resolve issues with the estate. These types of accounts can be used to move assets without having them included in a will, which can be helpful for people without a will or trust.