In many cases, a Massachusetts resident who has a trust won't necessarily need a will. This is because the trust has many of the same testamentary capabilities as a will. However, the estate owner should remember that a trust needs to be properly funded before they pass on. Otherwise, a bank account, home or other asset must go through the probate process. During the probate process, a judge determines who an item should go to.
How to start the estate planning process
Estate planning may be an uncomfortable task to undertake. However, all Massachusetts residents will die at some point. Therefore, it is important to take time to determine how assets will be distributed after this happens. It can also be a good idea to think about what a person would want if he or she became mentally or physically incapacitated. An estate plan can be structured so that another person can make decisions for an incapacitated individual.
