It is never easy to deal with the issues that come with the end of life. People and their families often have some issues approaching estate plans such as wills and powers of attorney simply because they don't know how to start the conversation. But the love that keeps families together is the same love that makes people face these issues.
If you're thinking of putting your assets into a trust to leave to your heirs, you have a lot of options. A few common types of trusts include:
You have considerable assets to leave to your children. Two of them are very responsible with money. The third one isn't.
The highest court in Massachusetts has ruled that when a spouse isn't mentioned in a will, they will receive one-third of the deceased spouse's estate. That recent decision of the Supreme Judicial Court has set a precedent for dealing with blended families.
You develop your estate plan to try to make sure all runs smoothly after you pass away.
We hear the term "trust fund baby" and think of children who attend boarding schools, go on to Ivy League colleges and summer in the Hamptons or Europe in between.
When planning your estate, it is likely that you will have read about the different types of trusts. But the differing types of wills are less frequently discussed and explored.
Many people choose to create trust funds for the benefit of their loved ones. Trust funds have a great number of benefits, and they are not only for the extremely wealthy. If you are starting to plan your estate in the state of Massachusetts, it may be worthwhile for you to take the time to understand more about their benefits.
The probate process can be lengthy and costly. Therefore, it is understandable that many people have concerns when they have to deal with the process. There are many ways to avoid probate. However, if there is a will, it must go through the probate process.
Any person with considerable assets should start to think about planning their estate as early as possible. If you are a business owner, it is likely that you will want to leave a legacy for your descendants and that you will hope the business will thrive for many years to come.