Wakefield Massachusetts Estate Planning & Elder Law Blog

Estate planning experts recommend that Wakefield residents create a will and other important estate instruments early on in their adult lives. Yet having said this, it is also recognized that much can change over the course of one's life, and that their desires and wishes when they die may not be the same as those they held when they first created their wills. If you or a loved one are concerned about making changes to already-documented estate plans (and how those changes should be properly communicated to those who are party to the estate), not to worry; many have come to us here at the Curley Law Firm LLP with the same questions. 

The answer depends on the unique circumstances of your case. Per Section 2-507 of Massachusett's General Laws, a subsequent will is said to have invalidated either certain terms of the entirety of an earlier one if you (or your loved one) include language expressly stating that. If you (or loved one) does not include such language, then the court will look at the scope of the subsequent will. If it addresses the entire disposition of the estate, then it is viewed as replacing the earlier will. If it does not, then the court will only consider those terms that run contrary to points addressed in the initial will. 

As a part of creating an estate plan for your future in Massachusetts, you have selected someone to act as a health care proxy on your behalf. Considerable time and thought have been taken in your effort to choose someone who you trust to make the types of decisions that you would want to be made if you are ever incapacitated. At Curley Law Firm LLP, we have experience helping people coordinate a customized estate plan that coordinates with their personal needs and desires. 

Choosing someone to act as a health care proxy on your behalf is only the beginning of your efforts in this endeavor. From here, it is essential that you provide adequate information about your desires for medical treatment, as well as any potential health issues you may encounter, to help him or her to be confident in the responsibilities you have asked them to undertake. Your ability to effectively dictate your desires is also critical to your proxy's being able to act with confidence and authority when it is required that he or she stand in on important decisions related to your health and well-being. 

Especially when it comes to larger inheritances, valuation has the potential to be one of the most important steps when distributing an estate. That is because Massachusetts has an estate tax.

Your loved one probably intended for the estate to go to the heirs, and not to experience undue tax burden in the process. You could potentially help ensure this by categorizing all of the assets correctly.

When people have an inadequate estate plan in Massachusetts, their case may be turned over to a probate court where officials will determine what will become of their remaining assets. Depending on the size of the deceased's estate, probate could be costly and time-consuming. People can avoid having to resort to probate by determining that they have clearly written and legally signed plans for what will happen when they pass away. 

There are several problems that the intervention of probate could provide solutions to. Often, the process is begun by determining how much the deceased person's valuables are worth. Items such as properties, vehicles and family heirlooms are appraised to learn their value. Probate will also address the maintenance of financial records including paying off outstanding debts, closing existing bank accounts and verifying that all tax payments are updated and finalized.