Wakefield Massachusetts Estate Planning & Elder Law Blog

People can begin making most types of estate plans as soon as they turn 18. However, most people do not seriously consider these documents until they are much older. There are many types of documents to have on the books in the event you become incapable of making decisions on your own. As a result, it is a good idea to have both healthcare proxies and a living will even though Massachusetts does not recognize living wills. However, living wills are still good to create because they can guide physicians and agents of what to do regarding your health. 

While both have their benefits, it is important to be aware of the ramifications of each type of estate plan. Creating both helps ensure a doctor follows your wishes in the event you cannot communicate.

You set up a trust years ago, and you've been putting assets such as your home in Massachusetts into it, updating it as needed. After all, you are determined that your beneficiaries get all of your assets with as few tax consequences as possible. However, what if the unthinkable happens before you have a chance to make the most recent updates?

FindLaw explains that a pour-over will ensures that your assets are transferred to your trust when you die, even if they are not mentioned in any other of your estate planning documents. Say for example that you recently purchased a valuable collection, and you die before you can adjust your will or transfer it to the trust. Without a pour-over will, the state would distribute that asset to your heirs based on intestacy laws. But a pour-over will specifically declares that any assets not mentioned in any other document should still be moved to the trust and distributed according to the directions of the trust.

Trustees shoulder a lot of responsibility, and when people set up irrevocable trusts as part of their Massachusetts estate plan, they generally put a lot of thought into whether to choose a person, a professional or an institution. After the designation is made, however, there may be times when a person discovers the choice was not ideal. 

FindLaw explains that a trustee should be replaced when that person or institution does not act in the best interest of the beneficiaries. Mismanagement of assets and breach of fiduciary duty are two such actions. Because trustees must typically be able to communicate effectively with beneficiaries, if there is a breakdown in communication or hostility develops, this is also a valid reason for designating a new trustee.

You have recently come to the conclusion that it is time to name a legal guardian to take care of your children in case something tragic ever happens to you and your spouse. While it may seem relatively simple to choose someone you trust in Massachusetts, have you ever considered the potential that you offend someone you love because you did not choose him or her? Fortunately, there are effective ways that you can carefully navigate around feelings while still choosing someone who you are completely comfortable with. 

Selecting a guardian requires you to pay significant attention to the lifestyle, parenting techniques, location, financial stability and even the ages of the people or person you select. Skipping any one of these important details may create a major hurdle when your chosen person takes over guardianship. In an effort to minimize the emotional and physical stress on your children after your passing, your best bet is to carefully assess each of the aforementioned aspects.