Wakefield Massachusetts Estate Planning & Elder Law Blog

We have written about some of the reasons for guardianship, such as an adult who is struggling with a mental handicap which leaves them unable to take care of themselves. Guardianship is a great way for people who are unable to care for themselves to receive the support they need on a regular basis, but there may be times when a particular guardian is no longer providing someone with the level of care they deserve. Becoming a legal guardian is an important responsibility, and some people are not ready to handle these duties.

If you are worried about the welfare of your loved one and want to reverse legal guardianship, it is crucial to take a careful approach and be prepared to prove to the court that such an action would be in the best interests of the ward. You should be aware of all your options and you should also think about potential complications that could arise. Unfortunately, many wards have been mistreated or have suffered because their guardian failed to take care of them properly. Moreover, there are times when a guardian may no longer be able to provide his or her ward with proper care because they have become mentally or physically incapacitated themselves.

There are a number of reasons why you may need to go over your will again, such as the loss of someone you love or filing for a divorce. If you are considering bringing your marriage to an end, or if you have already completed the divorce process, it is crucial to make sure that you do not overlook any necessary revisions to your will. Outside of divorce, there are other significant changes that may occur in your life involving your loved ones, and it is important to be aware of how these changes could affect your will.

Sometimes, people marry someone else after splitting up with their previous spouse. Marrying a new person can also necessitate revisions to a will, so it is vital to take this into consideration if you are planning on remarrying after a divorce. For example, you may have stepchildren you wish to include in your will. Moreover, there are other life changes involving family members, such as the birth of a grandchild, which may prompt you to revise your will.

A living trust is an estate planning document that many Wakefield residents use to place their assets into a trust for their own benefit while they are still alive. Upon a trustee's death, or should a trustee become disabled, the assets within the trust transfer to his or her beneficiaries. The purposes of a trust are many, but the main reason that individuals opt to use trusts instead of wills is to avoid probate and all its costs.

According to Bankrate, trustee fees typically only amount to about one percent of total asset value. Compare that to a state's executor fee schedule, which typically looks something like the following:

•       5 percent on the first $100,000 in assets
•       4 percent on assets totaling $100,000 to $200,000
•       3 percent on assets totaling $200,000 to $700,000
•       2.5 percent on assets of up to $4 million

At Curley Law Firm LLP, we understand that the Massachusetts laws regarding the estate of a person who died without a will can seem complex. If your loved one did not designate someone to take care of his or her financial and personal property, the responsibilities of probate administration fall to the spouse. However, you may want to step in and take care of these responsibilities to lessen the stress for the spouse during this time of grieving. 

According to Mass.gov, here is what you need to do: