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.
If you are the executor of an estate that exceeds the Massachusetts exclusion amount of $1 million, you may have some questions about paying the estate taxes.
We have covered some of the different issues that arise with respect to wills, but it is important to keep in mind that certain events (such as a death or divorce) or a change of heart may necessitate key revisions to an estate plan. For example, you may need to change the executor of your will because the previous person you had assigned these responsibilities to is no longer capable of serving as the executor or you do not want them to have these responsibilities. There are a number of important points to keep in mind when it comes to naming an executor.
When it comes to wills, there are all sorts of different challenges that may arise and our law firm has covered many on this blog. However, there are far more questions and concerns that people may have with respect to their will, such as changing the executor. There may be a variety of reasons why you have decided to change the executor, from ending your marriage to becoming estranged from the person you have named the executor or losing confidence in their ability to carry out these responsibilities. Regardless, it is important to approach these issues with care.
There have been horror stories. Here’s one of them: A member of a longtime same-sex couple dies and his or her surviving partner seeks to settle the estate only to find that they have been shut out entirely. No inheritance, no nothing. Not even a place to live as the survivor’s name was not on the title of the house.