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June 2018 Archives

What do you need to know about personal representatives?

Whether you have a will or not, when you die, someone has to take over the duties related to legally closing your Massachusetts estate (unless all your assets are jointly owned or distributed to beneficiaries named in, for example, life insurance policies, retirement accounts or trusts). This estate administrator, known as your personal representative, has many responsibilities while probating your estate. 

Do you need a pour-over will?

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?

Different ways divorce may affect your estate plan

There are a wide variety of issues that couples often have to work through when they end their marriage and in the wake of their divorce. From financial matters such as property distribution, child support payments and alimony to custody disputes and parental relocation, divorce can be a tricky time for many people. Moreover, there are other issues that may need to be closely examined when a marriage is terminated. For example, someone who has an estate plan may need to make revisions once their marriage has been brought to an end.

When a trustee should be replaced

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.