After someone dies, the person named as executor of the estate must find the will and have it probated in Massachusetts probate court. If the executor cannot find the will, it could delay the process and keep the beneficiaries from receiving their inheritances in a timely way.
3 places to store a will
Preserve an inheritance through a generation skipping trust
The federal government has set up estate tax laws that deplete an inheritance every time it is passed from one generation to the next. Caring.com explains that people in Massachusetts who want to avoid this double and triple taxation on their wealth may be able to ensure their grandchildren and great-grandchildren receive more of their inheritance by setting up a generation skipping trust.
Understanding the process of estate planning can prevent mistakes
One of the last things that many Massachusetts families consider doing is planning their estate. For many folks, they do not see the value in spending time and resources to plan their future when their immediate situation is satisfactory, comfortable and successful. However, people who fail to plan ahead and take initiative when it comes to preparing their estate, may be in for a rude awakening when their assets are not distributed the way they would have envisioned. Their procrastination can also create major stress and contention for surviving family members.
When an adult with autism needs a guardian or conservator
Many parents in Massachusetts take care of the special needs of their children with autism without a second thought as to their authority to be a child’s decision maker. However, when their child becomes a legal adult, things change.
Difference between living wills and healthcare proxies
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.
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