We have gone over many different decisions that people make with regard to their estate and in this post, we will take a closer look at naming a power of attorney. There are a variety of reasons why you may come to the conclusion that this is the right option for you. For example, you could be struggling with a health issue that will leave you unable to handle important affairs. Our law office knows how essential it is for people in Wakefield and across the rest of Massachusetts to ensure that their affairs are properly managed in the event that an unexpected crisis arises or a health problem renders someone incapable of these duties.
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.
When people decide to set up an estate plan, there are many different assets they may have to review. In the digital age, this may include cryptocurrency investments, for some people. As with any other type of investment, it is essential to make sure that these assets are handled appropriately in the event that you pass away. Moreover, special considerations may be necessary due to the unique nature of cryptocurrency investments. The Curley Law Firm knows how important it is for investors across the state of Massachusetts to protect their assets and ensure the proper distribution of these funds among loved ones.
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.
While it can be unpleasant to think about, if you have minor children it’s recommended that you name a guardian in your estate plan in the event you and your spouse are deceased. The decision to name a guardian can be difficult for many people and you may worry that you’ll alienate friends or family by the choice you make. Because the process is so challenging for many parents, Forbes offers the following advice.
No matter how much you have in the way of assets, just the thought of setting up your estate plan will probably seem daunting. You might be surprised at how efficiently your planning session can be managed if you are well-organized going in.