There are certain cases where individuals may not follow the usual division of an estate. Those parties who are part of blended families, in particular, may embark upon unequal division of their estates.
If you are ready to begin your estate plan, you may be thinking about who to name as beneficiaries in your will, and how you can divide assets fairly. However, not everything goes in a will. At Curley Law Firm LLP, our legal team assists people in identifying which assets to include in the will, and which may need to be addressed through other methods.
If you are considering whether or not to implement a life insurance policy into your estate plan, you are probably busy comparing the pros and cons of your decision. While your investment in a policy would undoubtedly provide a measure of financial security for your loved ones in Massachusetts, there are many other valuable reasons why you may consider buying life insurance.
One important element to remember about estate planning is that it is rarely a singular process. Wakefield residents asked to serve as executors or personal representatives may be asked to continue to serve in (or return to) the roles over a period of months, years or even decades. This is especially true in cases involving intellectual and artistic assets, as the future use of those assets will have to be done with the permission (and at times, the oversight) of the estate. In certain cases, litigation may even result of an estate-protected element's representation.
A testamentary irrevocable trust is a trust that a representative creates after the grantor's death based on the terms of the grantor's will. Because the only person who can change the terms upon which the trust is created is the creator him or herself, the trust becomes irrevocable. However, it is important to note that, contrary to popular belief, a grantor can change the terms of the trust during his or her lifetime. If you are beginning to plan your estate in Massachusetts, there are a few reasons you should consider using an irrevocable trust.