After writing a will, it is critical to store it in a place that is easily accessible to all relevant parties. A copy should remain at home, and the person's attorney should also retain a copy.
Estate planning can offer a number of benefits, many of which have been discussed on this blog. For some people, however, creating an estate plan can also result in stress. For example, some people may be unfamiliar with the steps that will need to be taken when creating an estate plan, and others may be unsure of which estate plan will serve them best and how to divide their assets among loved ones. These are just some of the estate planning matters that can generate stress, but tackling these concerns appropriately can reduce negative feelings and even lead to a sense of relief.
When you work on your Massachusetts estate plan, you may do so with the intention of leaving as much of what you have behind for your family or loved ones as possible, but estate taxes can throw a wrench in the works. Depending on where, exactly, you live, estate taxes can take up a substantial portion of your legacy, which can significantly reduce the amount you have to leave behind for your loved ones. At Curley Law Firm LLP, we recognize that lowering your estate tax burden is an effective method of maximizing your wealth, and we have helped many people accomplish this and similar estate planning objectives.
In Massachusetts state law, there is a distinct difference between heirs and beneficiaries. Though both are involved with the property left behind by a loved one after their passing, the way they are treated by the law isn't the same.
If your parents have a lot of debt, you have probably wondered if you will inherit this in Massachusetts. The complicated answer is that it all depends. There are a lot of procedures and laws behind how creditors make their claims and what the government allows them to take.