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July 2020 Archives

Are all assets subject to the probate process?

Designing an estate plan that meets all of one's wants and needs can be somewhat challenging. Wanting to get it right so that one is fully protected, assets go to the right people, and loved ones can avoid arguments and a lengthy probate process is certainly understandable. Asking questions is the only way to ensure the final product meets one's goals. One common question asked by Massachusetts residents is: Are all assets subject to the probate process?

Disinheriting a homophobic family member

Because so many people in this country still have prejudices against those in the LGBT community, same-sex couples may have issues with certain family members inheriting any of their estate. Simply leaving someone out of a will may not be enough, as a family member could challenge a will in court. Even if the challenge is not successful, the legal expenses and time could diminish and delay the inheritance that the beneficiaries should receive.

Keeping the family peace over estate planning decisions

A peaceful family is a happy family. Massachusetts residents who are working on their estate plans likely know that estate planning could be a very emotional undertaking that could elicit strong opinions from family members -- especially siblings. There are ways to write an estate plan that minimizes any friction or rivalry that might occur from decisions made about inheritances. 

Family disputes shouldn't be part of the estate planning process

Massachusetts adults often put off thinking about the future because they assume they are too young or not wealthy enough to need any type of protection. As adults grow older and their children become adults, they may start to see the benefit of estate planning and having specific legal and financial documents in place. This can be complicated when children are adults and have opinions of their own, and estate planning can actually be the source of family conflict.

Seeing the possibilities of blind trusts

There are many things people can do to effectively manage their money. Some Massachusetts residents may be wondering how trusts can be beneficial to them in the estate planning process. Those looking to have better control over their financial portfolios -- which can include stocks, real estate, bonds and the like -- might want to investigate blind trusts managed by trustees.