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September 2020 Archives

Making the decision regarding trusts in an estate plan

Estate plans are most efficient when they contain all the necessary documents pertaining to a person's particular situation. Some Massachusetts residents might find that including trusts in a comprehensive estate plan could be worth their while. The first order of business is finding out whether a trust would be useful. If so, what type of trust would be best, and who is to be named trustee?

Guardianships and conservatorships, what's the difference?

Sometimes, people need assistance making decisions or managing their property because they are incapable of doing so under the law. In Massachusetts, guardianships and conservatorships allow for personal representatives to be named for these people. What is the difference between the two?

Building a financial emergency kit during estate planning

It is always wise to be prepared for things that might not happen. When Massachusetts residents begin doing some estate planning, experts say they should also consider putting into place a financial emergency kit for their families, just in case. Those types of emergencies could include weather-related events, job losses, health-related events or having to care for an ill family member.

Estate planning, there is no time like the present

The quote by Benjamin Franklin, "Don't put off until tomorrow what you can do today," can apply to so many areas of your life. There are numerous things you know you should probably do but feel there is no urgency to do them. Estate planning is one of those things that many Massachusetts residents put off, sometimes until it is too late.

Can I modify a trust after it has been created?

When going through the estate planning process, the hope is to set something up that will not only offer the protections one desires but will also stand the test of time. For many Massachusetts residents, setting up a trust is the way to meet these goals. However, some worry that doing so will lock them into something they may not be happy with down the line. The good news is, a trust may be modified if needed.