Abatement of a will in Massachusetts is the process of reducing the dollar amount of certain gifts so that the estate can cover the promises it makes. This is somewhat common due to the fact that fortunes fluctuate. The original terms of a will may not apply to the real-world situation of settling the estate.
Many people in Massachusetts need more than a will. This basic document is meant to ensure that the property of a deceased person goes where intended. Whether you need to take other steps would depend on your family and financial situations.
Estate planning experts recommend that Wakefield residents create a will and other important estate instruments early on in their adult lives. Yet having said this, it is also recognized that much can change over the course of one's life, and that their desires and wishes when they die may not be the same as those they held when they first created their wills. If you or a loved one are concerned about making changes to already-documented estate plans (and how those changes should be properly communicated to those who are party to the estate), not to worry; many have come to us here at the Curley Law Firm LLP with the same questions.
When you start the process of organizing the plan for your future and how you will distribute your estate to your surviving family members, your first concern may not be telling your family the details of what you are doing. However, your willingness to be open about your intentions may have quite an impact on preventing disagreements between your family after your death. AT Curley Law Firm LLP, we are experienced in helping families in Massachusetts with estate planning.
If you want to create a will, it is essential to make sure you follow the rules of your state. Massachusetts law has several requirements that you must follow to ensure your will is valid. In the vast majority of cases, you must write and sign your will and get witnesses to sign it as well. However, there are certain situations in which you may make a nuncupative (oral) will.
There are a number of complexities that can be inherent with the estate planning process. One would think, however, that remembering exactly what properties and assets comprise one's estate in Wakefield might not be one of them. Yet people often draft their wills several years prior to their deaths. During the time between the writing of the will and a testator's passing, properties that were included as part of an estate can change hands, thus causing them to fall out of a will's purview.
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.
Preparing for the future is an important part of the life of Massachusetts residents, no matter how old. People work hard to amass wealth and property throughout their lives, and want that property disbursed properly after they die. Because death is often unexpected, how can they always be prepared for the unpredictable?
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.
Estate planning brings up a number of considerations, such as deciding which beneficiaries will receive certain assets. Moreover, some people may have difficulty determining which type of estate plan is best and we have written about some of their options on our blog. In this post, we will look into joint wills and some of the reasons why this option can be advantageous. As with any kind of estate plan, it is crucial to carefully go over the ins and outs of a joint will before you move forward.