When people in Massachusetts think about an inheritance, they may have more in mind than a loved one's financial assets. In fact, many family conflicts begin over who will get an heirloom or another personal item that may have little or no financial value at all. The General Court of the Commonwealth of Massachusetts states that information regarding who will receive tangible property after the owner's death may be included in a separate writing as an addendum to a will, and may be created either before or after the will is executed.
What you should know about personal property memorandums
Retirement planning is more than just about money
To most people, estate planning is about planning for their financial futures. However, a comprehensive estate plan involves more than just putting money in a 401(k) or drafting a will. It encompasses all of the things needed to help a person enjoy their retirement. As such, future retirees will need some assistance planning for the non-financial aspects or retirement. This post will identify some of these elements.
Your spouse may not be a beneficiary of your premarital will
Modifying your will after major life changes is the best way to make sure your Massachusetts estate is distributed according to your wishes. However, if you have married since you wrote the will and you did not make updates, your spouse may still receive a portion of the inheritance. We at the Curley Law Firm have often advised clients on how assets may be allocated when a will has not been adjusted to reflect the current family situation.
Passwords and estate planning
Yesterday was World Password Day. This day is aimed at raising awareness of the importance of strong passwords when it comes to cyber-security. So, passwords are something that might be fresh on a lot of people’s minds right now.
Estate planning doesn’t have to be focused on death
One of the areas in which procrastination can strike is in estate planning. One thing that may lead people to drag their feet on estate planning is an assumption that the process will be very death-focused. Death is a topic many people don’t like to think about, so the thought of going through a death-focused process can be an unappealing one.
Getting into details in family estate planning talks
When it comes to wills, the details matter considerably. From how a will is worded to what steps are taken to execute the will, there are all kinds of little details that can impact what effect a will ends up having and whether the will does end up doing what the person it’s for intended it to do. So, there are all sorts of things it can be important to properly address during the process of forming a will. Estate planning lawyers can help individuals with tackling the various details in this process.
Misinterpretation concerns in estate planning
Among the worries a person may have in relation to their estate plan is a worry that their planning documents might be misinterpreted.
How common is not having an estate plan?
What happens after a person dies can have major impacts on their friends, family and legacy. Despite this, many Americans continue to put off making any formal plans for controlling what will happen with things such as their assets after they pass away.
Keeping the unexpected in mind when it comes to your will
Many people have certain expectations about their eventual death. This includes assumptions about who they will die before and who will die before them. When a person forms a will, these expectations often inform their primary plans for what will happen with their assets when they die, such as who they designate as beneficiaries.
Is it time to revise your estate plan?
Given that we are almost a week into 2017, chances are very good that those individuals who made New Year's resolutions are now finding it harder to break their old habits and stick to their new goals. Indeed, the regular trips to the gym might already be getting increasingly tedious while the ability to resist that extra dinner portion might be getting increasingly difficult.
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