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.
The underlying questions demonstrating the need for estate planning is "What happens if I die without a will?" You may think that if you leave nothing behind stating how you want your assets to be dispersed, your family and friends in Wakefield may be allowed to make such a decision themselves. Unfortunately, that is not the case. If you die without a will, then your estate is considered to be "intestate." The guidelines for dispersing such estates are left for the state to determine.
There are a number of reasons why you may need to go over your will again, such as the loss of someone you love or filing for a divorce. If you are considering bringing your marriage to an end, or if you have already completed the divorce process, it is crucial to make sure that you do not overlook any necessary revisions to your will. Outside of divorce, there are other significant changes that may occur in your life involving your loved ones, and it is important to be aware of how these changes could affect your will.
After someone dies, the person named as executor of the estate must find the will and have it probated in Massachusetts probate court. If the executor cannot find the will, it could delay the process and keep the beneficiaries from receiving their inheritances in a timely way.
You set up a trust years ago, and you've been putting assets such as your home in Massachusetts into it, updating it as needed. After all, you are determined that your beneficiaries get all of your assets with as few tax consequences as possible. However, what if the unthinkable happens before you have a chance to make the most recent updates?
We have covered some of the different issues that arise with respect to wills, but it is important to keep in mind that certain events (such as a death or divorce) or a change of heart may necessitate key revisions to an estate plan. For example, you may need to change the executor of your will because the previous person you had assigned these responsibilities to is no longer capable of serving as the executor or you do not want them to have these responsibilities. There are a number of important points to keep in mind when it comes to naming an executor.
When it comes to wills, there are all sorts of different challenges that may arise and our law firm has covered many on this blog. However, there are far more questions and concerns that people may have with respect to their will, such as changing the executor. There may be a variety of reasons why you have decided to change the executor, from ending your marriage to becoming estranged from the person you have named the executor or losing confidence in their ability to carry out these responsibilities. Regardless, it is important to approach these issues with care.