A Living Trust, (more formally referred to as Revocable Living Trust or Revocable Trust) holds your assets in trust for your use and benefit during your lifetime; and it gives clear direction on how those assets will be distributed upon your death. One of the prime advantages of a Living Trust is that it can...
Most of us have heard of a bad experience another family had dividing up personal property after a parent died. Arguments and bitter feelings ensued when the adult children tried to figure out who should get Mom’s favorite pie plate, Dad’s trusty set of wrenches, or the painting over the fireplace. Neglecting to specify who-gets-what...
For many people, their house is their most treasured and valuable asset. Kids have been raised there, memories of a lifetime created, and it is only natural to want to pass the family home to the next generation and avoid probate. But is it a good idea to transfer the house to your child? The...
Probate is a time-consuming, tedious process that often tests the nerves of many family members. By Massachusetts statute, a probate case must be kept open for twelve months to allow creditors to file any claims against the estate and before final distributions should be made to the heirs. The good news is that not all...
You have been a devoted daughter taking care of your father. You managed his finances, checked in on him regularly, and arranged for in-home services to make sure he was well taken care of during his last years. He said many times that he wanted everything to go to you and your sibling when he...
Creating a Will requires many important decisions. One of the most significant is naming a Personal Representative (PR) to manage and settle your estate after you pass. The responsibilities of a PR (sometime referred to as an Executor or Executrix) are significant, including making decisions about how your assets are managed and distributed to your...
In estate planning, it can be very confusing understanding the terminology that is used to describe the important fiduciary roles. Have you heard the term personal representative? How’s that different from a Trustee? And what is the difference between a Guardian and Conservator? Here is a quick review of the labels or terms you should...
When parents create their estate plan, one of the decisions that must be made is how to divide their estate among their children. For some, the answer is simple – every child gets an equal share; for others the situation is more complicated and leaving equal shares is not the desired choice. Sometimes the relationship...
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