Estate Planning Archives

What should Quincy residents include in a basic will? (Part 2)

Far too often, Quincy residents pass away without leaving any written indication of how their estate should be handled. Not only does this risk their assets being distributed in a manner against what their wishes might have been, but it exposes their estates to legal challenges and the potential for mismanagement. Fortunately, a basic will can be drafted with relative ease, as we began discussing previously on our Quincy legal issues blog.

What should Quincy residents include in a basic will? (Part 1)

Drafting a will is one of those things that far too many Quincy residents put off for later. Part of this is simply trying to find the time in a busy week to deal with issues that seem so far removed from day-to-day life. Another part is simply not knowing where to begin, and wondering: what should be included in a basic will?

Two main types of trusts: living and testamentary

A recent post here on our Quincy legal issues blog reviewed an unfortunate case in which family members became divided over their parents' estate after they had passed. One component of the parents' estate planning involved the use of a trust to protect their assets and divide them among their children.

Choice of trustee, transparency important in estate planning

Sometimes, it may seem like Quincy residents are doing everything right in setting up and protecting one's estate for the benefit of one's heirs. One may expect that a certain level of trust among family and community members will carry on after one has passed away. But if those relationships turn sour, will the estate plan hold up?

Including a special needs trust in an estate plan

When Quincy residents are beginning to plan for how their assets will one day be distributed among their heirs, there's a natural inclination to want to provide for those who need support the most. Those with children and grandchildren living with disabilities or special needs may include them in their estate planning by providing for a generous inheritance that will help cover their long-term care. But a direct distribution of funds may create more problems for an individual with special needs than it solves.

Estate planning: a valuable New Year's resolution

The last days of 2017 are upon us. In just a few short weeks, Quincy residents will flip the calendar over to the New Year. As they do, many will embark upon New Year's resolutions. Getting into better physical shape, giving up bad habits and trying new things are all common and laudable resolutions. One less common, albeit of perhaps even greater importance than these, should be creating an estate plan.

Blow the dust off that estate plan, and take a second look

Estate planning isn't something that is done in one attempt, and then set aside forever. In fact, failing to revisit one's estate plan from time to time can be a critical error. This is because life brings constant changes that could affect how a person wants their affairs and property handled at the end of their life and upon their death. The following are some tips for Massachusetts residents to keep in mind if they have an estate plan.

Don't underestimate sentimental value when estate planning

When making a will, people in Quincy may initially think of how they're going to distribute their big-ticket items, such as their house, automobiles, stocks and bank accounts. However, they should not underestimate pieces of personal property that, while they might not have a great deal of actual value, have a great deal of sentimental value.

When should a person's estate plan be reviewed?

Some people in Quincy may have created an estate plan years ago and considered the matter settled. However, as time progresses, big changes can happen in a person's life. For this reason, estate planning is not a "one and done" process, but instead estate plans should be reviewed periodically, to ensure their provisions are still appropriate.

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