There's a lot of hype in the estate planning world about trusts and how a trust can be used to benefit both the individual who establishes it as well as the beneficiaries of a trust. Yet, for many people, there's still a lot of confusion about what exactly a trust is and why, for many people in various situations, a trust is preferable to a will.
When a parent's death ignites war between siblings
For many parents, a chief goal of an estate plan centers on providing for the financial security of one’s children. Additionally, parents often aim to ensure that personal effects are retained by and disbursed among one's children. In a perfect scenario, grown siblings would be able to reasonably, fairly and peaceably divide a parent's personal belongings. Too often, however, long-seeded rivalries between siblings reemerge upon a parent's death and wars are waged over seemingly minor and petty things.
What are the differences between a revocable and irrevocable trust?
Many people in Massachusetts are likely somewhat familiar with the estate planning tool known as a trust. Trusts are among the most effective and beneficial of all estate planning tools and they can be used to provide for one's child, favorite charity and beloved pet. There are many different types of trusts and, depending on an individual's short and long-term goals, an estate planning professional can provide information and advice about which trust is appropriate.
Estate planning communication lacking between Baby Boomers and adult children
In many families, money, with regard to how much individual family members make and have, is a taboo subject. Discussing one's wealth and assets or lack thereof, can be an uncomfortable topic and this can be especially true for parents who struggle to discuss topics related to their personal wealth and the transfer of that wealth with grown children.
