Imagine you want to leave $200,000 to your only surviving relative. The problem is, this individual is only 18 years of age, and has not exhibited an ounce of financial responsibility in his entire short life. You may definitely be concerned about leaving such a large amount of cash to your heir. Not only is there the chance that your beneficiary will quickly spend the money irresponsibly, but -- if your relative has a substance abuse issue -- the money could be extremely dangerous to his health.
No matter who you are, if you're an adult, it's to you and your family's benefit to draft and execute a legally valid last will and testament. Indeed, your will is one of the most vital documents in your estate planning arsenal. However, if you don't create your will in compliance with state laws in Massachusetts, your efforts to draft the document could be wasted.
There are many trusts to choose from when you are going through the process of planning your estate. Learning about all of them can feel time-consuming and overwhelming. However, it is important to do so in order to make the best decision for your estate and beneficiaries.
The probate process can be lengthy at the best of times. But there are certain situations that can mean the process takes especially long. If you are starting to plan your estate in the state of Massachusetts, it is likely that you will want to do everything you can to make sure that your beneficiaries have access to their inheritance with relative ease.
For many estate planners, the question of taxes can feel complex and overwhelming. It is important that you do not bury your head in the sand when it comes to tax filings. By taking some small steps to address the most lingering questions, it is likely that you will find the estate planning process much easier to handle.