During the estate planning process, most people focus primarily on making sure their children are provided for, and they give little thought to their digital accounts. But people often underestimate just how much of their lives take place online these days.
There is a common misconception that just having a will in place will be sufficient to protect a person's wishes and assets. People assume that they can draw up a will, expect that the terms will be carried out as specified and never have to worry about any potential disputes.
For years, distraught family members were angered and hurt over Facebook’s unwillingness to hand over the passwords of accounts belonging to members who had passed away. Instead, Facebook had the policy to put an automatic freeze on a member’s account after learning that the member had died.
If you are someone with significant assets to pass down to your children or grandchildren, you might be reluctant to talk to your heirs about the inheritances they will be receiving.
Many people mistakenly believe that a will is all they need in their estate plan. However, there are many other issues that need to be addressed in order to make sure that you maximize the assets that you will pass down to your chosen beneficiaries.
If you know anything about estate planning, you have probably heard the term “executor” before. And you may even know that an executor is in charge of handling a person’s estate according to their last will and testament.
This is a question that is frequently asked to estate planning lawyers, and the answer is no. Parents are not legally required to leave anything to their children.
When it comes to estate planning, one of the biggest misconceptions is that only wealthy people need one. This simply isn’t the case. In fact, most people in Massachusetts and the rest of the country would benefit from an estate plan.
Families have always been complex, even if a century ago divorce, remarriage and adoption weren't as common as they are today. In any case, you'll want to create a comprehensive estate plan that reflects your family's particular goals and needs.
As more Americans are choosing to get married later in life, prenuptial agreements are becoming more common. The biggest reason for this is that spouses are bringing more property into marriages than ever before, including real estate, retirement plans and businesses.