ADDITIONAL INFORMATION: My grandparents own their property and want me to have it as a result of them passing away. I thought they put my name on the deed but didn’t. I need to know how do i go about that. ANSWER BY MARGARET CROSS-BELIVEAU: Depending on what their goals are changing the deed might not be the best option. Adding you opens the property up to your creditors. It is a gift and results in
Estate planning is a crucial step to ensure that your assets are distributed according to your wishes after your passing. As estate planning attorneys practicing in Massachusetts, New Hampshire, and Florida, we understand the unique benefits and legal requirements of establishing a trust in these states. In this article, we will discuss the advantages of setting up a trust, including avoiding probate, maintaining privacy, controlling the distribution of assets, and estate tax benefits. Avoiding Probate One
When it comes to securing your family’s financial future, understanding the role of trusts is essential. In this comprehensive guide, we’ll delve into the basics of trusts, exploring different types and the myriad of benefits they offer for estate planning. Understanding Trusts A trust is a legal entity that holds and manages assets on behalf of beneficiaries. It serves as an effective tool in estate planning, offering flexibility, control, and, in the case of living trusts,
Probate is a complex and multifaceted process that involves a series of legal, financial, and administrative tasks aimed at ensuring the seamless transfer of assets to beneficiaries upon one’s passing. It’s crucial to be aware of the specific rules and regulations that govern the distribution of assets from an estate. In this article, we’ll delve into the intricacies of the creditor periods for probate estates in Massachusetts, New Hampshire, and Florida. Understanding Creditor Periods The creditor
Planning for the future is crucial, especially when it comes to protecting your assets and loved ones. Estate planning provides the opportunity to make important decisions about how your estate will be handled after you’re gone. In this realm, two common options arise: living trusts and wills. Both serve important purposes, but understanding the differences between them will help you make an informed decision about which one is the best fit for your specific needs. Let’s
Estate planning attorneys play a vital role in helping clients protect their assets and ensure a smooth transition of wealth to their loved ones upon passing. In the states of Massachusetts, New Hampshire, and Florida, where we practice, the tax implications of selling real estate subject to probate can be a complex and crucial aspect of estate planning. In this article, we will discuss the tax considerations involved when selling real estate as part of the
ADDITIONAL INFORMATION: In the Will it specifically states “In the even that the beneficiary (myself) has not reached the age of thirty (I am 33), then in such even I give, devise and bequeath the shares of my beneficiary to my trustee (my uncle)” Summed up the rest of that section says if im under the age of 30 my uncle has to sign over all the stuff when I hit 30 and then he can
ADDITIONAL INFORMATION: My father passed away in 2020. My stepmother became ill in 2021. She reportedly completed a will stating that “she leaves all her earthly possession to her biological son.” There are 4 other adult non-biological children that were not named in the will. My father was the primary person that made the house payments prior to his death. This is also supported by the fact she set up a reverse mortgage after his death.
ADDITIONAL INFORMATION: When someone is appointed personal representative to probable an estate can they be held personally liable for any debts or anything that may be done incorrectly regarding the probate process? ANSWER BY MARGARET CROSS-BELIVEAU: If the PR pays the debts without clearing the creditor period, then yes, the PR can be personally liable for improperly paying debts that don’t have to be paid. In Massachusetts, creditors must bring a lawsuit to perfect their claim
ADDITIONAL INFORMATION: Trying to find the right and cheapest way to but my husband on his mom’s house. I don’t know if we should make a trust for the house or change the deed. I really don’t know what way to go. Mom has dementia and bipolar. She want to has us get the house without probate. ANSWER BY MARGARET CROSS-BELIVEAU: Having dementia doesn’t mean that one is incompetent. However, if your husband is not an
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