Trusts can be the linchpin of a solid estate plan. But it’s important to remember that you can’t just set up a trust and forget about it. It’s a good idea to periodically review how your trusts are working, to make sure you and your family are getting the full benefit of them. Not doing so can be costly! Here are just a few things to consider, and some common mistakes to avoid: ► Is your
As Yogi Berra supposedly said, “It’s hard to make predictions, especially about the future.” Yet when you create a trust for your heirs, you have little choice but to make predictions about what their needs will be many years down the road. Because circumstances change, it’s a good idea to make your trust flexible enough to accommodate the unexpected. If you tell your trustee what to do in too much detail, the trust might end up
July 2011 Author: Attorney David M. Beliveau Published by: Massachusetts Lawyers Weekly It is becoming more common for estate planning attorneys to have clients who own real estate in multiple states. Whether it is a cottage on a lake in New Hampshire or a snowbird getaway in Florida, understanding the similarities and differences of estate planning and probate law in the states most commonly encountered by Massachusetts attorneys is essential to competently managing such matters. All
A brand new law in Massachusetts will make many changes in the way people’s estates are handled. The “Uniform Probate Code,” signed into law by Gov. Patrick, includes the following new rules for what happens if someone dies without a will: In many cases, an estate representative can begin distributing assets to heirs before getting a formal court judgment. If the dead person’s spouse is raising young children from the marriage, the spouse will in most
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