ESTATE PLANNING LAWYER PITTSFIELD, MA

“Estate” may seem like a fancy term, but it simply refers to all your possessions, regardless of their quantity or value. Our services cater to clients with varying wealth, treating them with equal respect. In the event of your inability to manage your assets, it is imperative to have a plan in place for their care, as well as for their distribution after your passing. While a good estate plan may include a Will, Power of Attorney, and Health Care Proxy, it may also include trust planning or planning through the use of beneficiary designations or transfer on death order that can help simplify and speed up the process of dealing with an estate.

The popularity of living trusts can be attributed to the variety of benefits they offer. One of the significant advantages of a living trust is that it may allow your estate to bypass probate, thereby avoiding the expenses and time-consuming procedure of probating a will. Unlike a will, which can take several months to probate, the assets in a living trust may be able to be distributed to your loved ones shortly after your demise. If a continuing trust is appropriate in order to preserve assets for minor children or creditor protection, a trust can specify that as well.

If an individual dies without a will or some other estate planning document to distribute assets, , the state has rules that will designate how assets will be distributed. The individual will have lost the opportunity to decide for themselves how things are distributed, who should serve as personal representative, and sometimes the opportunity to save taxes and expenses. A will is particularly important if there are minor children because the will is where the parent names the person they want to have serve as guardian.

As the Personal Representative of a Last Will and Testament or the Trustee of a Trust in Massachusetts, specific duties should be fulfilled diligently in order to ensure that the wishes of the deceased are carried out. Despite the updated term "Personal Representative," people still use "Executor" or "Executrix". The primary obligations of the appointed representative are to collect and protect all assets and properties, ensure timely payment of debts and expenses according to the law, file any tax returns that are due, and provide for the beneficiaries according to the wishes of the deceased. Additionally, the beneficiaries and creditors may need to be notified. On of the most important duties is to keep detailed records of all assets, income expenses and distributions and to provide an accounting of everything done on behalf of the estate to the beneficiaries.

To settle a trust or estate of a loved one, there are typically three phases involved in the complete probate or administration process. First, there is the opening. This may involve court filings or may require only the acceptance of a new trustee to serve in place of a trust creator. Second, the trust or estate must be administered. This typically involves sending notices, dealing with banks and other institutions which have the deceases asset and dealing with creditors. Finally, the probate estate must be closed by distributing all assets and accounting for all activity. A professional approach is required to ensure that all necessary steps are taken during this process, and formal guidance can help manage the process and keep all parties informed.