“Interrorem” in Latin means to “put one in fear.” An “Interrorem Clause” can be inserted into a Will and basically states that if any person provided for in the Will files a Will contest, that person will lose any bequest or benefit provided for them in the Will. This is often helpful to stop someone from challenging…
For people with minor children, having an estate plan can be extremely important. This is because the court will have no idea who you wanted to take care of your minor children. Although you can only really nominate a guardian, the court will give your choice top priority when making its decision. You do not…
Administration of an estate, commonly known as Probate, involves the distribution of properties to the beneficiaries or heirs, the collection of assets, and payment of liabilities. It is conducted under some degree of probate court authority and supervision but there are also different procedures that are available. There is a procedure known as voluntary administration…
Assets that are transferred to either your spouse or to charitable organizations are not subject to immediate estate taxes. Assets passing to other individuals will be taxed if the net value of those assets exceeds the specified exemption amounts. However, significant estate taxes can be saved by proper estate planning. Currently in 2010, the exemption…
Probate is the legal process of transferring ownership of assets after ones death. Probate assets are such things like a bank account or a stock certificate. If a person dies owning probate assets, a legal proceeding in the Probate Court will be necessary to transfer these assets to the individuals names in the decedents will. This can be…
Your lawyer should keep the original or a copy of your will. In addition, you should keep copies in a place where your family members, executors, health care proxy, or attorney-in-fact could get to them. You do not want to keep your will, trust or power of attorney in a safe deposit box because if you’re the…
No, in Massachusetts you can not have a joint will with your spouse. You and your spouse each need to make separate wills regardless if you own all of your property jointly. When one dies, the property will pass to the survivor and the survivor will become the sole owner of the property. Because of…
To die intestate means dying without a will. The ability to specify the new owners of your property upon death is an important and powerful privilege that is granted to each and every citizen. When you die intestate, your property passes to those individuals whom the state government believes the decedent would have wanted to…
There’s a trust, whether it was created by you or someone else, and you want to know if it can be extended so that it doesn’t expire. It depends entirely on the type of trust and how the trust was drafted. People often think that a trust is a trust; that there’s no difference between…