Beneficiaries
Estate Planning and Second Marriages
If you are thinking about remarriage after a divorce, there is much to consider. Second marriages have become far more common in recent years, as divorce rates and life expectancy both increase. While pursuing a life with someone you love is an exciting endeavor, especially after the initial devastation that a divorce can cause, there…
Read MoreEstate Planning Lessons from Downton Abbey
A recent article from The Wall Street Journal offered “Money Lessons from Downton Abbey.” The popular British drama that takes place in the early 20th century recently ended its third season, but more important than providing entertainment, it can apparently offer valuable estate planning advice. While it is a period drama and work of fiction,…
Read MoreDisinheriting Someone Isn't Always Easy
The desire to disinherit someone from a will isn’t always as negative as it sounds. While most times individuals are disinherited out of anger or pride, it isn’t unheard of to desire one person to receive more or less of an estate due to financial and personal need. However, there are certain rules and guidelines to take into consideration…
Read MoreDon’t Leave Your Legacy to Chance: Estate Planning For Lottery Winners
It seems pulled from the pages of a mystery story, but you may have heard it in the headlines recently. What happens if you win the lottery but die mysteriously shortly after? Urooj Khan may have gotten lucky when he hit the jackpot for $1 million in the Illinois Lottery, but shortly after things took…
Read MoreDigital Media After Death
What happens if you want to pass on your incredible iTunes music library to a family member, like you would leave a stack of rare records or compact discs? You curated it, you whittled it down to the best, you paid for it, but is it yours to give? According to the Apple contract you…
Read MoreWorld's Richest Cat Can't be "Trusted"
According to an article in The Guardian, “Tommaso, a four-year-old, one-time stray from Rome, is thought to have become the world’s richest cat.” We’ve seen cases like this before, but unlike Massachusetts, which allows residents to establish trusts for their pets before and after death, Italy does not. So in the case of Tommaso, the…
Read MoreNews Update: Trusts for Pets
Effective April 7, 2011, residents of Massachusetts may now establish pet trusts to care for one or more animals, living during the settlor’s lifetime. This trust now allows individuals to plan for and take care of their pets not only during their lifetime but also after their death. The court does retain the right to…
Read MoreThe importance of being earnest (when designating beneficiaries)
No one likes to make a will and people constantly put it off, but one thing that should never be put off is designating beneficiaries. Not only should beneficiaries be named carefully, they should also periodically be reviewed, verified and possibly updated. Many financial institutions require that you name a beneficiary, so the institution you…
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