FAQs

The best thing to do when facing this question is to call our office and discuss this with an attorney. If you'd like to speak to an expert estate planning lawyer, then don't hesitate to contact Kalmansson & Kalmansson.

If you're interested in learning the difference between a will and a trust, reach out to our will lawyer. Contact us today.

Everyone over the age of eighteen should have an estate plan. When you are young, this will be a very basic plan as it is unlikely you will pass away very soon. You should revisit your estate plan whenever you have significant life changes, for instance, when you get married, have children, start a business, receive an inheritance, retire, etc. There is no good reason to be unprepared for the future.

A Living Will is a document used during your lifetime, which instructs your healthcare agent what decisions to make for you in various medical situations if you are unable to make those decisions for yourself. A Last Will is a document used after you have passed away, which instructs your Personal Representative how to administer your estate.

In Massachusetts, if a person passes away with a valid Will, the administration of the estate and distribution of assets is based on a statute. The Personal Representative will be appointed based on a list of persons with priority, and division of assets will be based on who has survived the decedent and their relationship to that person.

Anything you own individually will have to go through the probate process. Anything you own jointly with another person, or anything with a named beneficiary, will not have to go through the probate process. Anything owned by a Trust will not have to go through the probate process.

Almost always, no. It will avoid probate, however, it creates numerous issues that could end up costing you much more than the cost of a probate. For instance, the person you transferred your home to could end up passing away before you. In this case, you would be living in a home you do not own and which could be sold to a third-party without your permission. Or, the person you transferred your home to could go through a divorce, in which case your home would be a marital asset and become part of the divorce. There are also tax implications with such a transfer. If you pass away owning your home, the people who inherit your home will inherit it at its present value, not your original purchase price, avoiding a capital gains tax. If you have owned your home for a long time, that tax is likely to be significant.

Our estate planning lawyer can provide you with more information about this process so you can be well-informed about death taxes. Contact Kalmansson & Kalmansson to learn more.

Leaving assets to a special needs child or any person receiving government assistance can have the unintended effect of disqualifying them from that assistance program. One way to provide financially for such a person without accidentally disqualifying them from their assistance program is to leave their inheritance to a Special Needs Trust. This Trust is designed to supplement the costs of care, but not make any disqualifying distributions.