Do I really need life insurance?

While this question is better answered by your financial advisor - the short answer is generally yes, if you have others who are financially dependent upon you. In other words, if you died and your spouse and/or kids were relying on your income to stay afloat, then you would need life insurance to cover the shortfall until they can reach financial independence. That is why many people get life insurance policies with a death benefit to replace years of income (and maybe pay off all existing debts plus estimated college/education costs). Once again, this is a question best answered by your financial advisor, but that is the common practice (especially among my younger clients). Of course, if you already have millions in the bank, don’t need the liquidity, and/or have no one financially dependent upon you, then that answer will change.

What is probate?

Probate is the legal process that occurs after an individual passes away. Probate consists of: proving in court that the deceased individual’s Will is valid, identifying and inventorying property, having the property appraised, paying any debts and taxes, and distributing the remaining property as the Will directs.

How to select a guardian…

Naming a guardian is the toughest estate planning decision a young family will need to make. If you fail to indicate who you would like to serve as the guardian in your Will, then the court will make the decision for you. That is why every family with young children needs to have a Will regardless of their financial situation. Otherwise, you risk the wrong person becoming the guardian of your minor children. It is important to note that the court will still be involved to make sure the best interest of the child is being served in any case, but the court will look to your Will first in order to make such a decision.

What is a trustee?

A trustee is a person or entity (such as a bank) that is put in charge of certain responsibilities such as: securing the assets of the trust, engaging with a financial advisor or investment firm (or making investment decisions themselves depending on the complexity of the trust assets and the trustee’s personal experience), hiring an attorney to navigate trust compliance, hiring an accountant to prepare state and federal income tax returns for the trust, make distributions from the trust for the payments of bills and expenses, and make a final division of trust and distributions to children once they reach a given age (as instructed in the trust document).

You’ve probably heard horror stories of disgruntled heirs contesting a parent’s Will to try and get their “fair share” of an inheritance. While uncommon, it is particularly concerning when dealing with favoritism, children who have substance abuse or gambling issues, blended families, or illegitimate children. Fortunately, under Massachusetts law there are a few steps you can take to deter unwanted litigation – one of which is called the no contest clause (sometimes referred to as an “in terrorem” clause).

Completing your estate plan is a great accomplishment, but the fun’s not over yet – now you have to decide where to keep the papers for the rest of your life. Generally, you have three options for safekeeping your estate planning documents: Lawyer’s Office Traditionally, lawyers would keep and store their clients documents since they