In Massachusetts, like in many other states, intestacy laws dictate how the deceased person’s assets will be distributed. This guide aims to provide a comprehensive overview of Massachusetts intestacy law, covering how the assets are typically distributed in various scenarios.

Understanding Massachusetts Intestacy Law

Intestacy is the legal term for dying without a valid will. When this happens, Massachusetts intestacy law takes over to determine how the deceased person’s assets and property will be distributed. 

The Role of the Probate Court

In Massachusetts, the Probate and Family Court oversees the distribution of assets in cases of intestacy. The court will appoint an administrator to manage the estate, which is typically a family member or close relative. The administrator is responsible for paying any debts and taxes owed by the deceased person and distributing the remaining assets according to state law.

Who Inherits Under Massachusetts Intestacy Law?

The distribution of assets under Massachusetts intestacy laws primarily depends on the deceased person’s surviving relatives. Here’s a breakdown of how the assets are typically distributed:

1. Without descendants or parents, the surviving spouse takes the entire probate estate.
2. If the decedent has no descendants, but is survived by a parent or parents, the surviving spouse takes the first $200,000 and takes three-quarters (¾) of the balance of the estate. The surviving parent(s) will take the rest.
3. If all of the decedent’s surviving descendants are also descendants of the surviving spouse and the surviving spouse has no other living descendants, surviving spouse takes the entire probate estate.
4. If the decedent has living descendants from another relationship, the surviving spouse takes the first $100,000 plus one-half (½) of the balance. The decedent’s descendants take the rest.
5. If the surviving spouse has living descendants from another relationship in addition to having living descendants with the surviving spouse, the surviving spouse takes the first $100,000, plus one-half (½) of the balance. The decedent’s descendants take the rest.

Intestacy can lead to complications and unintended consequences in the distribution of your assets. To avoid this, it’s highly recommended that you create a valid will. A will allows you to specify how you want your assets to be distributed after your passing, appoint an executor of your choice, and make provisions for any minor children or dependents.

Understanding Massachusetts intestacy laws is crucial for anyone who wants to ensure that their assets are distributed according to their wishes after their passing. While intestacy laws provide a default distribution plan, creating a valid will is the best way to have control over how your estate is handled. 

By consulting with an experienced estate planning attorney, you can ensure that your wishes are carried out, minimize potential conflicts among your heirs, and provide clarity and peace of mind for your loved ones during a challenging time. Remember, it’s never too early to start planning for your future and the future of your family.

Estate Planning With DaMore Law

Everyone can benefit from having a plan in place to ensure their assets are preserved and protected after their death. At DaMore Law, we always provide exceptional service and guidance to create a personalized plan for you. Schedule a free consultation with us.

An important part of the home-buying process is knowing what kinds of coverage you will need. One of the policies you may be required to purchase is hazard insurance. Although this policy is commonly required, many people don’t understand why they may need it. In this blog, we’ll cover everything homeowners should know about hazard insurance on a mortgage.

What Is Hazard Insurance?

Hazard insurance protects your home from natural disasters or hazards. This could include fires, lightning, severe wind and rainstorms, hail, sleet, and other natural events. It is a protective measure to prevent homeowners from carrying the entire financial burden of repairing or rebuilding their home in case of unforeseen events or accidents. Hazard insurance is often a subsection of a homeowners insurance policy that covers the main dwelling and other nearby structures, such as a garage.

What Is Hazard Insurance On A Mortgage?

When you opt for a mortgage, your lender wants assurance that their financial stake in your property is protected. Since the house serves as collateral for the mortgage loan, any damage to the home could reduce its value, endangering the lender’s investment. 

Most lenders make hazard insurance on a mortgage mandatory for borrowers before finalizing the process. This way, in the event of a disaster, there are means to restore the property and maintain its value.

How Much Coverage Do You Need?

The right amount of coverage will depend on the cost of rebuilding your home, rather than its market value. This is an essential distinction since market value takes into account land value, location, and other factors unrelated to the cost of reconstruction. It’s best to consult with a professional to get an accurate estimate of rebuilding costs.

It’s a good idea for homeowners to consider additional coverages based on the location and condition of your property. For example, basic hazard insurance won’t cover damages resulting from floods, so you’ll need separate insurance if your home is located in a flood zone.

Premiums, Deductibles, and Claims: Explained

Premiums: The amount you pay for hazard insurance on a mortgage can vary based on your home’s location, age, coverage amount, and other factors. Often, homeowners incorporate these premiums into their monthly mortgage payments, and the lender pays the insurance bill from an escrow account.

Deductibles: This refers to the out-of-pocket amount you agree to pay before your insurance covers the remaining costs of a claim. A higher deductible generally results in a lower premium, but it also means higher out-of-pocket costs during a claim.

Claims: In case of damage, you’ll file a claim with your insurance provider detailing the extent of the damage and the cause. After verification, the insurance company compensates you or the contractor directly for the repair costs.

It’s important to understand the specific terms of your policy because not all damages might be covered. As with all insurance policies, it’s a good idea to periodically reassess your hazard insurance. Reconstruction costs might increase over time, or you might make significant improvements to your home.

Hazard insurance on a mortgage protects both you and your lender’s interests. By investing in the right coverage, you can keep your most significant asset safe.

Experts In Real Estate Law

Seeking more personalized guidance? Navigating real estate and its legal facets can be tricky. With a specialization in real estate law, DaMore Law offers clarity, expert guidance, and peace of mind. Contact us to schedule a consultation.

Trusts are a powerful legal tool that helps you protect your assets, minimize taxes, and ensure your loved ones are taken care of according to your wishes. In Massachusetts, there are several types of trusts available, each serving different purposes and offering unique benefits. Read on to learn more about the different types of trusts commonly used in Massachusetts.

1. Revocable Living Trust

A revocable living trust is a popular choice for individuals seeking flexibility and control over their assets. In this case, the grantor (the person creating the trust) maintains the ability to modify or revoke it during their lifetime. Among the types of trusts available, this one allows for seamless management of assets and provides privacy by avoiding the probate process.

2. Irrevocable Trust

An irrevocable trust cannot be modified or revoked once established. By transferring assets into an irrevocable trust, the grantor relinquishes ownership. Also, by providing potential tax benefits and asset protection. Irrevocable trusts can be used for Medicaid planning, estate tax reduction, and protecting assets from creditors.

3. Testamentary Trust

A testamentary trust is created through a will and takes effect upon the grantor’s death. This type of trust distributes assets to beneficiaries according to specific instructions outlined in the will. Testamentary trusts can be tailored to meet individual needs, such as providing for minor children. Also, managing assets for individuals with special needs, or controlling the timing of distributions.

4. Special Needs Trust

A special needs trust aims to protect the financial interests of individuals with disabilities without jeopardizing their eligibility for government benefits. By placing assets into a special needs trust, the trust can provide for supplemental needs while preserving the beneficiary’s eligibility for Medicaid, Social Security Disability Insurance, and other vital programs.

5. Charitable Trust

For those seeking to leave a lasting legacy and support philanthropic causes, a charitable trust is an excellent option. Charitable trusts allow individuals to donate assets to a charitable organization while potentially enjoying tax benefits. There are various types of charitable trusts, including charitable remainder trusts, charitable lead trusts, and pooled income funds.

6. Qualified Personal Residence Trust (QPRT):

A QPRT allows the grantor to transfer their primary residence or vacation home into an irrevocable trust while retaining the right to live in the property for a specified period. This trust can provide estate tax benefits by removing the property’s value from the grantor’s estate while allowing continued use and enjoyment during their lifetime.

Understanding the different types of trusts available in Massachusetts is crucial for effective estate planning and asset protection. Whether you’re seeking flexibility with a revocable living trust, asset preservation with an irrevocable trust, or specialized support with a charitable or special needs trust. There is a type of trust to suit your specific needs and goals.

It is important to consult with an experienced estate planning attorney who can guide you through the intricacies of trust creation and ensure compliance with Massachusetts laws. With their expertise, you can create a trust that aligns with your objectives, protects your assets. Additionally, it provides for your loved ones, establishing a solid foundation for your legacy.

Estate Planning Attorneys: DaMore Law

Everyone can benefit from having a written plan in place to ensure their assets are preserved and protected as they age and after their death. Our experienced attorneys are here to ensure your assets are handled with care. Your children are provided for, and to minimize the tax burden on your estate. Call us to schedule a free consultation.

Although it can be daunting and uncomfortable to think about, at some point you need to handle end-of-life matters. It’s important not to leave things until the last minute or to chance. Creating estate planning documents, including wills, trusts, health care directives, and powers of attorney is one of the most important things you can do to ensure your wishes will be honored when you die, or if you become unable to manage your affairs. Working with an estate planning attorney to prepare and help execute your legal documents is the best way to prepare for the future. 

What Does an Estate Planning Attorney Do?

An estate planning attorney is a lawyer who specializes in all types of end–of-life matters. They can help you:

They can help you:

• Set up your will and name an executor to oversee your will
• Establish a trusts for your assets and designate beneficiaries
• Protect the assets of your retirement plan like your 401K
• Create an advanced healthcare directive or plan for your long-term care
• Establish Power Of Attorney, who can make financial or medical decisions on your behalf
• Appoint a legal guardian for any dependents
• Create a succession plan for any businesses you own

An estate planning attorney may also distribute property and close out any financial dealings after your death, according to your instructions.

The Benefits of Working with an Estate Planning Attorney

1. Update documents when appropriate. 

Wills, trusts, and other estate planning documents are not a one-and-done event. You will need to update your plan in the event of life changes such as marriage, divorce, or having children, or developments in your financial situation. Your estate planning attorney will periodically review your documents to determine whether any updates are necessary given your goals and wishes. 

2. They can guide you through difficult situations. 

An estate planning attorney has the expertise and objective perspective to guide you through potentially difficult issues, such as how to divide assets equally among your family, or how to change your will after a divorce.

3. They will defend your wishes.

An attorney may act as an interpreter of your documents, as estate planning language can be complex and confusing. If a disagreement among your family or beneficiaries arises after your passing, they can clarify your intentions and make sure that your wishes are carried out the way you would have wanted. This can help calm disputes and avoid family conflict. 

4. They have comprehensive knowledge of state laws.

Probate and trust laws are state-specific, and they may change over time. Working with an estate planning lawyer gives you peace of mind knowing that your plan fits within the parameters of state law. 

5. They can provide some accounting advice.

Your attorney will review your assets and make both legal and financial recommendations. If any assets in your estate, such as a rental property, CDs, or mutual funds, generate income after your death, state and federal income taxes will need to be paid. An estate planning attorney can help you plan for these fees and look for potential tax savings for your beneficiaries.

Planning For Your Future

Everyone can benefit from having a written plan in place to ensure their assets are preserved and protected as they age and after their death. Our experienced attorneys are here to ensure your assets are handled with care, your children are provided for, and to minimize the tax burden on your estate. Call us to schedule a free consultation.

Have you ever wondered what will happen to your assets after you’re gone? How do you ensure that your assets end up in the right hands? How will you protect your family and make sure they’re taken care of? This is where a trust for estate planning comes in handy.

What is a Trust for Estate Planning?

A trust is a legal fiduciary arrangement that allows you to set up your assets to be held and managed by a third party. This party is known as a trustee, and the person or firm you appoint to this role will be responsible for ensuring that your estate is handled in the manner you’ve outlined.

There is a common misconception that an estate planning trust is only suitable for the extremely wealthy. But in reality, they can be beneficial for anyone, no matter the size of your estate and assets.

Here are five major reasons you should consider a trust for estate planning:

1. Avoid Probate Issues 

The probate process is long, tedious, and expensive. Probate involves filing and reviewing the will to ensure its validity as well as appointing an executor to manage the estate assets. Property held in a trust, however, is considered non-probate, meaning it avoids most of these problems, saving you precious time and money.

2. Protect Your Estate From Creditors

If you leave unpaid debts behind, banks or the institution you owe money to may make a claim on your estate. When your property is held in a trust, creditors will have a harder time obtaining trust assets. A trust for estate planning assures that your assets are less likely to go to debt collectors.

3. It is Distributed Automatically

A trust for estate planning automatically distributes your assets according to the terms of the trust agreement. This means your loved ones won’t have to go through probate and wait for the court’s approval to access your assets.

4. See the Benefits of a Living Trust

There are two main types of trusts for estate planning. One, the testamentary trust, is only triggered after you pass away. However, a living trust can come into effect while you are still alive. It allows you to see the benefits of a trust during your lifetime, and when you pass away it automatically distributes your assets to your beneficiaries.

5. Tax Exemptions

When your estate is distributed under a will, it is subject to state and federal taxes. Plus, it will be liable to pay any taxes you didn’t pay during your lifetime, reducing assets intended for your beneficiaries. Funds held in a trust are protected from some taxes.

Estate Planning Experts

At DaMore Law, we can help you create a trust for estate planning to protect your assets, estate, and your loved ones. We will advise you on the options available to you and help you establish a plan that best suits your needs. Contact us to speak to one of our attorneys and gain the peace of mind that comes from being prepared for the future.

An estate plan is the best way to ensure that your assets are distributed to your beneficiaries when you pass away or become incapacitated. This is a very delicate process, and you should consult the services of an estate plan lawyer to help you. But what exactly does an estate lawyer do? 

What Exactly Does An Estate Plan Lawyer Do?

An estate plan lawyer is a legal professional who specializes in state and federal laws related to your estates, trusts, and probates. They will review your situation and offer advice based on your unique circumstances. Some of the specific documents that estate plan lawyers deal with include:

• Last Will and Testament
• Trusts
• Living Will
• Powers of Attorney

When Do I Need An Estate Plan Lawyer?

No matter your age, occupation, or the value of your assets, having an estate plan is essential, and it is never too early to start planning. An estate plan lawyer is especially helpful to consult if you:

• Have children who are minors or have special needs 
• Want to create a trust for your beneficiaries 
• Are concerned about inheritance or estate taxes
• Own several real estate properties
• Are concerned that a family member may contest your final wishes

Consulting an estate lawyer is the best way to ensure that your family won’t end up dealing with probate court, and that your wishes for what happens to your assets are carried out.

What Should I Look For in an Estate Plan Lawyer?

Begin your search for an estate plan lawyer by browsing the internet or asking family and friends for recommendations. Try to find a lawyer who specializes in estate planning in your state, as estate laws can differ depending on where you live. Do some independent research to make sure who you hire has the correct credentials, appropriate experience, and is trustworthy. 

DaMore Law: Estate Planning Done Right

At DaMore Law, it’s our mission to help you create a secure and comprehensive estate plan. Rest assured your legacy will be in good hands when you work with our experienced and capable team. You’ll have peace of mind knowing that your assets and your loved ones are taken care of. Schedule a consultation today.

One of the biggest misconceptions about creating an estate plan is that it is only for the wealthy, or that you should wait until you’re older to begin the process. Everyone, regardless of financial status or age, can benefit from having an estate plan if you have assets and someone to leave them to.

Your estate encompasses everything you own, including your home or other property, car, bank accounts, investments, life insurance, furniture, and personal possessions. An estate plan empowers you to decide what happens to your assets after your lifetime. Here are the top five reasons why everyone should create an estate plan.

Avoid Probate Court

When you pass away without having an estate plan, your beneficiaries will likely have to go to court to transfer your assets to their name. The two main reasons to avoid probate is that the process is time-consuming and expensive. The proceedings and hearings can take months or even years, and in the meantime your heirs won’t be able to touch their inheritance. The probate process can take even longer if the will or any provisions in it are contested. The court also takes a portion of the value of your estate to cover probate fees and the additional costs of an attorney can cut into your heir’s inheritance.

Avoid Family Conflict

The death of a loved one is an extremely emotional and overwhelming time. The last thing you want is to create chaos for your family members after you pass. Without clear instructions as to what should happen to your assets, your family members may fight over possessions or who should be the representative of your estate. It may even destroy relationships. Creating an estate plan allows your family to move on in peace.

Protect Your Assets

An estate plan protects your assets by ensuring that they go to the intended beneficiaries and guarding your wealth from taxation, seizure, or other losses. This is the best way to keep your home or property within the family, for example, without intervention from the court.

Protect Your Children

It is important to appoint a legal guardian for your children in the event of your death. Without an estate plan, the court will appoint a guardian–and it could be someone you wouldn’t trust to take care of your children. If a minor child has no surviving family members, they could become a ward of the state and enter the foster care system.

More Than A Will

While an estate plan is similar to a will in that both provide instructions for how your assets should be handled after your death, estate planning is more detailed. It can also include powers of attorney, which appoints someone to make medical and financial decisions on your behalf if you are incapcitated. Additionally, medical directives will outline the kinds of medical treatment you want. An estate plan also allows you to create multiple trusts to distribute your assets.

Personalized Estate Planning With DaMore Law

Everyone can benefit from having a plan in place to ensure their assets are preserved and protected after their death. At DaMore Law, we always give exceptional service and guidance with estate planning to create a personalized plan that works best for you. Schedule a free consultation, and rest easy knowing you and your estate are in good hands.

An estate plan is a safeguard which ensures that your assets are passed on to your loved ones after your lifetime, or in the event you are unable to take care of yourself. Creating an estate plan can be complicated, especially if you’re unsure of where to start. Here are just a few ways that you can begin the process of preparing your personalized estate plan.

Create A List Of Your Assets And Their Worth

Create an itemized list of all your assets and their values. This list shouldn’t just be a list of all your physical possessions. You should include other assets such as bank accounts, properties, life insurance policies, stock investments, and more. Prepare a comprehensive list that can be reviewed by your attorney, so you don’t accidentally leave anything important out of your estate plan. Also include a list of valuables or meaningful items that you would like to give to specific people.

Choose Your Beneficiaries

Once you’ve made a list of all your assets, it’s time to decide who you would like to receive them. This may seem like a simple decision. Most people will choose their spouse, children, or any other living family. In situations where your beneficiaries are minors, disabled, or not related to you, an estate plan is the only way to pass along your assets without ending up in probate court. Discuss potential candidates with your lawyer so that your personalized estate plan is as specific as possible.

Choose An Executor To Help Make Your Decisions

Once you have divided your property and assets among beneficiaries, it’s time to choose an executor for your estate. This will be the person responsible for making important decisions for you in the event that you are unable to care for yourself. Choose someone you trust and who will have your best interest in mind when making the tough decisions.

Hire A Good Attorney

The easiest way to ensure your estate planning goes smoothly is by hiring the best estate attorney. An estate attorney will have the professional knowledge and expertise to help you with your estate planning, no matter how complicated your situation is. Rest assured they will be able to give you the individualized attention you deserve.

Real Estate Attorneys You Can Trust

If you’re looking to create a personalized estate plan so that you’re prepared for the future, then let the talented attorneys at DaMore Law assist you! Make the right choice for the future of your estate today by scheduling a consultation with the experts at DaMore Law.

What Are the Obligations of a Trustee for an Irrevocable Trust?

Your parents just told you they’ve placed their assets into an irrevocable trust, and you’re one of the trustees. But when you see the paperwork, you learn your siblings aren’t entitled to the same percentage of the assets. Should you tell them? Are you legally required to tell them? A Massachusetts Court has answered this question for you.

Siblings Not Recognized Equally in Irrevocable Trust

The case was called In the Matter of the Colecchia Family Trust, and it centered around an irrevocable trust created by the parents of petitioner, Michael Colecchia. This trust named two of his sisters as trustees as well as six beneficiaries. The three sons would receive 30% of the estate after their parents passed away, and the three daughters would receive 70%.

In the ten or so years between the creation of the irrevocable trust and the death of Colecchia’s mother in 2016, Michael claimed he’d done a good deal of maintenance and landscaping work on his parents’ property. That’s free labor he argues he wouldn’t have done if he’d known about the trust and the discrepancy in benefits.

Should the Trustees Notify Other Family Members that a Trust Exists?

Michael’s sisters knew about the irrevocable trust their parents had created, but they didn’t mention it to Michael. Should they have? While many of us would agree that in an ideal world, families would be open in their discussions of estate planning, the court found differently. The Massachusetts Court of Appeals ruled that Michael was not considered a qualified beneficiary until a qualifying event happened. In this case, the qualifying event was the death of both parents. For this reason, his sisters were not obligated to tell him about the trust until after their parents had died and he was entitled to a portion of the estate.

The court’s ruling means that, though Michael might regret doing all that work for free on his parents’ property, he can’t recover monetary damages. His sisters weren’t required to tell him, so they did nothing legally wrong by not doing so.

Involve Your Family Members in Your Estate Planning

The process of estate planning and discussing a family member’s eventual death can be uncomfortable. But family matters go more smoothly both before and after someone’s passing if they are open about their final wishes with all involved loved ones. When you’re ready to create your irrevocable trust, invite your loved ones to share in the process of creating an estate plan.

Establish Your Irrevocable Trust with DaMore Law

With years of experience in all aspects of estate law, you can trust your DaMore Law attorney to partner with you and your famliy to create the estate plan that is right for you. Contact us today for a free consultation!

Source: In the Matter of the Colecchia Family Trust, Mass. App. Ct., No. 20P224

When it comes to taking care of our loved ones, we want to make sure that they are in the best possible hands. This is why it’s important to understand the difference between power of attorney and guardianship. Power of attorney allows someone you trust to make decisions on your behalf if you are unable to do so yourself. Guardianship, on the other hand, gives someone else legal authority over your affairs should you become incapacitated. In this blog post, we will discuss the key differences between these two concepts and help you decide which is right for you and your loved ones.

Power of Attorney

Power of attorney is a legal document that gives someone else the authority to make decisions on your behalf. This could be anything from financial decisions to medical decisions. You can give someone power of attorney for a specific task or for all tasks. Power of attorney can be revoked at any time as long as you are of sound mind.

Guardianship

Guardianship, on the other hand, is a legal arrangement that gives someone else the authority to make decisions on your behalf should you become incapacitated. Guardianship can be revoked, but only by a court order.

Which is Better?

So, which is right for you? Power of attorney is a good option if you want to give someone else the ability to help you with specific tasks. Guardianship is a good option if you are worried about becoming incapacitated and want to make sure that someone you trust has the legal authority to make decisions on your behalf.

Ensure Your Future is Prepared for & Protected

If you have any questions about the power of attorney or guardianship, DaMore Law can help. DaMore Law is here to help with the legal requirements of making decisions on behalf of someone else, whether it be now or at some point in your future.