Andover Estate Planning Blog

Individuals and families in Massachusetts and nationally that are thoughtfully focused upon estate planning often have numerous questions regarding trusts.

Those queries run a wide gamut, and that is understandable. There are many types of trusts, with the instrument collectively commanding a broad-based utility. That is, trusts can be employed as impressively flexible legal tools to promote any number of key planning goals.

Our above headline leading off today's post certainly doesn't apply to all -- or even most - Massachusetts estate planners. Indeed, the majority of individuals in the Bay State and nationally work for businesses they themselves do not own.

Having said that, though, the enduring American entrepreneurial spirit virtually ensures that many people do strike out on their own commercially. And many of them succeed in their business creations through creative smarts and sweat equity.

Estate planning can be a sticky business. Who wants to contemplate their death and consider who gets what? That’s probably why only around 45 percent of adults have a will.

Unfortunately, putting your head in the sand won’t be helpful to your loved ones. Questions about what your wishes are will have to be answered by relatives after you are gone. They may not guess correctly. They might even argue about it while trying to grieve your loss.

While you may not have the sprawling kind of estate with acres of lawn, dozens of grazing horses and multiple tennis courts, you do actually have an estate. Your estate is comprised of the things you own: your home and vehicles, retirement accounts, bank and investment accounts, jewelry and family heirlooms, to list a few possible assets you may own.

The “plan” part comes into play as you set up a strategy on how to handle your assets after you’re gone. Consider working with an experienced estate planning attorney who has tax planning law experience to distribute your assets effectively and according to your wishes.