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Trustees, Executors & Fiduciaries

Online Legal Forms Can Cause Problems in Estate Planning

While online legal forms can seem like an easy way to take care of estate planning, it can cause problems down the road when papers are not properly filled out. One case involving an "E-Z Legal Form" is gaining national attention as a way not to do a will. According to reports, a woman did her will on an online legal form and listed that her possessions -- including a house, an IRA, a life insurance policy, a Chevy Tracker and several bank accounts -- should go to her sister. The will also stated that if her sister were to precede her in death, the assets would go to the woman's brother. The papers were duly signed and witnessed.

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Estate Planning Should Include Questions About Property Taxes

Individuals or families with a large amount of property should consider things like property tax when looking toward the future. The way land is used and how the title is held could become important in long-term planning, especially if families plan to pass the real estate along to heirs. In Massachusetts, entities in charge of trust-owned properties are pushing for exemptions that could change how these matters are dealt with.

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Things to Keep in Mind When You’ve Become a Fiduciary

The Consumer Financial Protection Bureau has established some guidelines for people that have suddenly found themselves in the role of managing another person's finances. Residents of Massachusetts might not think that this an issue they'll need to face in the near future; however, the CFPB states that there are around 22 million people over the age of 60 that have already handed over their finances to someone else. With millions of baby boomers reaching and surpassing retirement age, younger people may find themselves taking on a financial caretaker role sooner than they anticipate.

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