By Eric P. Rothenberg, Esq. – While there are many laws and court cases about “probate” property, most property today is “non-probate” and passes at death “by operation of law” and without probate court supervision. Non-probate property includes the following types of property: Property with a Beneficiary Designation: The usually consist of life insurance and retirement assets (like a 401(k), SEP, Keogh and IRA). This property, which is in effect a contract between you and your insurance company or retirement custodian, passes to the individual or individuals that you list on the company’s beneficiary designation forms. It is important to review these every so often to ensure your beneficiary designation is not out of date. It is equally important to note that these designations are NOT affected by a will. So even if your will states you leave that asset to someone, it does not supersede a designation form.

When we work with our clients to put a will in place, execute a power of attorney, create a trust or any estate planning instrument, we include in these legal documents flexibility so they will remain valid working documents for a long period of time. However, life events may necessitate updates to estate planning documents. Here are the top reasons you would consider updating your estate plan: 1. Move to another state. Have an estate planning attorney in your new location update your documents to ensure they comply with the laws in that state. Each state’s laws dictate what estate planning documents need to include and how they need to be signed. In addition, if you move from a state that imposes an estate tax to one that doesn’t, or vice versa, your plan may need to be updated to take into consideration this change in the taxable status of

What is a life estate? The term “life estate” refers to property that is owned by an individual only through the duration of his or her lifetime. Therefore, it’s always for an indefinite period of time.   We usually encounter life estates when dealing with real estate. When you have a life estate, you are called the “life tenant.” For example, you can sell or give your home to your children, but retain a “life estate”, thereby reserving the right to live in, use, enjoy and control the home until you die. Your children would be called the “remaindermen.” Why would I want a life estate? Probate Avoidance: A life estate is a way to pass your home to your children or other beneficiaries without going through probate. If you own a home and the title is in your name alone at death, it will have to go through probate. Keep

By Eric P. Rothenberg, Esq. – We all work hard throughout our lives with the expectation we will be able to leave an estate to our children and heirs. Too often however, we fail to take the necessary steps to preserve our wealth and our heirs are left to deal with Massachusetts probate. Fortunately, the Massachusetts law regarding probate has been simplified over the last few years, but there are still some steps you can take to ensure your assets are divided up per your wishes and avoid probate. Your retirement accounts Fortunately, most financial institutions require retirement account owners to specify a beneficiary when they open their accounts. However, you may find it to be more flexible to have your estate be named and not necessarily your spouse or children because inherited retirement accounts are taxed to the recipients as income even though they go through your estate and

By Eric P. Rothenberg, Esq. – When a loved one becomes disabled or otherwise unable to make rationale and sound decisions or communicate needs regarding their own health, safety or self-care, you should seriously consider having an adult guardianship appointed. The advocate is usually appointed in a written legal agreement drawn up by the attorneys of both parties, but if this legal document does not exist, the court of Massachusetts can step in to appoint a guardian for a disabled individual. In either case, guardianship must be approved by the court as legally binding. How to Determine if Legal Guardianship is Necessary Since every case is unique, it is up to loved ones to ultimately make the final decision whether an individual’s medical or physical impairment has rendered them unable to make cognitive decisions on their health, safety, and everyday needs. Examples of impairments can include, but are not limited