Archive for the ‘Asset Protection’ Category

Probate Series Part I: What is Probate?

Tuesday, July 17th, 2012

One of the main goals of estate planning for many individuals is the avoidance of probate. People will often consult an estate planning attorney and request this outcome without fully understanding what probate is. This weekly series will attempt to clarify some of the misunderstandings about probate, and shed some light on the recent changes brought about by the adoption of the Massachusetts Uniform Probate Code.

 

Generally speaking, probate is the court-supervised administration of one’s estate. The property that a person owns at the time of his or her death that is required to pass through probate is called the probate estate.

 

Probate involves the filing of a death certificate, the will (if one exists), a petition to appoint a personal representative, an inventory of the decedent’s probate estate, and the eventual distribution of the probate estate according to the provisions in the will or intestate distribution if no valid will exists. While seemingly straightforward, probating a will can potentially involve long and expensive proceedings if complications arise during the process.

 

This series will cover the details of the probate process in further detail as the weeks progress. For more information regarding wills, please refer to the Wills Series on this website.

Cohabitation Agreements: Protecting your assets before marriage

Tuesday, May 29th, 2012

Cohabitation has become an important step in many relationships. Over the past few decades, as social and societal conventions have changed, the number of people choosing to live together prior to marriage has increased dramatically. These changes have raised new and unique legal issues, particularly the issue of protecting one’s assets if the cohabitation ends poorly.


Cohabitants do not have the same legal rights as married couples. Because of this they cannot rely on divorce proceedings or prenuptial agreements to help in the division of property and assets in the event of a break up.


In 1998, the Massachusetts Supreme Judicial Court legalized the use of cohabitation agreements between people who are either living together, or contemplating living together. Cohabitation agreements allow unmarried people to make binding decisions concerning property, financial, or other matters. These written agreements are subject to contract law, but are no longer valid when the couple marries.


These agreements can be used to establish guidelines for the distribution of property and assets if the relationship ends. Cohabitation agreements can be drafted by a licensed attorney.