You may have heard the term “spendthrift trust” at some point in time. Understanding how a spendthrift trust operates and what the purpose of one is can help you determine whether or not creating one should be part of your Worcester County estate plan.

All trusts require you, as the grantor, to appoint a trustee, name at least one beneficiary and designate assets to fund the trust. Trusts have become an increasingly attractive component of a Worcester County estate plan, in part because of the wide variety of trusts available for use. Specific purpose trusts allow the grantor to create the trust that works best for his or her specific needs and circumstances. A spendthrift trust, is a specific purpose trust that allows the grantor to retain additional control over the trust assets beyond that which a basic trust provides.

Although the trust terms go a long way toward retaining control over trust assets, once you create a trust and name a beneficiary, the beneficiary gains a legal interest in the trust assets. Unfortunately, this sometimes means that the beneficiary assigns his or her interest as collateral for a loan or loses his or her interest as a result of an unpaid debt.

By adding the appropriate state specific language into a trust you can create a spendthrift trust. The added language serves to prevent the beneficiary from assigning his or her interest to any third party for any reason. In addition, the spendthrift provision prevents a third party from reaching the trust assets as a mechanism to satisfy a debt owed by the beneficiary. Consult

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.

The probate process can be lengthy, costly and complicated. Most people go to great lengths to try and avoid probate when creating an estate plan. In order to understand why avoiding probate is so desirable, you must understand the probate process itself. Although the process can differ somewhat from one state to another, there are common steps in most states.

Step One involves admitting the will to probate, if one was executed. If no will exists, then a probate case is initiated without a will. Some states allow for an expedited probate process, often referred to as small estate administration or something similar. This may be available if the value of all estate assets is under a specific dollar amount, for example.

Step Two is the appointment of the executor or personal representative who will oversee the administration of the estate with court supervision. An executor is someone who was named in the will by the decedent while a personal representative is typically someone who requests the appointment absent a will. The court must approve either one in most states.

Step Three involves the inventory and valuation of all estate assets and notification to beneficiaries, heirs, creditors and the public of the probate administration. Creditors will also submit claims during this phase which will be approved or denied by the executor/personal representative.

Step Four is the final step assuming that no disputed claims have been filed, all taxes have been paid and a will contest is not outstanding. At this point, a final accounting is filed with the court and all remaining assets distributed to heirs or beneficiaries if the court approves the final accounting.

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.

As a Webster resident with small children, you have likely contemplated what would happen to your children in the event of your untimely death. You may have a spouse or partner that would be able to care for them if tragedy strikes; however, there are still estate planning steps that you may wish to take to ensure that your children have immediate access to the funds necessary for their care and maintenance.

Many Webster residents make the mistake of counting on a Last Will and testament alone to solve all their estate planning concerns. While a will is certainly a good starting point, when minor children are involved additional steps should be taken as well. In fact, the most important reason to execute a will when you have small children may be simply to nominate a guardian in the event one is needed.

Money or assets left to someone in a will can be held up for months in the legal process known as probate. In order to make assets immediately available to the person who will be responsible for caring for your children, consider converting property and financial accounts to joint accounts or “pay on death” accounts. By doing this, access to the property or funds is immediately available to the caregiver.

In addition, discuss a trust option with your Webster estate planning attorney. A trust can not only avoid the probate process altogether, but provide you with a significant degree of control over the trust assets long after you

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.

As an Uxbridge resident, you may be one of the millions of Americans who consider a family pet to be just that — part of the family. As such, you have likely worried about what will happen to him or her in the event of your death. By creating a pet trust, you can ensure that your beloved family pet will have the financial means necessary to be well cared for long after your death.

A pet trust is no different than any other trust at its core. Just as all trusts, you need to designate a beneficiary. In this case, the beneficiary just happens to be an animal not a human. Next, you need to choose a trustee. The trustee will be responsible for administering the trust, including making payments to the beneficiary. Although the trustee can be the same person who will be responsible for caring for your pet on a day to day basis, you can also appoint a neutral third party such as an attorney. As a practical matter, payments will be made to the person who actually cares for the pet. Finally, you must fund the trust and dictate the specific trust terms.

A pet trust offers both practical and financial advantages over other possible ways to plan for your pet’s care. Although you can simply give money to someone ahead of time or leave money in a will to someone for the care of your pet, both those options may incur gift or estate taxes and relinquish all control over the money. By creating a pet trust, you may avoid gift or estate taxes, create funds that will grow over time and retain a great degree of control over how your pet is cared for even after your death. Consult your Uxbridge estate planning

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.

As an Auburn resident, you have likely executed a Last Will and Testament at some point in time. If you are like many people, once you prepared and executed your Will, you put it safely away and haven’t given it much thought since. Updating your Will, however, can be as important as creating the Will in the first place. Many events or changes can prompt a Will update; however, there are three major life changes that always warrant considering a Will update.

A recent divorce is good reason to update your Will. If you are like many people, when you were married you executed Wills that gave the bulk of your estate to each other, known as reciprocal Wills. Now that you are divorced, however, you may not wish your ex-spouse to receive assets from your estate. If you fail to update your Will, however, that is exactly what may happen in the event of your death.

Marriage, is another important life change that prompts a Will update for opposing reasons. When you marry, you may wish to add your spouse to your Will to ensure that he or she receives assets from your estate or specific gifts upon your death.

The birth of a child or grandchild should also prompt a look at your Auburn Will. By naming your children or grandchildren specifically in your Will, you avoid the possibility of confusion or litigation regarding who your heirs are in the event of your death.

Consult with your Auburn Estate Planning attorney regarding updating your Will if you have experienced any of these major life changes.

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.

If you are a Charlton resident and have spent a considerable amount of time creating your retirement and/or estate plan, make sure that you take an equal amount of time considering how the two impact each other. Likewise, if you make a change to one, don’t forget to take into account how it will impact the other plan.

Both your retirement plan and your estate plan essentially revolve around money and assets. One — your retirement plan — creates a roadmap for how you will support yourself once you reach your golden years. The other — your estate plan — may serve various purposes; however, the primary purpose it to decide how your assets will be disposed of upon your death. The two clearly go hand in hand. The more assets you use as part of your retirement plan, the less you will have to include in your estate plan. Conversely, the more successful you are with your retirement plan, the more assets you will need to incorporate into your estate plan.

Changes made to one plan may also necessitate a change in the other plan. If, for example, you decide to work for an additional five years past your original retirement date, the additional income may mean that you now have additional assets that are not needed for your retirement plan. Since they will no longer be needed for your retirement, you may wish to incorporate them into your estate plan. Consult with your Charlton estate planning attorney to determine how to synthesis both plans.

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.

If you are the loved one, caregiver, or family member of a Millbury resident that may be unable to manage his or her own financial affairs, you may wish to consider petitioning for a conservatorship. Like many other states, Massachusetts allows for two different types of protective proceedings for an adult in need of protection. A guardianship appoints someone to take care of the personal affairs of the incapacitated person who needs protecting. A conservatorship appoints someone to take care of the financial affairs of the incapacitated person.

As a conservator, you will have the legal authority to manage and control the finances, property, and money of the ward. You will not be able to make decisions such as where the ward lives or what doctor he or she uses. Those are under the control of a guardian. You can petition to be both a guardian and a conservator.

Before a court will consider appointing you as conservator, the court must determine that the ward needs a conservator. Under Massachusetts law, the court may appoint a conservator for someone who is “(1) disabled and who requires a substitute financial decision maker either (2) to prevent the property from being wasted or dissipated or (3) so that the financial support, care and welfare of the person is effectuated and managed.”

In order to seek conservatorship, you must petition the Massachusetts Probate and Family Court. The process can be lengthy and complicated. If you feel that a loved one needs a conservator, consult with your Millbury elder law attorney.

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.

A Last Will and Testament is generally the foundation of any comprehensive estate plan. Whether you have a sizeable estate that requires numerous estate tools to properly plan for, or only a modest estate that does not require complicated estate planning, the starting point is typically the creation of a Will. For members of the Gay, Lesbian, Bi-Sexual and Transgender, or GLBT, community, executing a Will can be even more important.

Although the laws in some states have changed, or are changing, laws relating to wills, trusts and estate matters are still predominantly geared toward the concept of marriage. While same sex marriages are recognized in a small percentage of the states, the vast majority of states still do not recognize them. Even if you were legally married in a jurisdiction that recognizes same sex marriage, or domestic partnerships, if you now live in a state that does not, you may find yourself in the same legal position as if the marriage never took place. For this reason, creating and executing a Will takes on a heightened importance.

If you fail to execute a Will prior to your death, the state laws of intestate succession will determine how to dispose of your estate property. This typically means that a spouse and/or children will inherit first from your estate. If your state does not recognize same sex marriages, your spouse may not legally be entitled to anything from your estate.

Your Will, however, overrides any state intestate succession laws, allowing you to devise anything you want to your spouse or partner regardless of whether or not your state recognizes your marriage or partnership.

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.

Most people have heard the terms “beneficiary” and “heir” used often. Unfortunately, they are often used interchangeably, when in fact they have distinct legal definitions. If you are a Milford resident who is in the process of planning your estate, or are considering doing so in the near future, an understanding of both terms may be useful.

Although each state defines estate planning terms, most states use a very similar definition of the terms “beneficiary” and “heir.” Both terms are frequently used when drafting a Last Will and Testament.

A beneficiary is someone who receive a bequest in your Will. The bequest may be cash, property or any other estate asset. What defines a beneficiary is that he or she is specifically mentioned in the Will as receiving something from your estate. For example, if you give your son Charlie your house in your Will, then Charlie is a beneficiary. Likewise, if you give your best friend Mary $10,000 in your Will, then Mary is a beneficiary.

A heir, however, is someone that stands to inherit under the laws of intestate succession. Intestate succession laws kick in in the event you die without leaving behind a valid Will. Intestate succession laws also apply when you fail to devise all of your estate through your Will. Although laws will vary among the states, heirs are usually your spouse, children, parents, siblings and other blood relatives.

A person can be both an heir and a beneficiary. In the above example, your son Charlie is both an heir, because he is your son, and a beneficiary because you specifically mentioned him in your Will.

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.

One of the most common questions asked with regard to Wills and Trust is “what happens when a person dies and they didn’t have a Will?” The simple answer to that question is that the state’s intestate succession laws will govern the disposition of the decedent’s estate. Although individual state laws may vary somewhat, the basic concept of intestate succession is the same among all states.

The main purpose of executing a Last Will and Testament is to legally decide how you want your estate assets to be disposed of upon your death. If you do not execute a valid Will prior to your death, then you are said to have died intestate and therefore the state’s intestate succession laws will determine what happens to your estate assets. Intestate succession laws can also apply if a valid Will was, indeed, executed, but failed to dispose of all estate assets. For example, if you executed a Will which specified what you wish to happen to all of your property, except you forgot about a bank account and did not include a residual estate assets provision in your Will, then the funds in that account would be disposed of according to intestate succession laws because your Will failed to account for their disposition.

Intestate succession laws create a hierarchy of heirs who stand to inherit from your estate. In most states, at the top of the hierarchy are your spouse and children. What proportion they inherit will vary by state. If there is not spouse or children, then the law typically looks to other blood relative, such as grandchildren, parents, or siblings as heirs of your estate.

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.