We’re going on a trip overseas, can we quickly establish a will or revocable trust?

Sean (Guest) on Saturday, September 08 2012, 09:57 AM
My wife and I are leaving in the next few weeks on a 3 month trip abroad. Currently we have a house in Haverhill, various financial accounts and my life insurance. We do not have a will, only beneficiaries for our accounts. Is there something that we can establish quickly before we leave on our trip, like a revocable trust? Also, can you explain the differences and pros/cons of establishing a revocable trust vs. a will?
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    Replied by Attorney Allan Baron on Saturday, September 08 2012, 10:11 AM · Hide · #1
    There is nothing like the excitement of taking an international trip from the Andover, MA area to motivate you to do what you know you should have already done. The basic estate planning package in Massachusetts for those not seeking or needing estate tax planning or Medicaid (Masshealth) planning includes a Last Will and Testament, a Power of Attorney, a Health Care Proxy, a Living Will and a Homestead declaration. Trusts such as Revocable Trusts a/k/a Living Trusts and Irrevocable Trusts are recommended based on the dollar value of your estate when a strategy to minimize estate tax is appropriate. Often, older individuals who are not intending to transfer assets, relocate, buy or sell major items opt for a Trust instead of a Last Will so that their loved ones can avoid the long and costly probate process. Most law firms would be able to quickly generate the first set of basic documents provided they receive the necessary information form you to prepare them.
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