Understanding Simple Real Estate Plans

Legal Minute with Cooley Shrair

SPRINGFIELD, Mass. (Mass Appeal) –  A simple real estate plan may not always be so simple. Attorney John Davis from the Law Offices of Cooley Shrair in Springfield shared more.

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What is a simple estate plan?
I am referring to an estate plan in which a person, in their will, leaves everything to his or her spouse, if married, and otherwise leaves everything to one’s children. However, leaving everything to one’s children can raise certain issues.

So what are these issues that might effect a simple estate plan leaving property to one’s children?
There are instances where it might not be appropriate or advantageous to leave property directly to a child.
The more common circumstances are where a child is very young or may have special needs, or in the case of an older child, may be in the midst of a divorce or may be considering bankruptcy, or the estate may be a taxable estate where tax planning would be appropriate.

What might one do in those circumstances?
Often one needs to consider whether creating a trust will better address the issues than simply a will.

Should i get advice before setting up a simple estate plan?
Absolutely. Even a simple estate plan is not so simple. Even if it were, you still should be consulting with an attorney whenever doing any estate planning whatsoever, even one involving a simple estate.

About Cooley Shrair:
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