Attorney Michael Baker discusses wills and revocable trusts:
A will “directs who should receive property that is in your name only, without a designated beneficiary, upon your death,” says Michael T. Baker, an attorney at Baker Law Group in the Boston area. “Without a last will, property may be distributed by the courts to your next-of-kin, regardless of what your wishes might have been.” …
Revocable trusts, sometimes called living trusts, are being used more often in place of wills to reduce the expenses and delays of probate, says Baker. “Since they can be altered, they provide much of the flexibility of a will with the power of a trust.”
Attorney Michael Baker provides insight on business successsion:
“Privately held businesses often have succession as their main stumbling block”, said Michael Baker, an estate and business planning lawyer in Boston… “The big unknown here is when and who will be able to take over, especially given it could be two or more decades in the future. Signing the university up as the caretaker answers that question. This allows him some comfort in who he is selecting” Baker said.
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