Do It Yourself Will in Massachusetts
Do It Yourself Will in Massachusetts: Know the RisksAre you considering drafting your own will in Massachusetts? It's a question many people ponder, especially when their estate planning needs seem simple. While it's technically possible to create a valid will without involving lawyers, there are inherent risks. In this guide, we'll delve into the intricacies of do-it-yourself (DIY) wills, shedding light on what you need to know before taking this route.
Understanding the Basics: What Is a Will?A will is a formal document that provides instructions for the distribution of your assets when your estate is settled. It can also specify guardianship for minor children in the unfortunate event that both parents pass away. However, it's essential to recognize that while your choice of guardian can be overridden if it's not in the best interest of the children, decisions regarding asset distribution are binding.
Here's what a will does not cover:
DIY Will: Practical RisksEven if you manage to create a valid will with witness signatures, it may not be considered a "self-proving will." This means your family will have to prove its validity in Probate Court for assets to be distributed. This process can pose hurdles for your loved ones, particularly if the will is presented to the court years after it was signed, leading to substantial court costs and fees.
Moreover, without specific language granting authority to your personal representative and waiving the bond requirement, administering your estate could become burdensome. Other challenges may include:
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DIY Will: Legal Risks
Creating a will without legal expertise can lead to critical omissions or mistakes, such as:
- Invalidating the entire will due to an error, which cannot be corrected after your passing.
- Failing to include specific language that ensures your wishes are enforced, such as the percentage of your estate left to your spouse or the omission of any children.
- Defaulting to Massachusetts law's default distribution if the will is declared invalid, potentially causing family conflicts and divisions.
- Neglecting to plan for disability, which can be addressed through essential documents like a health care proxy and durable power of attorney.
DIY Will: Financial Risks
Aside from legal risks, there are significant financial consequences to consider:
- Missing opportunities to minimize or avoid Massachusetts estate tax, which can start at approximately $36,000 for estates exceeding the state exemption.
- Increasing the financial burden on your family for estate distribution, with estimated costs ranging from 3% to 8% of your estate's value.
- Failing to protect assets from long-term care costs through an asset protection trust.
Why Choose Professional Assistance
With the potential legal, practical, and financial risks associated with DIY wills, it's essential to consider professional assistance. Obtaining a lawyer to review and prepare your estate planning documents is a prudent step that offers peace of mind. The cost of proper estate planning is minor compared to the potential tax exposure, probate expenses, and legal complications that may arise without it.
Meet Our Estate Planning Lawyers
Emily Smith-Lee is the owner and founder of slnlaw. She is a 1996 graduate of Boston College Law School. She was previously a partner at the Boston office of a large international firm, where she worked for thirteen years before starting the firm that became slnlaw in 2009. She has been recognized as Massachusetts Superlawyer each year since 2013, and in 2018 earned recognition as one of Massachusetts Lawyers Weekly's Lawyers of the Year.
Jenna Ordway: Jenna is a 2013 graduate of Quinnipiac Law School, and also earned an LLM in Taxation from Boston University in 2015. She has been affiliated with slnlaw since 2011, first as a law clerk and then as an attorney. Jenna has been recognized since 2019 as a "Rising Star" by Massachusetts Superlawyers. Jenna wrote a book on estate planning: The Road to Peace of Mind: What You Need to Know About Estate Planning. Jenna has helped many individuals and families with planning to protect their legacies and loved ones, and planning for the future and succession of their businesses.
Sharleen Tinnin: Sharleen is a 2010 graduate of Northeastern University School of Law, and earned her LLM in estate planning from Western New England Scool of Law in 2016. She has been with slnlaw since 2023. Prior to joining slnlaw, she worked with King, Tilden, McEttrick & Brink, P.C. on complex civil litigation matters. She previously worked for the United States Department of Justice, and received an "Excellence in Justice" award in 2017. Sharleen has helped many clients with planning for their legacies and their future, and navigating the probate process in Massachusetts after the death of a loved one.
How We Can Help
Don't take unnecessary risks with DIY or online wills. Invest in the expertise of an experienced estate planning attorney to secure your family's future. We are ready to help. You can use the button below to schedule a free information call, or simply give us a call at 781-784-2322.
Jenna Ordway
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