Understanding Inheritance Without a Will in Massachusetts
Inheritance Without a Will in Massachusetts: What You Need to KnowWhen it comes to estate planning, it's crucial to understand the implications of not having a will and what Massachusetts state law dictates in such cases.
Intestate Succession: What It MeansIf you pass away without a will, you are considered "intestate." In this scenario, the laws governing the distribution of your estate are known as intestacy laws.
These laws prioritize your closest family members, beginning with your spouse, followed by your children (if you're not married to their other parent), parents, siblings, and sometimes even cousins. |
We're Here to Help.OR
|
Distribution of Assets if You Are Married with Children
In the most common scenario, where you are married with children, your spouse typically receives ownership of your jointly held assets and primary bank accounts. Life insurance proceeds and retirement account funds with designated beneficiaries also pass directly to those beneficiaries without court involvement. If you die without a will, your spouse inherits 100% of the remaining assets.
However, over time, circumstances can change. Your spouse may remarry and have more children, potentially leaving your original children without the legacy you intended. This scenario may not align with your wishes as your children grow into adulthood, especially if you have family assets you want to preserve.
To address these concerns, many people establish a trust or living trust. Within the trust, you can grant your surviving spouse the use of income from the assets while safeguarding the underlying assets for your children after both parents pass away.
However, over time, circumstances can change. Your spouse may remarry and have more children, potentially leaving your original children without the legacy you intended. This scenario may not align with your wishes as your children grow into adulthood, especially if you have family assets you want to preserve.
To address these concerns, many people establish a trust or living trust. Within the trust, you can grant your surviving spouse the use of income from the assets while safeguarding the underlying assets for your children after both parents pass away.
Distribution of Assets if You Are Married with Non-Spouse's Children
If you have children who are not your spouse's children, the first $100,000 and half of your probate assets will go to your spouse, while the remaining half will be equally divided among all your children. While the law aims to be fair, it's important to note that a significant portion of your estate, such as your home, life insurance, and retirement savings, already passes directly to your spouse.
If your children are minors, they cannot directly receive their inheritance. Specifying your wishes in a will or setting up a trust to manage the assets until your children are mature enough to handle them is advisable.
If your children are minors, they cannot directly receive their inheritance. Specifying your wishes in a will or setting up a trust to manage the assets until your children are mature enough to handle them is advisable.
Distribution of Assets if You Are Unmarried
For unmarried individuals, the distribution varies:
In conclusion, understanding how intestacy laws in Massachusetts impact asset distribution without a will is crucial for estate planning. Ensure your wishes are met, protect your family's future, and reduce potential conflicts by creating a comprehensive estate plan.
- With children: All assets pass to your children equally.
- Without children: Assets are divided among parents equally.
- No surviving parents: Assets go to siblings equally.
- No siblings or children: Assets pass to the next closest group of relatives, usually cousins.
In conclusion, understanding how intestacy laws in Massachusetts impact asset distribution without a will is crucial for estate planning. Ensure your wishes are met, protect your family's future, and reduce potential conflicts by creating a comprehensive estate plan.
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
We are ready to help you put a comprehensive plan in place that meets all of your needs and your family's needs. We also know how hard it can be to get started, and do our best to make this process as easy as possible for you. You can use the button below to schedule a call back from a member of our team, or give us a call at 781-784-2322.
|
|
|
|
|
