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. Distribution of Assets if You Are Married with ChildrenIn 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 your spouse 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. |
Need Help Getting Started On Your Will?OR
|
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.
How Our Estate and Probate Attorneys 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.
|
|
|
