Massachusetts Last Will and Testament
Understanding Your Last Will and Testament in MassachusettsA Last Will and Testament, often referred to simply as a "will," is a foundational document in estate planning that serves as a critical safeguard for your assets and loved ones. In Massachusetts, comprehending the significance of this legal instrument is essential for ensuring your final wishes are respected and your legacy is preserved. Below, we address common questions and provide insights into wills in Massachusetts.
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What is a Last Will and Testament, and When Does it Take Effect?
Your Last Will and Testament is a legal document that becomes effective upon your passing, following approval by the probate court. Before probate court approval, it remains a document you can revise at any time to reflect your evolving preferences.
Given its reliance on probate court approval, it's vital that your family is aware of your will's existence and its location.
Given its reliance on probate court approval, it's vital that your family is aware of your will's existence and its location.
Who Can Create a Will?
In Massachusetts, creating a will is accessible to anyone of sound mind. "Sound mind" implies an awareness of your identity, assets, and the individuals you wish to include in your will. Even those in the early stages of cognitive conditions like dementia can still be legally competent to draft a will.
If you are undergoing medical treatment that might affect your cognitive abilities, seeking a medical opinion on your legal competence can be a prudent step to prevent potential challenges to your will.
If you are undergoing medical treatment that might affect your cognitive abilities, seeking a medical opinion on your legal competence can be a prudent step to prevent potential challenges to your will.
Assets Passing Without a Will
Assets jointly owned with your spouse automatically pass to the surviving spouse. This typically includes your home, real estate, and joint bank accounts.
Assets with named beneficiaries, such as investment accounts and life insurance policies, also bypass probate. Additionally, some financial institutions permit you to complete a "payable on death" form, enabling designated individuals to inherit upon your demise.
However, having a will remains essential, especially if you possess personal property to allocate or require guardianship provisions for your minor children.
Assets with named beneficiaries, such as investment accounts and life insurance policies, also bypass probate. Additionally, some financial institutions permit you to complete a "payable on death" form, enabling designated individuals to inherit upon your demise.
However, having a will remains essential, especially if you possess personal property to allocate or require guardianship provisions for your minor children.
Creating a Will Without a Lawyer
While it's possible to draft a will without legal assistance, adhering to Massachusetts' legal requirements for proper execution is crucial. Certain elements, such as specific language for disinheriting children, might be challenging to handle without professional guidance.
A will ensures that your personal representative has the necessary authority to manage funeral expenses, property disposition, and other vital matters promptly.
A will ensures that your personal representative has the necessary authority to manage funeral expenses, property disposition, and other vital matters promptly.
Modifying Your Will
You retain the right to amend your will as long as you are of sound mind and follow Massachusetts legal procedures for proper execution. Significant changes may necessitate rewriting the entire will, while minor alterations can often be achieved through a codicil, a simpler and more cost-effective approach.
Comparing a Will and a Living Trust
A living trust is a document that can take effect during your lifetime and dictates asset distribution among other functions. Unlike a will, it can specify conditions for asset management or distribution, granting your trustee discretion.
Wills become effective only after your passing, focusing on representatives, guardians, and asset disposition. They do not designate a trustee for assets for minor children, a separate process handled through the Probate Court if it is not already addressed in a trust. Learn more about the differences between a will and a trust.
Wills become effective only after your passing, focusing on representatives, guardians, and asset disposition. They do not designate a trustee for assets for minor children, a separate process handled through the Probate Court if it is not already addressed in a trust. Learn more about the differences between a will and a trust.
Safekeeping Your Will
Storing your original signed will in a secure location is vital. Many individuals opt for safe deposit boxes at banks or fireproof safes in their homes, alongside other essential documents.
Your attorney, who drafted your will, should also retain a copy in their records. Ensuring your family is informed about the will's existence and its location is paramount to guaranteeing your estate plan's effectiveness.
Your attorney, who drafted your will, should also retain a copy in their records. Ensuring your family is informed about the will's existence and its location is paramount to guaranteeing your estate plan's effectiveness.
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
By comprehending the significance of your Last Will and Testament, you gain greater control over your assets and the well-being of your loved ones. Don't let uncertainty dictate your estate's fate. Craft your will, protect your legacy, and secure your family's future. You can start by using the button below to schedule a free information call, or simply give us a call at 781-784-2322.
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