Online Wills in Massachusetts
Online Wills in Massachusetts: What You Need to KnowIn today's digital age, online wills have become an attractive option for estate planning. But are they the right choice for you and your family? We've explored the world of online will services to help you make an informed decision.
|
We're Here to Help.OR
|
What Online Wills Offer
The online wills that we reviewed provided the following:
- Convenient questionnaire-based will creation.
- Customized signature blocks for your state.
- Health care proxy and power of attorney options.
- Downloadable or mailed final documents.
- Some platforms allow post-payment editing
What Online Wills Don't Provide
- Detailed instructions on will execution in Massachusetts.
- Guidance on Massachusetts estate taxes, which can impact even modest estates.
- Advice on setting up trusts for minor children.
- Instructions for transferring assets to trusts.
- Personalized beneficiary, personal representative, and guardian information.
- Consideration of complex family dynamics or special needs.
The Critical Missing Ingredient: Special Circumstances
Online wills, while convenient, often overlook crucial aspects of estate planning, especially when it comes to unique family situations. Without careful consideration, the generic plans generated by online platforms may fail to address your specific and essential objectives. Here are some examples:
- Non-U.S. Citizens: If anyone in your family is not a United States citizen, there are different estate tax rules to consider. Estate planning for mixed-citizenship families can be complex, and online wills may not provide the necessary guidance to navigate these unique tax considerations.
- Family Members with Special Needs: Families with individuals who have special needs require specific planning to ensure that the inheritance does not jeopardize their eligibility for federal or state benefits. An experienced estate planning attorney can help set up special needs trusts and other mechanisms to provide for these family members.
- Asset Protection: If you're 60 years old or older and want to preserve your assets, you should discuss asset protection strategies with an estate planning attorney. These strategies may involve trusts or other legal mechanisms that are tailored to your specific financial situation and goals. Online wills may not address these complexities adequately.
- Blended Families: Blended families, where one or both partners have children from previous relationships, often require customized estate planning solutions. Ensuring fair and clear inheritance for all family members can be challenging, and a personalized approach is crucial.
- Long-Term Care Planning: Planning for long-term care costs, such as nursing home care or assisted living, is essential, especially for older individuals. Estate planning attorneys can help you explore options to protect your assets and ensure that you or your loved ones receive the necessary care without depleting your estate.
- Business Ownership: If you own a business or have a significant share in a business, it's essential to consider how your estate plan affects the future of the business. Business succession planning often involves complex legal and financial arrangements that go beyond the scope of online wills.
Critical Limitations of Online Wills: Beyond Special Circumstances
Even beyond the special circumstances described above, online wills have additional and critical limitations:
Lack of Execution Instructions:
Online wills do provide accurate signature blocks, specifying the required number of witnesses, and a notary acknowledgment for a "self-proving" will. However, they often lack detailed explanations of what needs to be done and why. Failing to follow the correct procedure can jeopardize the validity of your will, with potential consequences that won't become apparent until after your passing.
If you opt for an online will, ensure you have two adult witnesses unrelated to your beneficiaries. They must be physically present when you sign the will and promptly sign the witness statements.
While not legally obligatory, a notary public acknowledgment simplifies the probate process, sparing your heirs from testifying in court. If obtaining a notary is challenging due to unforeseen circumstances, you can initially proceed with just witnesses, but consider revisiting this with a notary once the situation allows to save time and effort for your heirs.
Lack of Advice on Massachusetts Estate Taxes:
Many individuals mistakenly believe estate taxes are exclusively for the wealthy. However, in Massachusetts, if your combined assets, including life insurance proceeds, home equity, and retirement savings, surpass $1 million, your estate could be liable for substantial estate taxes.
To illustrate, an estate valued at $1,000,001.00 would incur taxes on the entire amount, totaling approximately $36,000. Conversely, an estate worth $999,999 would be exempt from estate taxes altogether.
If you harbor any doubts about your taxable net worth, it's prudent to consult an estate planning attorney before finalizing your documents.
Lack of Guidance on Trusts:
While online services offer the option to create a revocable trust for an additional fee, they often fall short in providing comprehensive information about various trust types and the circumstances under which they are most suitable for your family.
For instance, if your primary goal is to direct the disposition of real property, a simple realty trust may suffice. However, if you intend to manage and allocate assets to ensure your children receive their fair share and have someone oversee it if they are still minors, the revocable family trust available through online platforms might be an option. Unfortunately, online platforms rarely allow for personalized choices in managing or distributing assets.
Lack of Execution Instructions:
Online wills do provide accurate signature blocks, specifying the required number of witnesses, and a notary acknowledgment for a "self-proving" will. However, they often lack detailed explanations of what needs to be done and why. Failing to follow the correct procedure can jeopardize the validity of your will, with potential consequences that won't become apparent until after your passing.
If you opt for an online will, ensure you have two adult witnesses unrelated to your beneficiaries. They must be physically present when you sign the will and promptly sign the witness statements.
While not legally obligatory, a notary public acknowledgment simplifies the probate process, sparing your heirs from testifying in court. If obtaining a notary is challenging due to unforeseen circumstances, you can initially proceed with just witnesses, but consider revisiting this with a notary once the situation allows to save time and effort for your heirs.
Lack of Advice on Massachusetts Estate Taxes:
Many individuals mistakenly believe estate taxes are exclusively for the wealthy. However, in Massachusetts, if your combined assets, including life insurance proceeds, home equity, and retirement savings, surpass $1 million, your estate could be liable for substantial estate taxes.
To illustrate, an estate valued at $1,000,001.00 would incur taxes on the entire amount, totaling approximately $36,000. Conversely, an estate worth $999,999 would be exempt from estate taxes altogether.
If you harbor any doubts about your taxable net worth, it's prudent to consult an estate planning attorney before finalizing your documents.
Lack of Guidance on Trusts:
While online services offer the option to create a revocable trust for an additional fee, they often fall short in providing comprehensive information about various trust types and the circumstances under which they are most suitable for your family.
For instance, if your primary goal is to direct the disposition of real property, a simple realty trust may suffice. However, if you intend to manage and allocate assets to ensure your children receive their fair share and have someone oversee it if they are still minors, the revocable family trust available through online platforms might be an option. Unfortunately, online platforms rarely allow for personalized choices in managing or distributing assets.
The Alternative to Online Wills
At slnlaw, we offer a personalized approach to estate planning. If the reason you are thinking about an onine will is that you don't want the hassle of going to a lawyer's office, you should know that we conduct consultations remotely, provide electronic document drafts, and offer flexible options for in-person document signing. Our goal is to ensure your estate plan aligns with your unique needs and circumstances.
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 settle for one-size-fits-all online wills. Contact us for comprehensive estate planning tailored to your family's requirements. You can use the button below to schedule a free information call, or simply give us a call at 781-784-2322.
|
|
|
|
|
