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.
What Online Wills OfferThe online wills that we reviewed provided the following:
What Online Wills Don't Provide
The Critical Missing Ingredient: Special CircumstancesOnline 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:
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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.
How Our Estate Planning Lawyers 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.
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