IS IT TIME TO UPDATE YOUR ESTATE PLAN?

On March 31, 2012, Massachusetts completely overhauled its laws regarding wills. The new laws were meant to simplify the way lawyers and layperson alike dispose of property and provide for the care and support of a spouse and children after a loved one passes away.  Drafting a will, or updating an old will, can help protect your family and your property. Having a will assures your loved ones are cared for and your assets are disposed of in accordance with your final wishes after you pass away.

The task of preparing for your death and the distribution of your property is intimidating. Not taking the steps now to prepare means that the Court will make all the decisions regarding the distribution of your property and the care of your family.

Without a will, your assets will be distributed in accordance with Massachusetts law. The law is very specific about the rights of your family members to inherit property. The 2012 overhaul of the laws changed some “default” provisions that control the distribution of property when you die without a will.

 Some notable changes include:

1.       Surviving Spouse Share. The new laws increase the share to your spouse only if you die without any children or if your spouse is the parent of all of your children. A surviving spouse of a “blended family” is not entitled to all of your property if either your or your spouse have children from another marriage or relationship.

 

2.       Disinheriting a child. The laws make it more difficult to disinherit a child. A child may be entitled to a share of the estate whether or not they are mentioned in the will. Specific language is required to disinherit a child.  

 

3.       Marriage and Divorce. Marriage no longer cancels a prior will. A person who has a will then later gets married may need to take steps to assure their new spouse is provided for after their death.

 

Dying without a will means that your family may be burdened with the task and expense of reviewing and organizing your records. The quality of your relationships with specific family members will receive little to no consideration.

If you signed a will prior to 2012, it is important to have your documents reviewed by an estate planning attorney to make sure all of the provisions comply with the current probate terminology, laws, including digital assets and online accounts, and to review assets that may pass outside of the provisions of your will or trust.

How to get started

There are few requirements for creating a will in Massachusetts. Given the complexities of personal relationships and financial asset protection, working with an estate planning attorney to draft your will or update an old will assures your final wishes will be followed with minimal financial consequences or family disruption.

An estate planning attorney can assist you in achieving your estate planning goals by discussing your personal circumstances and find solutions to assist in the management and disposition of property and secure the continued financial support for your spouse and children after your death.