As the years pass by, it is common to start thinking about making a will. Making a will is something that many people do not look forward to doing, and often people are overwhelmed by the several options they have, and become confused by the legal jargon.
However, creating a will as early as possible is very important in securing your assets and making your wishes known. It will mean that the entire process of transferring your assets to your loved ones will be simpler, more economically efficient and not open to interpretation.
What will happen if I die before making a will?
If a person passes away and he or she has not made a will, it is known legally as dying intestate. This means that intestacy laws come into play that determine how the person’s assets will be distributed. This will be managed in the state of Massachusetts if this is where the assets are situated, but any assets in other states will be governed by the intestacy laws of that particular state.
Where assets are distributed depends largely on whether you are married and have children. If you are married with children, your spouse will inherit your entire estate automatically. If you are single without children, your estate go to your closest living relatives. If your parents are still alive, the entire estate will be divided equally between them.
It is very important to take steps to plan your estate in Massachusetts at the earliest possible date. This will help you to be safe in the knowledge that your assets will be inherited by exactly who you wish, and that none of your assets will end up in the wrong hands.
Source: FindLaw, “What Happens If You Die Without a Will?,” accessed June 08, 2018