Some assets do not pass through a will. This is because every state has intestate succession laws which allow property to be passed on to surviving family members in priority order even when no will exists. Typically only blood relatives and spouses are eligible to inherit under intestate succession laws.
This means that charities, friends and unmarried partners will not get anything if you don’t sit down with an experienced estate planning lawyer to structure a plan that meets these goals. Common assets that are not affected by state intestate succession law include:
- Property inside a living trust
- Bank accounts, real estate and other assets that are held in tenancy by the entirety, joint tenancy or community property with right of survivorship
- Life insurance proceeds
- Funds in an IRA or retirement plan that has a designated beneficiary
- Stocks or securities located in a transfer on death account
- Funds in a payable on death bank account
In order to determine who would be eligible to inherit these types of property when no will exists, you will need to locate the original documents that the owner of those accounts had with the individual companies. This can be difficult to locate but often falls to the role of the personal representative to seek out these details and pull together a comprehensive picture of the deceased’s assets.
Find a Massachusetts estate planning lawyer who can help you create a custom plan for your needs and your future.
