You might assume that you do not have enough assets to warrant the creation of an estate plan, but this can be very problematic thinking. The primary reason for this is because the state will determine what happens to your assets not you if you pass away without an estate plan.
Who is entitled to receive assets in your estate when you pass away is determined by each state’s intestate succession laws, which largely depend on whether or not you have children and whether you are married. Although each state will have their own specific rules related to this, spouses and children are given the highest level of priority.
Assets will usually go to your parents and siblings if you’re single with no children. When creating your own estate plan, however, you can determine who gets what. If you are married with children and pass away with no plan, you might assume that things will go to your spouse and then to your children.
However, if you have children from a previous relationship, your spouse may not end up receiving what you intended. Furthermore, if you are estranged from you children and are concerned about giving them money, state law will determine who gets your assets and how.
This can be very problematic for your loved ones if it is not what you intended by handing full control and decision-making authority over to the state. To avoid these complicated scenarios, schedule a consultation with an experienced estate planning lawyer. Make sure that you understand what happens with Massachusetts intestate succession, too.
By creating your own plan, you can also provide insight into why you made the choices you did. This can make it easier for your loved ones to cope with this transition period. Contact a Massachusetts estate planning lawyer today to learn more about the process.
