Yes: You Need a Will

Without intending to sound Grinch-like, it seems each year ends with an increasingly stressful and burdensome holiday season. The trudge through December takes its toll on our minds by narrowing our scope of vision, and restricting our ability to manage our lives. During this blitz, we simply live for the moment or at least from shopping week to shopping week.

Figuratively speaking, we become simply employees of our own lives. During this time, we are not managers, and do not focus on the big picture. Fortunately, the New Year brings sanity and an opportunity to step backwards in order to gain perspective of our long term goals and plans. This year, make plans to write your will. Through this simple and relatively inexpensive process, you will attain peace of mind knowing that your intentions for the care of your minor children, and disposition of your assets are set in stone according to your desires. The alternative, dying without a will, leaves little room for carrying out your wishes. In fact, you may be surprised to learn the rules.

In Massachusetts, if you die without having a will, your property is split: 50% to your spouse & 50% to your children. Without children, your spouse will receive the first $200,000 and share evenly the remainder with your living parents, or siblings. Should you die single: any children share your property. However, without children, your parents are first in line followed by your siblings.

Subsequent family member deaths, can create a vacuum which sucks your property further away from your closest family members. For instance, when a child who inherits a statutory share from a parent dies shortly following the parent a portion of the child’s share may pass to his or her spouse. Here the property skips over the surviving spouse or remaining children, and benefits primarily the son or daughter-in-law. This can be particularly harmful to the surviving parent who after losing a spouse and a child, also loses a share of the inheritance.

With a Will or Trust, one can plan for many contingencies, to insure that proper parties receive one’s inheritance. Make it a priority to write your will early this year and begin to reap the benefits of peace of mind.

Attorney James Haroutunian practices real estate law, estate planning and small business formation in Billerica at 630 Boston Road. Contact him with questions at 978-671-0711 or email him at james@hlawoffice.com.