Unfortunately, one does not know what can happen from one day to the next. That is why it is important to consult an Attorney to create an Estate Plan, which includes a Will and, possibly, a Trust. If a person fails to dispose of all, or a portion of, his or her estate by a valid Will or Trust, then such property is distributed under the Massachusetts rules of intestacy. You will need to be especially careful in the coming days, because, as of March 31, 2012, things are scheduled to change.
The pending changes to the Intestacy Laws will have a significant impact on the Estate of a person who dies without a Will or Trust in place. For instance, under the new law, a much larger share will be distributed to the surviving spouse than under the current Massachusetts law. Changes like the aforementioned are things that people need to be aware of. To that end, over the course of the next few months I am going to post a series of questions that are commonly coming up in my daily practice, starting with a basic one: I am married and do not have a will, what would happen to my Estate if I were to die today?
Answer: The answer to this question varies depending on circumstances.
1. For instance, if you don’t have a parent or children, then the surviving spouse takes the entire intestate estate.
2. If, you have a parent, and no children, then the spouse takes the first $200,000.00 and three-fourths of any balance of the intestate estate.
3. If you have children born into the marriage of you and the surviving spouse and there are not other children of the spouse, then the spouse takes the entire intestate estate.
4. If, you have a child or your spouse has a child but the child is not common with both of you, then the spouse takes the first $100,000.00 and one-half of any balance of the intestate estate.
If this is not how you would like your property to be distributed upon your death , you need a Will or some kind of Trust. Please contact me to set up an appointment to meet, so we can memorialize the distribution of your assets which you desire. I can be easily reached at firstname.lastname@example.org.
Much more to follow!!!
BY: Caroline J. Hanania
Topkins & Bevans
Attorneys At Law
781-890-6230 Ext 225