Good things happen when you make a will:
Are you putting off making your will or updating an old will? You are not alone. Many of our clients once did just that.
Why? Because we don’t like to think about our own mortality. We delude ourselves into believing there will always be time. Perhaps we haven’t made up our minds about how we want things divided. Some of us assume our assets will automatically pass to our natural heirs, just as we prefer.
Whatever the reason, procrastination exposes your family and property to serious risks.
Dangers of having no will or an old will:
If you leave this world without a will (legally called “dying intestate”), your assets will be distributed according to Massachusetts law. Your wishes for the distribution of your estate won’t matter.
The results can be quite different from what you might want. Instead of providing for the family members you would like to help most, the law will divide your estate among your relatives according to a rigid, unchangeable legal formula – and nothing will go to the friends or charities you cherish.
Without a will, your estate may be administered by someone you wouldn’t necessarily choose. If you leave minor children, the court may appoint someone other than your first choice as guardian. Your assets may be shrunk by estate taxes that could have been reduced or avoided through proper planning. Your heirs will be exposed to a maze of legal technicalities.
An old will can be almost as bad as no will. Each new year brings changes that affect the lives of your family and the nature and value of your property. A birth, marriage, divorce, death, or a change in your financial circumstances can make a big difference in your plans. Your will can also become outmoded because of a substantial inheritance, a new home or business, or the sale or gift of an important asset. State and federal changes in tax laws occur almost annually; they may also have a serious impact on your estate plan.
How to make good things happen:
What happens when you make a will?
First, you ensure the wisest and most productive use of your money and property for the benefit of those individuals and institutions you care about.
Look at the many good things you can do through your will:
- You can direct the division of your property the way you choose, not the way the state decides.
- You can make special financial arrangements for family members who are minors, disabled, or unfamiliar with money management.
- You can provide vitally-needed support for your favorite charitable institutions and be recognized for your benevolence.
- You can select an executor (personal representative) who is qualified to settle your estate promptly and economically, with careful attention to your wishes.
- You can devise an estate plan, with the help of a qualified attorney and other advisors, that will minimize the taxes on your estate.
- You can, if needed, name a proper guardian for your minor children.
Most of all, with a current will you can make sure your estate will be given to individuals you care about. This careful planning can help you avoid family misunderstandings.
Think of making a will as a rewarding task, an opportunity to benefit others in a creative manner after your lifetime.