A Will and A Way
October 28, 2005
One of the most important estate planning documents you should have in your possession is a Last Will and Testament. In today’s world of joint ownership, trust documents and deeds with life estate interest, the Will is often under-valued as to its true estate planning significance.
A Will, by definition is an instrument, executed with the formalities of state statutes, by which you make a disposition of your real and personal property, to take effect after death, and which by its own nature is ambulatory and revocable during your lifetime. A Will is a document that you draft (which meets certain formal requirements) in order to provide for the disposition of your assets (estate) after death. A Will allows you the right to dispose of your solely owned property at your death in accordance with your wishes.
If you do not have a Will, or have failed to properly execute a valid one, then you will die, “intestate” (without a Will). This is important because with no Will, any property that you owned will be distributed in accordance with state laws. Intestate property is distributed (in most cases) by whom you are survived.
In Massachusetts, property of one who dies intestate will be distributed in the following manner…
You may read more at the link below.
by: Todd A. McGee, Esquire