Estate planning is an important step for an adult to take, regardless of whether they have children, a business in their name or a sibling with special needs who is dependent on them.
However, most people perceive estate planning as something that primarily benefits people other than themselves when they die. While it is true that your estate plan helps protect the people in your life, it also helps to protect your legacy, which will affect how people remember you and how long.
Whether you hope to set your children up for financial success or want to leave money to a charitable organization, if you don’t put your plans in writing soon, you could die without a last will. That leaves you ultimately with no control over what happens to your property.
What will Massachusetts do if you die without a will?
Dying without a will means dying intestate. The state has specific laws that dictate what will happen to your property if you die without a last will on record. These rules favor your most immediate family members, which may not be what you want if you are estranged from your spouse. disappointed in your children or disowned by your parents.
The primary inheritance rights go to your spouse and your children, although parents, siblings and even more distant relatives may inherit all of the assets from your estate if you don’t have a spouse and kids. In fact, if the state is unable to locate family members who should inherit, your estate might wind up the property of Massachusetts.
Careful estate planning will not only give you protection as you continue to age but will also ensure that you maintain control over your legacy you leave when you die.