Wills

What is a Will?

Unlike a living will, a will is a legally recognized declaration by which a person, the testator, names one or more persons to manage his estate and provides for the disposal of his/her property upon death.

Why should I consider drawing up a Will?

For those who die without a will (said to die intestate), it is the Probate Court who decides who manages the estate and transfers the decedent’s assets. In the event the Court cannot find or contact beneficiaries, one’s estate risks going to the state (escheats).

What does “probate transfer” mean?

Ownership of assets takes place by Court order, or outside of probate, which means at your election. In transfers out-of-probate, property passes to the new owner(s) by way of how the property was titled, or by way of designated beneficiary. During one’s lifetime, the person who died decided in advance how the property would be conveyed. In a probate transfer, the decedent’s property passes to the specific individuals mentioned in a will or according to the Massachusetts laws of inheritance (Uniform Probate Code) if no will has been made or if the will made was found invalid or unenforceable.

Can I make specific bequests to certain people of certain assets?

In a will, this is precisely what you do, to make certain your wishes are followed.