Estate planning in Massachusetts is a simple affair which entails adherence to a set of regulatory compliances. Planning in advance for one’s estate is economical, time saving and a hassle free procedure.
One’s heirs also come to know about their shares beforehand. Provision for minors can also be made.
More on Estate Planning in Massachusetts
Estate planning in Massachusetts refers to the set of rules under which individuals do estate planing in Massachusetts. Estate planning is employed for an incapacitated owner to efficiently manage his estate. It is also employed for ensuring efficient asset management and bequest by an individual after his demise.
The issues covered under Estate Planning in Massachusetts are as follows:
power of attorney
provision for minor children
similar options other than will making
More on dying “intestate” under Estate Planning in Massachusetts
Dying intestate means dying without making a will. For a person dying intestate there are certain guidelines in the laws of Massachusetts. Firstly in such cases the entire estate passes on to the immediate family members. The estate will be divided amongst the family members in accordance to the prevalent situation.
If the deceased is survived by his spouse and his parents or relatives only, then the initial $200,000 of his estate will go his spouse. In addition the spouse will receive 50 % of the real property and personal property that remains of the deceased.
The situation may be such that the deceased is survived by at least a child and a spouse . Then half of the real and personal property of the deceased will accrue to the spouse of the deceased . The remaining portion of the wealth of the deceased accrues to his children. If the deceased is survived by his spouse only and no body else then his entire property accrues to his spouse.
Last Updated on : 30th July 2013