Even If You Have a Will, You Might Want to Read This
By: Atty. Michelle F. Rosenberg
Many of us are reluctant to think about the consequences of our own demise; and although most people are aware that it is a good idea to have at least a Will in place in the event the inevitable occurs unexpectedly, surprisingly, less than 35% of adult Americans report actually having a Will.
Likewise, many who have a Will, may not know that after a life changing event like a divorce, their Will may not be legally binding.
Without a Will, the estate of the deceased passes to the heirs via the state’s intestacy statutes (in Massachusetts, General Laws, c. 190B, §2-101 et. seq.). The result is higher estate tax consequences, as well as an outcome which may not only fail to fully protect and provide for the loved ones left behind, but which may also be vastly different from what the deceased intended.