Whether you are having difficulty deciding which type of trust will serve your needs best or you have uncertainty about naming beneficiaries, the estate planning process can be complex. Moreover, there are certain key terms, such as intestacy, you may not be familiar with, which could have a significant impact on your property, depending on your circumstances. For example, those who do not have estate plans in place at the time of their death may have their property distributed in a way which would have gone against their wishes.
According to the General Court of the Commonwealth of Massachusetts, assets belonging to a decedent’s estate that are not addressed in an estate plan are distributed according to intestate succession laws. However, if certain assets are left out of a will but the will does prohibit a certain person from receiving property, that person will not be entitled to the property according to intestate succession laws.
For some people, failing to set up an estate plan before death could result in assets being divided in a manner they would not have approved of, which underlines how important it is to think ahead and ensure that you are prepared. Sometimes, approaching these topics can generate stress and uncertainty, but successfully setting up a will or a trust could provide you with peace of mind.
It is also vital to point out that no part of this blog post serves as a replacement for legal assistance or as any form of legal advice.