Having gone through life without having children of their own, some Massachusetts residents may wonder who will get their assets after death. While some parties may consider simply letting the state distribute their assets, it would still be wise for individuals to explore the benefits of wills. In many cases, people may find that estate planning documents have more uses than originally believed.
Though some people may not have children, they could have other relatives to whom they would like to leave their assets. In some instances, nieces or nephews played a significant role in a non-parent’s life, and as a result, those loved ones could become the beneficiaries of certain property. Additionally, other loved ones or friends could also fit into the category of beneficiary.
Of course, as those relationships change over time, individuals will likely need to update their estate plans. For instance, while an aunt or uncle felt very close to their nieces and nephews when the children were young, that relationship may have become less strong over time. As a result, the aunt or uncle may no longer feel the need to bequeath assets to those relatives.
Massachusetts residents should understand that estate planning is not just for parents or the rich. The process can help individuals of any circumstances create wills that best suit their needs and desires. Because a variety of options exist for attending to an estate in the manner a person finds most fitting, interested parties should consult with legal professionals to find out more information.
Source: CNBC, “Planning your estate when you’ve got no children or heirs“, Sarah O’Brien, May 31, 2017