Protecting loved ones and ensuring that assets are divided quickly and fairly after their deaths are major concerns for a large number of Massachusetts residents. Some will leave unofficial instructions or hope that other family members will be able to divide the assets that they left behind. Unfortunately, not leaving a last will and testament can cause family members of the deceased to have to undergo lengthy and expensive legal battles. Wills can help to protect an individual’s assets and ensure that they are divided amongst the beneficiaries without additional legal costs.
First, as many people already know, a will allows a person to divide his or her assets amongst beneficiaries. This can include the division of money or physical property. Money might be put into a trust for family members to draw on, or a person might choose to leave a certain amount of money to a charity or other organization.
A will can also help to ensure that a person’s wishes regarding how an estate will be managed or what will happen to any minor children left behind. The owner of the estate can name a person to take over the estate’s administration in the event of his or her death, which includes the payment of bills and notifying banks and businesses of the person’s death. If the benefactor has minor children, then he or she can also name a legal guardian to care for them.
Many people know the basic purpose of a last will and testament. However, people often put off writing one because they believe that they do not need one at their current wealth level or that they will have time to make one later. Massachusetts residents who wish to learn more about wills could benefit from speaking with an attorney in their area.
Source: bellinghamherald.com, “Here are seven reasons you want to protect your family with a last will and testament”, Cindy Uken, Accessed on April 20, 2018
