Dealing with the distribution of assets after a loved one’s passing can be a complex and emotional process. At Casey Lundregan Burns, P.C., we understand these challenges and make it a priority to comprehensively guide you this particular stage of probate in the Commonwealth.
In probate, there often exists a common concern about what happens to assets that are not included in the will when an estate plan is made and what it means for distribution. Here we seek to outline common scenarios for succession and distribution to provide a general overview of this process.
Understanding the Basics: Intestate Succession
When a person dies without including certain assets in their will, those assets are distributed according to intestate succession which are laws devised by the state dictating who inherits and how the assets are shared based on the beneficiaries relationship to the deceased. In general, the key points are as follows:
- Spouse and Children: If the deceased has a surviving spouse and children, the estate is typically divided between them. The specifics depend on whether the children are also the children of the surviving spouse.
- No Children: If there are no children, the surviving spouse usually inherits the entire estate.
- No Spouse or Children: If there is no surviving spouse or children, the assets go to other relatives, such as parents, siblings, or more distant family members.
Though these laws ensure that the estate is distributed in accordance with Massachusetts state law and what is deemed fair this path may not always align with the deceased’s personal wishes.
Challenges in Intestate Succession
While intestate succession provides a legal framework for distributing assets, it can also present time-consuming challenges and complications that delay distribution of assets to rightful heirs. Family members might disagree on how the decedent’s assets should be divided, leading to conflicts and potential legal battles. Additionally, the laws of intestate succession may result in assets going to distant relatives or individuals whom the deceased did not intend to benefit.
Common Scenarios for Unincluded Assets
There are several reasons why certain assets are excluded from a will and understanding these scenarios could help you avoid potential issues and better plan your estate. These instances include:
- Unintentional Exclusion: Sometimes, assets are accidentally left out of a will. This often happens if the asset was acquired after the will was created and the will was not updated to reflect the new addition.
- Lack of Specificity: If a will is vague in its terms or directives some assets may not be covered.
- Non-Probate Assets: Assets that do not go through probate and are not controlled by the will include life insurance policies, retirement accounts, and jointly owned properties, which pass directly to the named beneficiaries.
Steps to Avoid Unincluded Assets
Comprehensive estate planning can help ensure that all assets are included in your will and distributed according to your wishes. We recommend taking the following practical steps to better protect your interests:
- Regularly Update Your Will: Make it a priority to habitually review and update your will, especially after major life changes, such as the purchase of new property, marriage, or the birth of a child.
- Detail All Assets: Be as specific and detailed as possible when listing your assets in the will.
- Consider a Trust: Setting up a trust can provide more control over how your assets will be distributed and could help you avoid probate altogether.
- Consult with an Estate Planning Attorney: Working with an experienced estate planning attorney ensures that your will is thorough and legally sound.
Estate Planning at Casey Lundregan Burns, P.C.
Planning for your future may feel like a complex and intimidating process. However, our team of dedicated professionals are here to provide compassionate and comprehensive support to ensure your interests are protected. Whether you are interested in creating a will, setting up a trust, or reviewing your existing estate plan, we are here to help. Contact us today to schedule your case evaluation online or call us at (978) 878-3519. Let us assist you in securing peace of mind for you and your loved ones.