Wills. Explained.

Lacks some flexibility of a Living Trust. But a Will is right for some.

Have questions about what's right for you?

Having a Will is much better than having no plan for these reasons:

You Choose Who Gets What: Without a Will, the state decides who gets your things, which might not be what you want. A Will makes sure your stuff goes to the right people.

You Pick Who Takes Care of Your Kids: If you have kids, a Will lets you choose who looks after them. Otherwise, a court decides, and they might not pick who you would.

Less Fighting in the Family: A Will can stop arguments by clearly saying what you want. Without it, your family might fight over your things.

Faster Legal Stuff: With a Will, handling your things after you're gone is quicker. Without one, it can take longer and be more confusing.

Easier to Make: Making a Will is usually simpler and a good first step in planning, especially if your situation isn't too complex.

So, having a Will helps make sure your wishes are followed and makes things easier for your family.

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Understanding Wills: A Guide for Beginners

What is a Will?

A Will is a very important document that tells people what should happen to things like your house, savings, and personal belongings after you pass away. It's like leaving behind instructions for what to do with your stuff.

The Importance of a Will

Having a Will is essential, even if you don't own a lot of things. It's especially crucial if you have children, as it allows you to choose who will take care of them. A Will ensures that your belongings like your house or bank accounts go to the people or charities you want.

How to Create a Will

Creating a Will can be complex because there are many legal rules to follow. It's wise to get help from an attorney who specializes in Wills. They can make sure your Will is clear and avoids future problems.

Key Sections of a Will

A Will typically includes:

Your Name and Address: It starts with your full name and where you live.
Canceling Old Wills: If you have an old Will, the new one should state that it replaces the old one.
Updating Your Will: It's important to update your Will when major life changes occur, like acquiring new property or changes in your family.
Choosing Someone to Handle Your Estate: This part names the person who will make sure your wishes are followed.
Selecting the Right Person for the Job: The person you choose should be trustworthy and fair to everyone involved.
Guardian for Your Children: If you have young children, you can decide who will look after them.
Distribution of Your Assets: Here, you specify who gets what from your belongings.
Signing the Will: Your Will needs to be signed by you and two other people who aren’t beneficiaries.

Consequences of Not Having a Will

Without a Will, handling your estate can become complicated and time-consuming for your family. If you have no family, your assets could end up with the government. A Will directs your assets to the people or causes you care about.

Rules in Massachusetts

In Massachusetts, you must submit your Will to a court within 30 days of your death. However, there's no fine for not doing this.

Court Procedures

For a Will to be effective, a court must validate it. If you have assets solely in your name, they will likely go through the court. Creditors can also ask the court for payment from your estate.

Different Kinds of Wills

Pour-over Will: This type works with a Living Trust and directs any assets not in the trust to be added after your death.
Will with Testamentary Trust: An older type of Will that's not commonly used now, which included a trust within the Will itself.

Final Thoughts

Having a Will is extremely important. It guides your loved ones on handling your assets and ensures your wishes are respected after you're gone. Being familiar with your state's rules, like those in Massachusetts, is key. Properly creating a Will can greatly help your family and friends in the future.

Wills & Trusts—in plain English

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QUESTION #4: Are there Wills that work with trusts?

Pour-over Will

A different type of Will is a 'Pour-over Will.' You sign this type of Will when you create a Living Trust. A Pour-over Will tells the personal representative to deliver any named assets to your Living Trust.

Some people think that with a MA revocable living trust you don't need a MA Pour-over Will. But that's not good estate planning--if you didn't transfer an asset into the Living Trust while living, it should go there after death. Consider a bank account in your sole name at a local bank. The Pour-over Will says to transfer it to your MA Living Trust.

Will with Testamentary Trust

An older, lesser-used type of Will is a Will with Testamentary Trust, which includes a trust provision INSIDE the Will. This type of will is not used as much anymore, because a Living Trust provides its benefits without probate court involvement.

Around 1900 this type of Will was common when the husband owned all the family assets. On his death, those assets were turned into a trust for the surviving spouse. This older type of trust instructed the trustee to ONLY pay the surviving spouse the trust's income. The surviving spouse would need to live off the income, so the trustee needed to create income from the estate through bonds or stocks that paid dividends.

Even with a Living Trust, you may need a Will too.

Have questions about what's right for you?

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