Senior Resource Center of Worcester County is now offering a free resource guide to Seniors in the Worcester County area. Senior Resource Center of Worcester County (SRCWC) is a full-service elder advisory group assisting Seniors and their families in the areas of financial guidance, asset protection and care coordination. SRCWC offers solutions in identifying and accessing options for care coordination and assists in comprehensive lifetime care planning. For your free resource guide, see the SRC Worcester website or call 508.421.6766.
Important Documents For Estate Planning
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The process of planning your estate can be a daunting one. Often, you are asked to think about, discuss, and plan for an event that is unpleasant. For most of us, the plan we develop will not be needed for years. On top of that, you are then asked to gather numerous documents and verify details about your financial affairs. For these reasons most either don’t begin the process or abandon it shortly thereafter. After consulting with an attorney you feel comfortable working with, gathering the following documents may help you begin the process and assist you in determining how your estate should be managed and ultimately distributed.
- Wills
- Trusts
- Powers of Attorney
- Health Care Proxies and Living Wills
- Declaration of Homestead
- Copy of deed to your primary residence and other real property
- Copies of recent bank or investment accounts
- Copies of life insurance policies
- Copy of previous years tax return
Planning your estate doesn’t have to be stressful, and in the end should leave you with the peace of mind that your loved ones will respect your wishes as to how your estate should be managed and ultimately distributed.
What If I Die Without A Will?
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When discussing estate planning, I often hear the remark “I don’t need a Will”. Many think that they don’t have a large enough estate, or that everything will automatically pass to their spouse. That is not always the case.
If you die without a Will, Massachusetts law will control how your property will be distributed. After payment of debts, expenses, administration and funeral costs, your property will be distributed as follows:
- If the deceased leaves kindred but no children, the surviving spouse will get the first $200,000, plus one-half of the remaining personal and real property. The balance will go to the kindred.
- If the deceased leaves children, the surviving spouse will get one-half of the real and personal property and the balance will go to the children.
- If the deceased leaves children but no spouse, all real and personal property will be distributed to the children.
- If the deceased dies with no children or kindred, the surviving spouse will take all real and personal property.
- If the deceased leaves no spouse, children or kindred, the estate passes to the Commonwealth.
Unless you have a valid Will at death, the State will determine exactly who receives your property. Having a Will ensures that you, not the State, choose who receives your property.
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