If you die without any estate planning documents, the State will step in and decide how your assets will be distributed to those who survive you.
Massachusetts Intestacy Statute
Under G.L. c.1908,§ 2-102 (http://bit.ly/2DV3nkQ):
- The surviving spouse receives the entire estate if the decedent is not survived by descendants or parents, or if the only descendants are also descendants of the surviving spouse and the surviving spouse has no other descendants.
- The surviving spouse receives the first $200,000 plus ¾ of the balance of the estate, if decedent is not survived by descendants but is survived by a parent.
- The surviving spouse receives the first the first $100,000 plus 1/2 of any balance of the estate in all other scenarios.
IF you want to make sure your estate goes to specific people, you need to have a written will that is properly executed and witnessed.
Contact Attorney Curran to discuss your options:
E.M. Curran & Associates LLC
10 Tower Office Park
Woburn, MA 01801