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1. What is a will?
A will is a legal document that distributes assets after death.
2. What is an estate?
An estate is everything that a person owns or has an ownership interest upon their death. Typically, the asset is in the person's name, but it can also be an ownership interest in jointly owned property, trusts, and partnerships. Also, life insurance proceeds may also be part of the person's estate if there is no beneficiary designated.
3. Do I need an attorney to write a
will?
No. There is no requirement that a will be drafted by an attorney. However, it is prudent to consult an attorney regarding your estate to ensure that your will is drafted properly and in accordance with Massachusetts law. Also, your estate may require specialized estate planning to minimize your estate tax liability.
4. What is an executor?
The executor is the person that is designated in a will to administer the estate. This includes probating an estate, if necessary, and distributing the assets in accordance with the will.
5. What does probating an estate mean?
If a person dies with assets in their name only, an estate will need to be probated to transfer the assets from the decedent's name, so that they can be distributed in accordance with the will.
6. What happens if I die without a will?
If you die without a will, your assets will be distributed in accordance with the Massachusetts Intestacy Statute. This may not be consistent with your wishes.
7. How do I change my will?
A will can be easily changed by the execution of a codicil. A codicil is an amendment to a valid will. It is a formal document and must be executed with the same formalities as a will.
8. How do I revoke a will?
A will is valid until it is invalidated by the execution of a new will. You cannot simply cross out language in a will or write in new provisions.
9. What are the legal requirements for
a will in Massachusetts?
A valid will in Massachusetts must be signed by someone who is 18 years of age or older and witnessed by two individuals. A self-proving affidavit should be attached to the will. This is a statement signed by the testator and the witnesses and then notarized stating that the testator has signed the Will voluntarily, that he or she is over 18 and not under any undue influence.
10. Will my estate be subject to estate
taxes?
If your estate is valued more than $1,000,000.00, you will need to pay Massachusetts estate tax. If your estate is valued at more than $2,000,000.00, your executor will need to file a Federal estate tax return.
11. What is a durable power of attorney?
A durable power of attorney is a legal document whereby you can appoint a person - called an attorney-in-fact - that will manage your financial affairs if you become incapacitated.
12. What is a health care proxy?
A health care proxy is a legal document whereby you can appoint a person - called a proxy - to make medical decisions for you should you become incapacitated.
13. What is a living will?
A living will is a document that sets forth a person's wishes in the event they have an injury or illness that they are not likely to recover or regain meaningful quality of life. A living will sets forth whether a person wants artificial feeding and hydration provided, artificial respiration used, or surgery performed even if the condition is one in which a person will not recover. Although living wills are not legally binding in Massachusetts, they can provide your health care proxy with important guidance regarding your wishes under these circumstances.
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