Page 31 - Healthcare News 2021 Senior Planning Guide

Where There’s a Will...
Don’t Let Others Make Decisions About Your Beneficiaries By MARY PAIER POWERS, Esq.
What happens to your assets (your home, investments, or personal property) when you die without a will? Massachusetts will decide who your beneficiaries will be and how your property will be distributed.
A will is an important document that ensures the property you own in your own name passes to the beneficiaries of your own choosing.
As you get ready to create your will, you need to think about whom your beneficiaries will be. Is it your spouse, family members, children, friends, or charities? It can be an individual or a combination of all. You can also decide how much each person or charity will get — you do not need to treat all beneficiaries equally.
It is also important to look at your beneficiaries and decide if they have the ability to manage the money or inheritance you leave them. There may be factors that would affect a beneficiary’s ability to manage a lump sum of money. These factors include age, mental health, and/or medical issues. If these issues are present, it may be necessary to consider setting up a trust for that beneficiary.
Another consideration is what happens if a beneficiary passes away before you. Does that share lapse and pass to someone else? Will it go to their children? Does it go only to your surviving
beneficiaries?
Minor changes can be made after a will is complete.
That is accomplished with what is called a ‘codicil.’ This is essentially an amendment to your will that changes the specific paragraph that needs to be adjusted. However, if there are a lot of changes, it is best to create a new will to avoid confusion and possibly hurt feelings if you change beneficiaries or the amounts to a particular beneficiary.
If you opt to leave money to a charity, we encourage you to look at the organization’s website. You have many choices, and reviewing the website will lead to the best use of your money, either by leaving it to the organization’s general fund or by specifying one or more specific uses of your bequest.
Another very important consideration: who should be your personal representative, formerly known as an executor or executrix? This is an important role, since this person will gather your assets, pay your bills, file and pay any estate and/or income taxes for the estate, and distribute assets as you direct in your will. It is a good idea to think of a second person to serve as a backup if the first named person or party cannot carry out these responsibilities.
There are many factors to consider when
creating your will, and it is difficult to plan for every future event. It is hard to accommodate various situations, but it is possible. It is also OK, and often recommended, to update your will as your family and beneficiaries change.
The above information is educational and is not legal advice. Please contact our office so we can help you complete your estate plan. n
Attorney Mary Paier Powers is owner of Powers Law Group, LLC; (413) 781-9659.
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Protect Your Family
Creating a will is a key component of estate planning. You can count on the experts at PLG to help ensure your wishes are carried out and executed smoothly.
680 Westfield Street West Springfield, MA 01089 413-781-9659
1391 Main Street, Suite 806 Springfield, MA 01103 413-363-2269
PowersLawGrp.com
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