Wills

Do you have a Visa card? Would you like Visa to administer your estate? Under Massachusetts law, creditors are given preference to act as an administrator.

Are you married? Did you know that your spouse is not your sole heir at law? Without a Will, your husband or wife could have to share your estate with your other heirs at law, such as your children, your parents or even your cousins.

In your Will, you nominate your Executor, the person you want to be in charge of your estate. You can also list an alternate, should the first person you nominate not be available. You should give some thought to this as you need a person who is reliable and responsible.

If you have minor children you can also nominate a guardian, the person you want to be responsible for your children if you pass away.

Remember, a Will is only part of your estate plan. A Will only controls assets in your name alone. Jointly held assets, life insurance, IRA's and other pensions are usually paid directly to the named beneficiary. When you draw your Will, you should review your beneficiary forms to be sure they are up to date.

If you have already drawn a Will, we recommend you review it every two years or if there are any changes in your family or financial situation. You should be aware that in Massachusetts, marriage voids a Will but a divorce does not.

A properly drawn and executed Will can save your family money, time and heartache. Drawing a Will is a precious gift you leave for your loved ones.

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