When it comes to estate planning in Massachusetts, it’s crucial to understand which assets may not pass under a will. Knowing what property bypasses a will can help individuals ensure that their assets are distributed according to their wishes. In Massachusetts, various types of property are exempt from probate and do not need to go through the will execution process. Let’s delve into the specifics of what property does not pass under a will in Massachusetts.
Joint Property
One type of property that does not pass under a will in Massachusetts is joint property. When property is held jointly with rights of survivorship, the surviving joint owner automatically inherits the deceased owner’s share. This means that the property does not need to be included in the will or go through the probate process.
Legal Reference: Massachusetts General Laws, Chapter 184, Section 7
Life Insurance Policies
Proceeds from life insurance policies are another example of property that bypasses a will in Massachusetts. The named beneficiaries on a life insurance policy receive the death benefit directly, outside of the probate process. This allows for a swift and efficient transfer of assets to the intended recipients.
Legal Reference: Massachusetts General Laws, Chapter 175, Section 2
Trusts
Assets held in a trust are not subject to probate and do not pass under a will in Massachusetts. A trust allows individuals to transfer assets to a trustee, who manages the assets for the benefit of the trust’s beneficiaries. By placing assets in a trust, individuals can avoid the probate process and ensure a seamless transfer of wealth.
Legal Reference: Massachusetts General Laws, Chapter 203, Section 1
Real Property with a Beneficiary Deed
Real property that is transferred using a beneficiary deed also bypasses a will in Massachusetts. A beneficiary deed allows property owners to designate a beneficiary who will automatically inherit the property upon the owner’s death. This transfer occurs outside of the probate process, streamlining the transfer of real estate assets.
Legal Reference: Massachusetts General Laws, Chapter 184, Section 25
Final Considerations on Property Distribution
Understanding which assets do not pass under a will in Massachusetts is essential for effective estate planning. By utilizing strategies such as joint ownership, trusts, life insurance policies, and beneficiary deeds, individuals can ensure that their assets are distributed efficiently and according to their wishes. It’s important to consult with legal professionals to create a comprehensive estate plan that addresses all aspects of property distribution.
Buried in Work’s Additional Resources
Buried in Work provides Massachusetts state-specific service provider directories and information related to estate preparation, end-of-life tasks, and estate transition information. Click here to learn more.
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