Are you sure your loved one’s assets will pass along the way you think they will?
Dominic’s family thought his assets would pass to them, too.
Dominic had been married to Rose for most of their lives. They had no children. Dominic’s family was rather large. He had several siblings along with many nieces and nephews. Rose had some family, consisting of two siblings and one nephew.
At Dominic’s passing ten years ago all of his assets passed to Rose, his wife. His family, of course, expected this. Who wouldn’t?
However, what Dominic’s family did not expect at Rose’s recent passing was that none of the couple’s assets would pass to Dominic’s side of the family. Rose died without a will. The couple actually never completed any estate planning at all, including beneficiary designations of non-probate assets. Worst of all, Rose’s two siblings and her nephew pre-deceased her. This meant Rose had no remaining family in line to receive her legacy.
Under Massachusetts law, Rose’s assets will most likely pass to the Commonwealth since she had no will and no remaining family at her death.
This is only one example of how a lack of estate planning can be detrimental to your family. Your family will care if there’s no will. Contact the office here and mention this article if I can be of assistance..