Property in joint names with rights of survivorship will pass to the survivor, (Joint Tenancy or Tenancy by the Entirety).
Life insurance payable to named beneficiaries will pass to the beneficiaries.
Pension, retirement or other employee benefits payable to named beneficiaries will pass to the named beneficiaries.
U.S. Savings Bonds which are in joint names will pass to the survivor. Those payable on death to a named beneficiary will pass to the named beneficiaries.
If the named beneficiary in any of the above examples is “your estate’’ or your “Executors and administrators’’, then this property will pass under your will.
General Disposition Plans With property which will pass under your will, it is not necessary that you name or describe each item. Your assets can be described by groups, categories or in any other way which adequately describes your property. It is also possible to leave all of your property or certain categories of it, to more than one beneficiary by providing that each beneficiary is to receive a fraction or percentage of all or any category of property.
If you would like for a particular beneficiary to receive a specific item of property or a specific amount of money, such a provision should be clearly expressed in your will. If you wish to leave a specific sum of money to a beneficiary, because of the fact that your estate may increase or decrease in size between the time that you execute your will and the time of your death, you may wish to consider whether or not the amount of money should be limited by a percentage of your estate. For example, assume your estate is worth $50,000.00, and you wish to leave a beneficiary $500.00. Five Hundred Dollars is 1% of your estate. If your estate should shrink to $25,000.00 by the time of your death, the bequest of money may be more than you would have intended under the circum stances. If, however, your bequest is made in terms of the lesser of $500.00, or 1% of your estate, then the bequest would shrink proportionately with the total estate.
Personal and household effects
In dealing with your personal effects, household goods, etc., (which includes furniture, appliances, silverware, china, wearing apparel, automobiles, etc.), I frequently recommend a provision which leaves all of such property to a surviving spouse and alternatively to children, grandchildren, etc. Under such a provision, if the property passes to children, or to some other group of beneficiaries as you desire, the clause provides that you may leave a memorandum which specifies who will receive the property within the group that you have named. Although such a memorandum is not legally binding, it is usually persuasive and such a memorandum can be made and changed at any time without going through the intricacies of amending your will.
Your residence
If you own a residence of other parcels of land subject to a mortgage, unless you provide otherwise in your will, the person to whom you leave your residence or land may be entitled to require your executor to pay off the mortgage. If this is not what you desire, you may wish to provide that the residence or land is left to a beneficiary subject to the mortgage, and this will mean that the executor cannot be required to pay off the mortgage. Instead, it will become an obligation of the person receiving the property.
Your executor
It will be necessary for you to name an executor for your will. The function of an executor, in summary, is to collect your assets, pay your debts and distribute the remainder of your property to the beneficiaries named in your will. Many people name their surviving spouses and alternatively, adult children or banks, as executors of their wills. It is possible to name one executor and any number of alternate executors to serve in the event that prior named executors fail to serve. For example, a surviving spouse can be named as primary executor, the oldest child as first alternate executor and the second oldest child as second alternate executor. An executor must be over the age of 18 to serve in Massachusetts. However, a minor child can be named executor in your will if he or she is over 18 when your will is probated.
It is also possible to name two or more persons to serve as co-executors and such co-executors will serve concurrently with each other. Alternate executors can be named for any co-executor who does not serve.
Testamentary Guardian
It is also possible, under Massachusetts law, to appoint in your will a guardian of the person for your children who may be under the age of 18 and who have no surviving parent. You may also appoint a guardian of the property for these children. You should name alternate guardians of the person and property, and it is usually wise to choose the same person for both functions.
Reasons for Changing Your Will
a) Marriage, divorce or remarriage since your Last Will was written.
b) Significant changes in the tax laws.
c) Birth of a child or grandchild that was not planned for.
d) Death of your spouse, child or other intended beneficiary.
e) Relocation to another state, which has laws that may not conform to your will.
f) The size of your estate has changed significantly.
g) You’ve changed your mind about beneficiaries, executors, guardians or Trustee.
A lawyer should make any changes to your will through the use of a codicil which adds, amends or deletes language from a previously executed will or codicil, or if several changes need to be made, then the original will will be destroyed and a new will can be drafted.