Posts Tagged ‘probate’

Wills Part V: Multiple Personal Representatives

Tuesday, July 10th, 2012

There are no laws in Massachusetts that prohibit the naming of more than one primary personal representative. Typically, wills name one primary personal representative and then a successor personal representative if the primary is unable or unwilling to serve.

While it is not prohibited, it is not recommended to name more than one primary personal representative. The probating of a will requires some judgement calls to be made by the personal representative in order to ensure the equitable distribution of the estate according to the wishes of the testator. When there is more than one personal representative a majority of the representatives would have to agree before certain final decisions could be made.

Furthermore, should an even number of personal representatives be named, the chance for a stalemate between the personal representatives is possible. Such a stalemate would need to be resolved by court intervention, a potentially long and costly solution.

Wills Part IV: Marriage, Divorce, and Wills

Tuesday, June 26th, 2012

Both marriage and divorce can have major impacts on your life, but you may not realize that they can also affect the distribution of your assets after your death. A change in marital status can have an impact on the status of any will that was executed prior to that change. It is important to be aware of those effects in order to properly plan for them.

As stated in Part III of this series, generally marriage will completely revoke any will executed prior to that marriage. The reasoning is that once a person marries, it is assumed that he or she will want to execute a new will in order to include the spouse in the distribution of the estate. This automatic revocation can be avoided however, if the will is executed in anticipation of marriage and that anticipation is clearly stated in the will itself.

Unlike marriage, divorce does not completely revoke a will that was executed during the marriage. Instead, all mention of the former spouse is purged from the will and it is treated as if he or she predeceased the testator. Despite this automatic purging it is often suggested that the testator have a new will drafted at some point after the divorce in order to reflect changes in assets and intended beneficiaries.

Trusts Part I: What is a Trust?

Monday, June 18th, 2012

By its most basic definition a trust is an agreement by which one party gives control of property or assets to another for the benefit of a third party. Trusts can be used for numerous purposes including the passing of property outside of probate, the protection of assets from certain creditors, and the benefit of someone who is not responsible with money.

There are three main players in any given trust arrangement:

Donor – the person who creates the trust. The Donor is the one who funds the trust with property or assets, determines the rules and guidelines for the trust, and names the trustee and beneficiary under the trust. There can be one or more Donors to a trust. (The Donor can also be called the Settlor or Trustor)
Trustee – the person who manages the trust. The Trustee is a person named by the Donor to manage the property or assets that are placed into the trust. There can be one or more Trustees named under a trust.
Beneficiary – the person benefiting from the trust. The beneficiary is the person who is named to receive some payment of income or principle from the trust. There can be one or more beneficiaries named under a trust.

Under any number of circumstances a person may take more than one of these roles, depending on the ultimate purposes of the particular trust. Trusts come in many iterations, for the purposes of this series general trust provisions and types will be discussed with a focus on specific Massachusetts based laws and rulings.

Wills Part III: Revocation

Tuesday, June 12th, 2012

A properly executed will is considered valid and binding up to and beyond the death of the testator and remains valid despite any subsequent change in the laws of the jurisdiction in which it was executed. The primary way that a will can be done away with is revocation. Wills can be revoked in a few different ways, both intentionally and unintentionally.

The intentional, physical destruction of a will is the most certain way to revoke it. The testator may shred or burn the will with the intent of making the will no longer valid. So long as the intent is to do away with the will, the destruction of the will is considered a revocation.

Marriage can also revoke a will. This is a complicated topic and will be covered more thoroughly in Part IV of this series, entitled “Marriage, Divorce, and Wills.”

It is also possible for the validity of a will to be challenged for any number of reasons which may effectively revoke a will, even after the death of the testator. These challenges will be covered more thoroughly in Part VII of this series, entitled “Will Challenges.”

Wills can also be revoked by the execution of a new will. It is assumed that the creation of a will is the most current and accurate depiction of the wishes of the testator. As a result of this assumption any wills written previous to the newest will are automatically revoked.

Wills Part II: Requirements

Tuesday, June 5th, 2012

In order to be valid in Massachusetts a will must meet certain requirements. These requirements help to ensure that the distributions in the will are the express wishes of the testator so they can be followed to the fullest extent possible.

First, in order to be valid the will must be in writing. This means that the will must be either typed or handwritten and helps establish definite terms for the personal representative to follow when distributing assets. This avoids the need to gather second-hand, and potentially incorrect, information regarding the wishes of the testator.

Second, the will must be signed by the testator, who must be at least eighteen years of age and be mentally competent. This allows the testator to confirm his wishes and shows that he has read and comprehended the plan for the distribution of his assets once he dies.

Third, the will must be signed by two competent, disinterested witnesses who are at least eighteen years of age. The testator must sign his name in the presence of these two competent and disinterested witnesses who then sign the will as well, confirming that the testator actually signed the document. The requirement that the witnesses be disinterested means that they are neither related to the testator nor married to a relative of the testator, nor may they be named beneficiaries under the will or related to a named beneficiary.

There is no express requirement that a will be notarized. However, wills can include a self-proving affidavit. Self-proving affidavits are additional sections in a will that validate the signatures of the witnesses when the will is probated, without the need of additional testimony from those witnesses. In order to be valid, a self-proving affidavit must be notarized. A self-proving affidavit is a sworn statement by the witnesses that they not only saw the testator sign the will, but that the testator was to the best of their knowledge eighteen years of age or older, of sound mind, and under no constraint or undue influence

Wills Part I: What is a will?

Tuesday, June 5th, 2012

By its most basic definition a will is a legal document that establishes the final wishes of a testator regarding the distribution of his estate after he dies. Among other things, wills allow individuals to make decisions regarding the distribution of their assets, the guardianship of minor children, and who will handle the distribution of their estate once they have died.

If a person dies without a will they are considered to have died intestate. When a person dies intestate his estate is distributed according to the default rules established in his home jurisdiction. Generally speaking, intestacy statutes call for the distribution of the deceased person’s estate to the closest living relatives which usually follows the order of spouse, descendants, parents, siblings, and so on.

The laws regarding wills can vary dramatically depending on jurisdiction. This weekly series will focus primarily on the laws of Massachusetts and the recently adopted Massachusetts Uniform Probate Code.