While our blog always makes a point to highlight the importance of estate planning, we took a slightly different approach this past summer by exploring how Massachusetts' intestate distribution scheme works. Specifically, the intention was to demonstrate how inaction in this area could result in hard-earned assets being divided among family members you perhaps wouldn't have chosen -- or even the Commonwealth.
Somewhat shockingly, a recent survey found that as many as 64 percent of adults here in the U.S. have not taken the altogether vital step of executing a will. This effectively means that the laws of the state in which they reside will decide how their hard-earned assets will be divided and, by extension, that the special needs of certain loved ones may not be adequately covered.
In our last post, our blog spent some time discussing how those individuals who learn that they will be receiving some sort of inheritance from a deceased family member or friend may ultimately find themselves feeling flattered that their loved one left them a gift, but also wondering if they really want it.