In these perilous times, you may start thinking about preparing a will. Or maybe you’d rather not. Here’s a common excuse for avoiding this touchy subject:
“Why do I need a will if my spouse and I own everything jointly?”
If you and your spouse own your home as “husband and wife, tenants by the entirety,” and all of your other assets are jointly held, then upon the death of one spouse the survivor owns 100%. The first to die has no estate to probate. The problem is, who plans to die first? Or suppose both of you die in the same accident? Wills for BOTH spouses allow you to control the distribution of your assets.
Some assets may not materialize until after a spouse’s death:
If a spouse is killed in an accident on the job or due to a third party’s negligence, a claim may be made for “wrongful death.” The money paid in a wrongful death claim for the deceased’s “pain and suffering” and lost earning capacity belongs to the deceased’s estate, not to the surviving spouse.
If the spouse has life insurance, an IRA, or a 401k, and has failed to name a beneficiary (or if the named beneficiary is already deceased), the money goes into the deceased’s estate unless a “secondary beneficiary” has been named.
If the spouse runs a business as sole proprietor, any uncollected profits of the business or proceeds from its sale belong to the estate.
The last thing you want for your spouse or for your loved ones is to suffer through legal battles and proceedings. Call 781-784-9595 today to create a will.