Do you need a will?

     The answer, as with many things in the law is -- it depends.  Before answering the question with a little more clarity, let me explain what a will is.  A will is a legal document that allows you to designate where your property goes when you die, who you want to be in charge of making sure the property goes where it is supposed to go and appoint guardians and conservators for your minor children.

     If you do not have a will and you die, then your property passes by what are called the laws of intestacy.  In other words, Massachusetts has a law which says how property is distributed if you die and you do not have a will.

    Regardless of whether you have a will, some of your property may  not pass via the instructions in your will.  Insurance policies and retirement accounts pass to the person or people you designated in those documents that you filled out when you bought the policy or with your human resources office or investment broker.  Real estate held as tenants by the entirety or held as joint tenants passes to the survivor listed on the deed.  Bank accounts held jointly also automatically become the property of the other owner of the account.

     If you own nothing in your own name, not even your car and all of your major assets are tied up in jointly held real estate, insurance policies or retirement funds, you may think you do not need a will.  I would still advocate that you should have one anyway.  Why leave it to the legislature to decide where your money should go?  You may also have some personal property such as a wedding ring or fine china that you want to designate to certain loved ones.

     In addition to the will, you may need other estate planning documents such as a durable power of attorney, a health care proxy and one or more trusts.  You should consult a lawyer about what works best for you depending on your finances and your personal situation.