Can You Name Multiple Beneficiaries In Your Will
Are you writing or revising your Will in Massachusetts? You may be wondering: Are you allowed to name multiple beneficiaries in your Will? The answer is a clear and resounding “yes”—your Will is your opportunity to exercise control over your estate. You can name as many (or as few) beneficiaries as you like. Everyone should have a Will that reflects their wishes. Here, our Boston estate planning lawyer explains the key points to know about naming beneficiaries in your Will.
Your Last Will & Testament is a Foundational Estate Planning Document
A Will (Last Will and Testament) is a key estate planning document. For most people, it is the foundation of their estate plan. Among other things, you can use your Will to specify your wishes regarding the distribution of your assets and the care of any minor children after your death. You should also use it to name an executor, which is now called a Personal Representative in Massachusetts, for your estate. Indeed, your Will acts as a legal guideline to ensure that your estate is managed and divided according to your exact specifications.
Note: As important as a Will is to write, it may not be sufficient for your estate plan. Indeed, most people can benefit from other estate planning documents as well—from trusts to power of attorney.
You Can Choose Your Own Beneficiaries (Multiple Beneficiaries Allowed)
Under Massachusetts law, you have the flexibility to choose your own beneficiaries when creating a Last Will and Testament—you are not limited to selecting just one. You can designate multiple beneficiaries in your Will. In fact, you can specify the exact portion of your estate that each of your heirs is entitled to receive. To be clear, beneficiaries can include not only family members but also friends, and charitable organizations. Further, in some situations, you can also stipulate conditions or milestones that beneficiaries must meet to inherit, such as reaching a certain age. Though, if you want to impose conditions, it is often better to use a trust than a Will.
What Happens If You Do Not Create a Will at All?
If you do not have a Will in Massachusetts, you will be classified as intestate. As explained by the Legal Information Institute, intestacy laws exist at the state-level and they govern asset distribution for property when there is no valid Will (or other estate planning documents) in place. In other words, your assets will be allocated in a predetermined manner by Massachusetts law. You will lose any direct control on who gets to inherit what. The law will decide—and the law may or may not be consistent with your wishes. In other words, you get the state’s rulebook and not your own.
Contact Our Boston Estate Planning Lawyer Today
At Fisher Law LLC, our Boston estate planning attorney has the knowledge, skills, and experience that you can trust. If you have any specific questions or concerns about Will planning, please do not hesitate to contact us today for your confidential consultation. With an office in Norwood, we provide Will, trust, and other estate planning services throughout the Greater Boston area.
