Should You Specify All Of Your Personal Property In A Will?
Are you preparing to write or revise your will? If so, you may have a lot of questions about how to deal with personal property. Among them: Should you specify your personal property in a will in Massachusetts? The short answer is “it depends.” Some people specify certain property, though not everyone does so. Here, our Boston estate planning attorney explains the key things to know about specifying (or not specifying) personal property in your will in Massachusetts.
What Does it Mean to Specify Personal Property in a Will?
Broadly explained, specifying personal property in a will means identifying particular items and directing that they pass to a named beneficiary upon the testator’s death. These provisions are commonly referred to as specific bequests in Massachusetts. Along with other things, a will may identify personal property such as jewelry, artwork, vehicles, collections, or heirlooms and assign them to particular recipients.
Massachusetts probate courts generally honor these provisions when the will is properly executed under M.G.L. c. 190B, § 2-502. That law sets formal requirements for a will to be valid and enforceable in the Commonwealth. Once admitted to probate, the personal representative must distribute the specified property according to the instructions in the document as long as the will is a valid one under Massachusetts law.
Reasons Why You May Want to Specify Personal Property
Some Property has Sentimental Value
Some people prefer to list particular items in their will because certain property carries strong sentimental value. For example, things like family heirlooms, antiques, jewelry, or personal collections can fall into this category.
Easier Management
In some cases, specific bequests may also help the personal representative administer the estate more efficiently. When the will clearly identifies the intended recipient of a particular item, the fiduciary can distribute that property without the need for additional input.
Items of Major Value
In some estates, personal property may also have major financial value. For example, artwork, rare collectibles, or specialized equipment can represent substantial portions of the estate. By addressing these assets directly in the will, a person has greater control over them.
Not Everyone Specifies Personal Property in their Will
You do not have to include any specific bequests in your will. If you do not do so, that is entirely normal. Many people opt not to include specifications for the distribution of personal property. One practical reason is flexibility. Personal property frequently changes over time. A testator may sell, give away, or replace certain items during their lifetime. If a specifically listed asset no longer exists at the time of death, the bequest may fail under the doctrine of ademption. Another consideration involves the administrative burden placed on the personal representative. A will that lists dozens of individual items can complicate estate administration, particularly if disputes arise regarding the identity or value of the property. All inidivudals named in a will are required to receive notice of the probate case under the Massachusetts Uniform Trust Code. The more individuals named means that the more notices the Personal Representaive or his/her attorney is required to send. The cost to administer an estate can be adversely impacted by the inclusion of dozens of individual items, especially when they are to be received by people who would not have been included in the will but for the gift(s). Notice is required whether or not the item was owned by the decedent at death.
The use of a Personal Property Memorandum may provide a solution A Personal Property Memorandum is created by an individual during his/her life and describes a piece of personal property and the recipient. The will directs the Personal Representative to distribute those items in accordance with the most recent Personal Property Memorandum. If, for example, the decedent gave her diamond engagement ring to her daughter when the will was originally signed but later named a grandchild, the change would not require a new will to be executed or a codicil, saving the testator time and money. Also, if the grandchild later developed a drug addiction, the testator could delete the gift entirely from the Personal Property Memorandum and the property would be distributed in accordance with the general personal property provisions, for example, in equal shares to her living children only. A Personal Property Memorandum provides flexibility in planning.
Contact Our Boston Estate Planning Lawyer Toady
At Fisher Law LLC, our Boston estate planning attorney is committed to helping people and families put the proper plan in place. If you have questions about the specification of personal property in a will, please do not hesitate to contact us today for a fully confidential consultation. We handle estate planning matters throughout all of the Greater Boston area.
Source:
mass.gov/info-details/mass-general-laws-c190b-ss-2-502
