The Cookie Cutter Estate Plan: Do Nothing
Everyone has an Estate Plan even if they haven’t done a Last Will & Testament. It’s the most basic plan out there and it is called “the laws of intestacy”.
Depending on what state you domicile at the time of your death, that state’s laws of intestacy will dictate who gets your property and possessions when you die. Generally speaking, this refers to property that is not owned jointly with another person, is in your sole name, and does not have a beneficiary designation.
So, what is “domicile”? Domicile is your fixed, permanent and legal residence. For those who spend time in more than one state, it is the state where you have your driver’s license from; where you vote, where you file your tax returns, and where you intend to return to.
Massachusetts laws of intestacy (summarized) are as follows:
Massachusetts Laws of Intestacy
Rhode Island laws of intestacy (summarized) are as follows:
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