Joint Will Lawyer in Boston
Creating an up-to-date estate plan is one of the best actions you can take. In Massachusetts, that often means having a will, a health care proxy, a power of attorney document, and maybe even one or more trusts.
However, if you’re married, you may have additional concerns to consider when creating your estate plan. You and your spouse should work jointly to create an estate plan that suits both of your needs. For many couples, that means creating a joint will.
The joint will lawyers at Jillise McDonough Estate Planning Law Firm can discuss your estate planning goals with you and help you decide whether a joint will is the right fit for you and your spouse.
Understanding Joint Wills for Married Couples
Boston joint will laws allow married couples to create joint wills or individual wills. Here’s a closer look at what it means to have a joint will with your spouse.
Joint Wills: The Basics
Many people are familiar with individual wills. There are some similarities between individual wills and joint wills. For example, with a joint will, you and your spouse create a single document. That document will detail how your combined assets will be distributed after the death of each spouse.
While it typically makes the most sense for deeply committed married couples to create joint wills, technically, you can create a joint will with other family members, too.
Understanding Irrevocability
It’s critically important to understand that changes to a joint will require the consent of both parties. In legal terms, the will becomes “irrevocable” after one spouse dies.
This can create unintended consequences. For example, if a surviving spouse remarries or has more children, they may want to update their will to cover other beneficiaries. However, because the existing will is a binding contract, the surviving spouse will have any relevant assets held to the terms of the joint will they created with their first spouse.
Who Are Joint Wills Best For?
Each person’s financial situation is unique. There’s no such thing as a one-size-fits-all estate plan. But if the following elements match your current situation, you and your spouse might be good candidates for joint wills:
- You have a relatively simple estate
- You have identical beneficiaries (like shared biological children)
- You are in complete agreement over how your assets should be distributed after death
Even seemingly minor incompatibilities may make creating a joint will extremely complicated. For example, if you have a child from a previous marriage and your spouse doesn’t want their personal assets to go to that child, it might be best to create separate wills.
Why Hire a Joint-Will Lawyer in Boston?
If you and your spouse are considering a joint will, it’s important to select an attorney who has extensive experience in drafting joint wills. Here’s why.
They Can Evaluate Your Situation Appropriately
Our estate planning attorneys have helped numerous people in complex situations to create their wills. We can advise you as to whether a joint will is the best choice for your specific needs and goals.
They May Help Minimize Taxes
If your estate is large enough to trigger the estate tax, keeping tax liability to a minimum is of prime importance. Your legal team can help you create an estate plan that reduces the impact of taxes on your estate.
They Can Tailor a Will to Fit Your Needs
No matter how simple or how complex your situation may be, our team can help you create an estate plan that suits your wishes.
Elder Law, Long-Term Care, and Asset Protection
Whether you and your spouse decide to create individual wills or a joint will, it’s important to consider more than just the distribution of your assets. A
Here are some of the many estate planning tools and techniques that Jillise McDonough Estate Planning Law Firm can assist with.
Trusts
A trust is a legal entity created to “hold” assets. It can offer considerable tax advantages. Some types of trusts can even protect assets from creditors. Other types of trusts, including charitable remainder trusts, provide financial benefits to you or a beneficiary while supporting a charity of your choice.
Trusts may not be a part of every estate plan. However, if you and your spouse may benefit from forming one or more trusts, we can help you add the appropriate types to your estate plan.
Long-Term Care/Medicaid Planning
Long-term care can be a significant expense. Health insurance typically doesn’t cover long-term needs, and the out-of-pocket cost can be so high that the vast majority of Americans can’t afford it.
Our team can help you and your spouse create a plan to cover long-term care if you eventually need it. For many, this means creating a Medicaid eligibility strategy.
Powers of Attorney
If you suddenly become incapacitated, do you know who would handle your legal and financial affairs?
A power of attorney (POA) is a document that gives a specific person, known as your “agent” or “attorney-in-fact,” the right to make certain kinds of decisions on your behalf. POAs are highly customizable, which means you can make yours as broad or as narrow as you want.
Healthcare Planning
What happens if you can’t communicate your preferences for medical treatment? You may want to designate someone you trust to make those decisions for you. In Massachusetts, a document called a “health care proxy” officially authorizes a designated individual to make medical decisions for you.
The Process of Working With a Joint-Will Lawyer
What does it look like to work with a joint will attorney in Boston? Here’s what you can expect:
Initial Consultation
Before you commit to working with a specific attorney or law firm, you should schedule an initial consultation. This gives you a chance to determine whether the lawyer is someone you feel comfortable working with.
Initial Planning
Once you choose a lawyer, your attorney will discuss your circumstances, assets, and goals with you. They can help you determine whether a joint will is the right will for you.
Asset Inventory
Before your lawyer starts drafting your will, they will need to take an inventory of all of your assets. Having a complete list of assets and their values is essential for a valid and complete will.
Drafting and Review
Your lawyer will create a draft of your will and allow you and your spouse to review it. Sometimes, it may require a few revision cycles to finalize all of the details.
Execution
Once you, your spouse, and your lawyer have all agreed on the terms of your joint will, it will be time to put your will into effect. In Massachusetts, that means two disinterested parties must watch you and your spouse sign the will. Having your will notarized is often the easiest way to do this.
Trust Administration and Probate Support
The right law firm can offer crucial support to your family as it executes your estate plan after your death.
In addition to creating key estate planning documents, our team can also guide your loved ones through trust administration and probate support.
Trust Administration
When you create a trust as part of your estate plan, you’ll typically choose one or more trustees to oversee it. Managing a trust and distributing assets can be complicated, especially for someone without prior experience.
We offer administrative support for trustees in the following ways:
- Accounting for assets in the trust
- Handling tax preparation and filings
- Distributing assets within the trust
- Modifying or closing the trust
We understand how important it is to make sure your assets are passed down to future generations. That’s why we work alongside your trustees to ensure your assets are distributed in accordance with your wishes.
Probate Support
Many people think that having a will means their assets will be distributed to their loved ones immediately upon death. Unfortunately, this isn’t always the case. Wills must first pass through probate, a legal process in which the court validates the will.
During this time, a beneficiary or other interested party may challenge the will.
Our team can assist your family through this complex process by:
- Filing paperwork to initiate probate
- Putting together an inventory of assets
- Valuing assets
- Paying all required debts and taxes
- Defending the will from challenges
- Overseeing the distribution of property
When you know your will is in capable hands, you can enjoy the peace of mind that comes from knowing your beneficiaries will be supported after your death.
Alternatives to Joint Wills
For couples with relatively simple estates (and circumstances that are unlikely to change over time), joint wills can be a streamlined and cost-effective option. However, if you have a complex estate or there’s a good chance that a surviving spouse will remarry, it might be worth considering an alternative.
Mirror Wills
If you’re concerned about the lack of flexibility that comes with joint wills, it might be worth considering mirror wills with your spouse instead. When you create mirror wills, your estate planning attorney will help you draft nearly identical documents to spell out your wishes.
Mirror wills can be customized, but typically, they’re set up to allow the following:
- If one spouse dies, all of their assets will go to the surviving spouse
- When the surviving spouse dies, assets will go to shared beneficiaries (like the couple’s children)
Unlike joint wills, mirror wills allow a surviving spouse to update their will independently. If their circumstances or legal needs change, mirror wills can give each spouse the flexibility they need.
Joint Revocable Living Trust
Many Massachusetts couples choose a joint revocable living trust over a joint will. These trusts offer greater flexibility and allow individuals to create provisions in the event that one spouse dies or becomes incapacitated.
Notably, unlike wills, joint revocable living trusts can keep your assets out of probate. This can save your loved ones time, money, and energy when they’re grieving.
Consult Jillise McDonough Law Firm Today
Whether you’re a newlywed or someone who’s been married for decades, creating a will is a key part of estate planning. The right lawyer can assess your circumstances and help you decide which type of will is right for you and your spouse.
If you’re looking for a joint will lawyer in Boston, Jillise McDonough Estate Planning Law Firm is here for you. After graduating summa cum laude from Suffolk University Law School, attorney Jillise McDonough dedicated her practice to estate planning and elder law.
The Jillise McDonough Estate Planning Law Firm helps individuals and married couples create comprehensive estate plans. Your estate plan may include a will, health care proxy, trusts, long-term care planning, and other tools tailored to your needs.
Whether you already have an estate plan or you’re creating these important documents for the first time, we’re ready to put our extensive experience to work for you. Get in touch today to see how we can help!
Frequently Asked Questions
How Does a Joint Will Differ From Individual Wills?
A joint will is a single document executed by both spouses. It details how assets should be distributed and may include provisions for guardianship of minor children or pets. However, after one spouse dies, joint wills usually can’t be changed or revoked. That’s why many couples choose to create individual wills with similar provisions instead.
Who Can Create a Joint Will in Massachusetts?
Most people who create joint wills are married couples. However, you may create a joint will in Massachusetts if each party to the will is at least 18 years old and of sound mind. The signing of the will must be witnessed by two disinterested individuals. These people need to be non-family members who don’t stand to gain anything from the will.
Can a Joint Will Be Revoked?
A joint will can be revoked when both parties are still alive and agree to the revocation. If one spouse dies when a joint will is in effect, the surviving spouse cannot change or revoke it. Because circumstances can change after one spouse’s death, most estate planning attorneys recommend creating individual wills instead.
What Are the Benefits of a Joint Will?
Couples who choose joint wills usually do so because they are simple and cost-effective. Because the surviving spouse can’t make changes after one spouse dies, they also ensure the combined wishes of the spouses can be honored upon their deaths.
Can One Spouse Change a Joint Will After the Other Dies?
No. This is one of the main downsides of a joint will. If a couple’s financial circumstances change while both are alive, they can jointly agree to change the will. However, after one spouse dies, the will is considered to be a binding legal contract, which means the surviving spouse may not make changes.
Can Joint Wills Be Used for Blended Families?
Joint wills can be used for blended families, but because they are fairly inflexible, most estate planning lawyers recommend alternative solutions.
A joint will can ensure existing children will inherit a couple’s assets after death. However, if a surviving spouse remarries and has additional children after one spouse’s death, they may not be able to change their asset distribution plan.
How Does a Joint Will Handle Life Insurance or Retirement Accounts?
After a testator’s death, their will typically determines the ownership of their assets. However, life insurance and retirement accounts are an exception. The beneficiary designations on a life insurance policy or retirement account override what the will says. Two retirement accounts cannot be combined into a singular account in a joint will, either.
What Happens if One Spouse Dies Without Updating the Joint Will?
If two spouses have a joint will, the will cannot be changed after one spouse dies. Making sure your will is up to date is always important, but that’s especially true with a joint will. Both parties must authorize all changes.
Can a Joint Will Be Contested in Massachusetts?
Yes. In Massachusetts, a joint will can be contested. During probate proceedings, wills can generally be contested if they weren’t executed correctly under the law, if the testators were subject to undue influence, if the testators were not of sound mind, or if the will was fraudulently written.
Only those with an interest in the estate are allowed to contest a will.
Should Married Couples Use a Joint Will or Separate Wills?
Most joint will lawyers suggest that couples use separate wills. If both spouses die at or around the same time, a joint will might not cause any problems. However, if one spouse outlives the other, the living spouse will not be allowed to make changes.
Many estate planning lawyers suggest “mirror wills” instead, which are separate wills with matching provisions.
