Own a Home in Massachusetts? You Need an Estate Plan

Most people think estate planning is for the wealthy or the elderly. It isn't. If you own a home in Massachusetts, have children, or have savings you'd want to pass on, you already have an estate — and right now, the state has a default plan for it. You just may not like what that plan says.

After 30+ years of helping Massachusetts families, we've seen the same painful patterns repeat themselves. Almost all were preventable. Here are the five things every homeowner should know.

Family enjoying a cozy day together in their Newton, MA kitchen, with homemade food and laughter.

1. The MA estate tax starts at just $2 million

This is the part most people miss. The Massachusetts estate tax kicks in at $2 million per person. That sounds like a lot until you add up a home in Newton, Brookline, or Cambridge, plus retirement accounts and life insurance. Many families cross the threshold without realizing it.

And here's the catch: if your estate is over $2 million, Massachusetts taxes the entire estate — not just the amount above the threshold. With proper planning, much of that exposure can be reduced or eliminated.

2. Without a will, the state decides who inherits your home and assets

If you die without a will in Massachusetts, intestate succession laws apply. The results surprise people. A surviving spouse doesn't automatically get everything; depending on your family situation, your spouse may have to share the estate with people you never intended to.

Unmarried partners, stepchildren, godchildren, and charities you cared about? They receive nothing under intestacy, no matter how long the relationship lasted.

3. Probate is slow, expensive, and public

Without proper planning, your estate goes through probate court. The process typically takes 9 to 18 months — longer if there are disputes or real estate involved. During that time, assets can be frozen, and bills pile up.

Probate filings are also public records. Anyone can pull the file and see what your family inherited. A properly funded revocable trust avoids probate entirely.

4. Your beneficiary forms override your will

Here's something most people don't realize: the beneficiary designations on your retirement accounts, life insurance, and bank accounts override whatever your will says. If your 401(k) still lists an ex-spouse from 15 years ago, that's who inherits it.

We've seen this play out, and there's almost nothing the family can do after the fact.

Reviewing your beneficiary forms takes about an hour and costs nothing. It's the highest-leverage estate planning task you can do today.

5. A will alone isn't a complete plan

A complete estate plan includes:

• A will directing how your assets are distributed

• A durable power of attorney, so someone you trust can manage your finances if you can't

• A health care proxy, so someone can make medical decisions if you're incapacitated

• A HIPAA release, so loved ones can speak with your doctors

• For many families, a revocable trust to keep assets out of probate

  
  

Without these, your family may end up in court just to pay your bills or speak to your doctor — at exactly the wrong time.

Find out where you stand — at no cost

Murray Law Firm offers a free, no-pressure consultation. Unlike most firms, you'll speak directly with an attorney, not a paralegal. In about 30 minutes, we'll tell you honestly:

• Whether you need a trust, or a will is enough

• Whether your beneficiary designations match your wishes

• Whether you have Massachusetts estate tax exposure

• What a proper plan would realistically cost

If you don't need our services, we'll tell you that too.

Book your free consultation

Call 978-579-9800 (we answer 5 days a week, sometimes on the weekends) or schedule online.

In-person, phone, email, and Zoom consultations available.

Office at 246 Walnut Street, Suite 102, Newton, MA.

Serving all Massachusetts counties for 30+ years.