Legal Question in Wills and Trusts in Massachusetts

Re: Not Listing Contingent Beneficiary(s)

Since your wife would recive thse items as designated beneficiary if she survived you and you could designate another beneficiary for them if she predeceased you, your implied question is what happens if you both die simultaneously such that it is impossible to determine which of you survived the other.

That will be determine by your Will ONLY if you have provided in your Will that it would be presumed that you survived her in that situation such that these items would pass according to the designation in your Will as to whom should take such items if your spouse did not survive you.

If unclear, have an attorney review the terms of your Will.

Re: Not Listing Contingent Beneficiary(s)

Yes -- and depending on the nature of the investments, your heirs may find themselves very unhappy with the income taxes they may have to cough up as a result. If you have substantial assets, your estates could also be subject to signficant estate taxes, which will also reduce the size of any inheritance.

You really owe it to yourself and your loved ones to sit down with an estate planning attorney and develop a strategy that can protect assets during your lifetime and appropriately manage the estate. Please feel free to contact me if I can be of assistance.

Re: Not Listing Contingent Beneficiary(s)

Yes, unless the plan has a different procedure and it will depend on the nature of the investment.

You would be better-off naming the contingent beneficiary, even if it were a trust so as to avoid probate.