What is an upgrade/downgrade provision?
An upgrade/downgrade provision is a clause in a Massachusetts will that allows a beneficiary to adjust the amount of an inheritance they receive. For example, say a will states that a beneficiary is to receive a specific dollar amount or a certain percentage of the estate. With an upgrade/downgrade provision, the beneficiary can choose to receive a lesser amount or a greater amount depending on what they need or want. The upgrade/downgrade clause is useful because it gives beneficiaries the flexibility to adjust the amount of their inheritance as their needs or wants change. This could be especially helpful if the beneficiary is in a situation where they need to use some of their inheritance for an emergency expense or if they need to receive more money. The downside is that the provision can be used to take away an inheritance from another beneficiary if the person with the upgrade/downgrade clause opts for a larger share, meaning some beneficiaries may not receive as much money as they expected. Additionally, it can be difficult for the beneficiary to decide how much of the inheritance to take without proper guidance or financial advice. Overall, an upgrade/downgrade provision is an important part of Massachusetts inheritance law that can give beneficiaries the flexibility to adjust the amount they receive according to their changing needs and wants.
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