It is a term that some might find intimidating: probate. But what exactly is the probate process?
From an estate planning perspective, informal probate may be better than formal probate, and bypassing the process altogether may be the best approach of all. Yet is avoiding probate a realistic goal?
Keeping an estate out of probate is at the top of many people's estate planning wish lists. Probate does of course have its place in the estate administration process, but it can create unnecessary headaches and lengthy time commitments when not needed. For those in Massachusetts hoping to keep their estate out of probate, there are different steps that can help achieve that goal.
Being a personal representative of a person's estate is no minor thing. It is an important role and there are many different tasks that go along with holding this role.
One of the changes the internet and computer age has brought about is a change in the types of assets individuals have. In today's world, many people have a fair amount of digital assets, such as digital photos, digital videos, social media accounts, digital documents, digital currencies, online video game characters, domain names, etc. As is the case with any type of asset, it can be important for individuals to address their digital assets in their estate planning. When a person leaves their digital assets out of their estate plan, it could leave things very up in the air when it comes to what will happen with these assets after they die.
Many types of assets are subject to going through the probate process when a person dies. However, not all are. Certain types of assets skip probate when a person dies. These assets are called non-probate assets.
Estate administration involves many things. One is addressing debt that the deceased still held upon their death. When a person dies while they still hold debt, their estate generally is liable for the debt. There are a variety of different rules regarding the paying off of a deceased's debts with estate assets.
For decades after World War II people thought very little about the influx of children into society. Called the baby boomer generation, these children were considered a symbol of America's triumph over oppression, reigning in a new era destined for greatness and prosperity. Now though, baby boomers signal something else: an increased strain on the health care system and the economy.
There are many different requirements Massachusetts law has put in place when it comes to filing for probate for the estate of a deceased loved one. One such type of requirement is a notice requirement. Today, we will discuss the notice requirement for filing for informal probate in the state.
Not all probated estates here in Massachusetts go through the same form of probate. This is because there are two different probate types in the state: informal probate and formal probate.