Whether you are having difficulty deciding which type of trust will serve your needs best or you have uncertainty about naming beneficiaries, the estate planning process can be complex. Moreover, there are certain key terms, such as intestacy, you may not be familiar with, which could have a significant impact on your property, depending on your circumstances. For example, those who do not have estate plans in place at the time of their death may have their property distributed in a way which would have gone against their wishes.
Disputes involving estates take many forms, from accusations of a breach of fiduciary duties to will contests which claim that a will is not valid. Curley Law Firm knows the many ways in which these disputes can affect those involved and create lasting pain and hardships for families across the state of Massachusetts. If you are currently going through an estate dispute, it is important to take steps to minimize the potential impact of the dispute, if possible, while ensuring that your rights are not violated.
When Massachusetts families are faced with the passing of a loved one, you'll soon discover that there's an entire world of complex legalities behind it. Even when dealing with the emotional traumas of a death, these issues will still need to be tended to.
In the first part of this series, we explored intestacy and wills. Today, we will delve deeper into what Massachusetts estate planners should know about trusts.
At Curley Law Firm, L.L.P., we have answered many clients' questions about Massachusetts estate law. One of the most fundamental questions that all of our clients face is which type of estate plan is right for their needs.
After someone in Massachusetts dies, the administrator of the estate has a number of duties to perform. One of these, according to The General Court of the Commonwealth of Massachusetts, is to prepare an inventory of everything the decedent owned at the time of his or her death. This involves identifying and listing assets and their value, as well as details about each item and whether there is any mortgage or other lien or debt associated with it.
Assets aren’t the only things that can be in a person’s estate when they die. Debt can also be present. Recent statistics point to dying with debt being fairly common here in the United States.
The administration of a deceased person’s estate is managed by the personal representative of the estate. There are a wide range of different responsibilities and rules placed on a personal representative in connection to this management. So, there can be a lot of different potential areas for impactful mistakes by such an individual.
There are many things regarding the credit card debt of the estate that a personal representative needs to determine when administering the estate.
It is a term that some might find intimidating: probate. But what exactly is the probate process?