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.
Elements of an inventory estate
Many Americans have debt at the time of their death
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.
Mistakes by a personal representative can have big impacts
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.
Dealing with credit card companies when administering an estate
There are many things regarding the credit card debt of the estate that a personal representative needs to determine when administering the estate.
What does the probate process involve?
It is a term that some might find intimidating: probate. But what exactly is the probate process?
What types of property can avoid probate?
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?
Probate can be avoided when necessary
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.
Compiling an inventory one of the personal representative's tasks
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.
Digital assets can pose estate planning difficulties
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.
Beneficiary designation oversights could impact asset class
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.
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