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?
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.