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Estate Administration and Probate Archives

Beneficiaries could affect estate administration in Massachusetts

Because Massachusetts residents undoubtedly want to ensure that their children and other family members are taken care of in the event of their demise, they may want to take the time to consider their options for bequeathing assets. When it comes to estate administration, the details left in a will play a significant role in how assets are distributed, but extenuating circumstances could affect that administration. For instance, if property is left to individuals who are not ready to receive it, outside parties could step in. 

Not all Massachusetts residents want to avoid the probate process

The proceedings that surround the administration of an estate can sometimes be met with mixed opinions. Some individuals may think that the probate process should be avoided at all costs, while others believe the proceedings to be a necessary part of settling an estate. Massachusetts residents may wish to find out more information on the process to determine how they want to approach it.

Attending to the probate process falls to Massachusetts executors

After the death of a loved one, Massachusetts residents often have many tasks to which they must attend. Among those tasks is completing the probate process for the deceased loved one's estate. Various aspects go into this process, and some surviving family members may feel overwhelmed by the prospect of having to deal with the legal proceedings probate entails. 

Could a Massachusetts estate need more than one probate process?

Taking advantage of estate planning can help many individuals get their affairs in order. By having certain documents and information organized, Massachusetts residents can better prepare their estates for the probate process or to avoid the process altogether. Of course, in order to fully make the necessary preparations, individuals likely need to understand what probate is. 

Estate administration complications may hit Fernandez estate

When an individual leaves behind an estate and did not create a will, the surviving family may have many responsibilities. Often, loved ones will want to take steps to ensure that the estate administration process is handled in a manner befitting their late family member. However, without the direct wishes of the deceased being known, issues could arise. 

Estate planning can reduce your loss to estate taxes

One of the most commonly overlooked aspects of estate planning is the impact of estate taxes. Most people with sizable assets understand how critical a last will and estate plan are. Failing to create them during your healthy, younger years could result in the government seizing your estate after you die.

Planning for the probate process may help lessen stress

In the time following the death of a loved one, many Massachusetts residents may have many questions about the estate their loved one left behind. In the best case scenario, the deceased individual will have already created an estate plan for the benefit of surviving loved ones. Additionally, these plans may help those left behind determine whether the estate must go through the probate process

Prince's estate still in the probate process, IRS getting a lot

Music icon Prince passed away in 2015 and left behind a large estate. Unfortunately, his failure to have a solid estate plan means that any potential beneficiaries will be walking away with far less than they could have. Prince's estate is still in the probate process, and this could take several years to sort out. What is clear, however, is that the IRS will be walking away with a lot due to a lack of asset protections. Massachusetts residents, regardless of the sizes of their estates, can learn from this the importance of estate planning.

Estate and inheritance taxes on assets can be significant

There is a saying about death and taxes being the only things that are certain in this world. Sadly, it is very true. Taxes do not end at one's death either, as beneficiaries may have to deal with paying inheritance and estate taxes on anything that is passed on to them. Gifting property or other significant assets to beneficiaries is done with love and good intentions; however, if certain precautions are not taken when setting up an estate plan, whether one resides in Massachusetts or elsewhere, those items which are intended to be gifts may end up being more of a burden.