Careful planning when one is of sound mind and body can help to ensure that one's desires and intentions are properly carried out upon one's death. Organization of one's finances and assets ahead of time also benefits a person who becomes mentally or physically incapacitated and no longer able to govern his or her own estate. A professor of finance from a university outside of Massachusetts published a recent article about the benefits of taking a financial inventory for the purpose of future estate administration.
An estate plan is designed to take care of the family members left behind after a Massachusetts resident passes away. Ordinarily, the documents are set up to make estate administration easier and less time-consuming for his or her loved ones. However, dealing with the particulars of how everything will happen is too much for some loved ones. In that case, it will not matter how well an estate plan is crafted.
In 2007, a man and his wife died when their private plane went down near the runway at a Massachusetts airport. Since that time, the administration of their estates has been fraught with controversy, including a claim that their wills were forgeries. Now, the couple's heirs are contesting the costs of estate administration, which reach into the millions of dollars.
By now, most Massachusetts residents are aware that the circumstances surrounding Joan Rivers' death may be suspect. For this reason, Rivers' daughter, Melissa Rivers, has retained counsel to file a medical malpractice claim against the party or parties believed responsible for her mother's death. The way that Joan Rivers structured her estate plan, estate administration should not have been necessary. However, now that a lawsuit regarding her death is being initiated, it is required.
When Massachusetts residents are creating their estate plans, one of the most important decisions they have to make is who to appoint as the executor of their estate. In making this crucial choice, it may be helpful to understand the role that an executor plays in estate administration. Here is an overview of an executor's responsibilities.
Without an up-to-date estate plan, there is little to no guarantee that a Massachusetts resident's assets will end up with the person or persons intended. This will also make the probate process more difficult for family members, since they have no guide as to how an individual wanted his or her property distributed after death. There could also be additional time and costs expended in order to settle the estate.
When a Massachusetts resident dies, the estate will be distributed in accordance with his or her estate plan. Knowing a person's wishes makes estate administration easier, but without some basic basic awareness of an estate plan, things can become unnecessarily complicated. Important, but often neglected, parts of estate planning include making a list of all assets, accounts and debts. Moreover, it's vital to keep the information up to date.
Many Massachusetts music fans know that Eric Carr was the second drummer for the iconic band KISS. During his time with the band, he wrote four songs for which he received royalties. When he died in 1991, the estate believed it continued to receive royalties for those songs from all relevant sources. Recently, the estate discovered that was not the case, and as part of an ongoing estate administration, it filed suit against KISS and others.
Massachusetts executors and trustees have the sometimes unenviable task of ensuring that all of the beneficiaries and heirs are satisfied. This can be a difficult task when emotions are running high. Avoiding conflict in estate administration may not always be easy, but there are ways to diffuse confrontations that could jeopardize the process and, ultimately, the inheritances of the heirs and beneficiaries.
After a person passes away, loved ones and family members often struggle with many challenges on top of the grief of losing someone. Many times, these challenges involve the execution of a will. A person's will is a very personal way of dispersing any assets or money that the person leaves behind, and sometimes friends and family members are very surprised by certain discoveries during the estate administration and probate process.