The days and weeks following the death of a loved one can be emotional. Family members are often busy preparing, supporting each other and dealing with the practical matters, such as funeral plans. Soon enough, however, they must deal with the Massachusetts estate of their loved one, and that means beginning the probate process.
Being the executor of a Massachusetts estate is a major responsibility. This person will need to proficiently settle the estate's final affairs while also trying to mitigate the potential conflicts that could arise with surviving family members. Often, it is the assets that cause the most contention during estate administration.
People with certain qualities suit particular roles better than others. Because of this fact, it is important to consider an individual's personality and strengths before choosing him or her to take on an important position, like executor of an estate in Massachusetts. The executor will have a considerable amount of responsibility when it comes to the probate process.
The loss of a loved one can quickly take its toll on surviving family members. Some parties may want to -- and have the ability to -- put their lives on hold temporarily in order to grieve. Others, however, may not have that chance, especially someone acting as executor attending to estate administration in Massachusetts.
Executors of estates often find themselves in thankless roles. Often, they have to bear the brunt of any disgruntled relatives or beneficiaries while also working to close the estate as efficiently as possible. One of their duties includes gathering and protecting the decedents' assets, and this step also needs to include addressing digital assets.
A number of tasks need to be completed before a recently deceased person's affairs can be settled. These tasks usually take place during the probate process, which many Massachusetts residents may not have much information about. In particular, one of the first steps that needs taking is having the will validated by the court.
The internet has become much more than a form of entertainment over the years. In addition to individuals sharing the things that they like and their experiences online, many businesses rely on social media to advertise. Some people, as many Massachusetts residents may already know, even make a living posting on social media through the support of sponsors. More and more people are also paying bills digitally and storing important information online. This may present some problems when it comes to estate administration.
Massachusetts residents who bite the bullet and create an estate plan take an important step to protect and provide for their loved ones after they pass away. However, it takes more than just executing a will to ease the stress family members face when wrapping up a deceased love one's estate. Making the probate process less complex, and possibly contentious, for surviving family members may help.
In recent years a number of celebrity artists passed away. Unfortunately, the families of some of these pop culture icons are unable to fully move on and find closure. Some of them, like Prince's for example, are stuck in long and incredibly expensive legal proceedings because no will has been found, or one was never written in the first place. As some Massachusetts residents may be aware, in the absence of a will, the task of estate administration is handled by the state's laws of intestacy.
For those Massachusetts families who have been fortunate enough to amass significant wealth, managing that wealth can seem like a full-time job. In fact, many wealthy families hire the services of multiple financial professionals to handle money matters. When it comes to estate planning, it may make sense to hire a wealth advisor who is specifically tasked with creating a plan for the distribution of assets.