Woburn Estate Settlement Attorneys
Helping Clients Navigate the Complex Probate Process
Settling an estate in Massachusetts usually involves the court system and the probate process and often involves complex legal issues. State law dictates that any asset the deceased owns in their name without a beneficiary must go through probate to legally change ownership.
If probate administration is done incorrectly, it can lead to time-consuming and expensive delays preventing heirs and other beneficiaries from receiving necessary financial resources. Probate litigation can also cost beneficiaries more money in filing and attorney fees and consume a portion of the estate’s value.
No matter your legal needs, it is always best to hire an experienced Massachusetts probate attorney to assist you with estate settlement. An attorney has the training and skills to ensure that the legal process goes smoothly and there are no delays with the probate court.
Contact Simmons & Schiavo Attorneys At Law today to schedule a consultation with one of our Woburn, MA, estate settlement attorneys who will assist you with your legal needs.
Who Handles Estate Administration?
Estate settlement may involve the probate process in Massachusetts. Several steps must be followed to ensure a smooth transfer of assets from the deceased to their beneficiaries. Because probate is a court-managed process, the first step is appointing a personal representative.
If the deceased named a personal representative in their will, that person will be nominated to serve. If the named personal representative is unwilling or unable to serve, the court will appoint a successor. The court will also appoint a personal representative if the deceased dies without leaving a will.
It is important to remember that the personal representative has no legal authority to act until appointed by the court. A personal representative can be a surviving spouse, adult children, friend, accountant, or legal professional.
How Can Your Law Firm Help Me With Estate Administration?
Simmons & Schiavo Attorneys At Law offer clients the Estate Settlement Program, which can provide them with comfort and clarity when administering a loved one’s probate or trust administration.
The Estate Settlement Program is an overview of the legal, tax, and financial road we will travel together following the loss of your loved one. The first module of our seven-step process will assist you in getting familiar with your role and responsibilities when completing the estate settlement. To begin, we will meet to:
- Review The Estate Settlement Program Guide seven module process
- Complete the “Your Goals and Concerns” Worksheet
- Review your duties and responsibilities as personal representative/trustee
- Review The Getting Started Checklist™
- Confirm this firm’s engagement as your attorney
- Meet your legal team
If you have any questions about The Estate Settlement Program, please contact us so we can schedule a meeting with one of our lawyers, who can provide more information.
What Legal Documents Are Needed to Settle an Estate?
The governing documents, such as the will and trust, legal filings, and official documents, are necessary to administer your loved one’s estate/trust properly.
In any estate administration, the legal documents govern the wishes of the deceased and determine the outcome of who benefits from the estate/trust. Under Massachusetts law, several legal notices and other court documents must be filed during trust administration.
Nothing is more difficult than losing a loved one. Lawyers ask you to sign legal documents, CPAs discuss tax returns, and your financial advisors discuss repositioning asset portfolios. Our law firm recognizes that one of the last things you want to do is deal with legal obligations. Allow our attorneys to assist you with your legal needs so you can focus on recovering from your loss.
What is the Primary Responsibility of the Personal Representative When Settling an Estate?
The primary responsibility of the personal representative is the marshaling and identification of all of your loved one’s assets. Assets include those owned individually, in trust, or in joint name with someone else. Implementing a new tax cost basis and discussing prudent asset management is an essential component of estate administration that must be addressed with members of your financial team.
One of the personal representative/trustee’s first responsibilities in estate administration is to marshal the assets, obtain date of death values (for tax reporting purposes), and determine whether the assets and portfolio should be adjusted to meet the estate’s and its beneficiaries’ needs.
The personal representative must determine where the assets are located, how they are titled (owned), and what they consist of and drive almost all of the decisions made during the administration.
Who is Paid First When Settling an Estate?
Creditors are always paid first when settling an estate. A significant part of the process involves identifying any reasonably ascertainable creditors, making the legal notifications required of those creditors, and clearing any claims they may have.
The personal representative/trustee has a primary duty to notify and clear creditors before distributing assets to beneficiaries. This stage of estate administration leads you through the legal requirements to satisfy one of the most important obligations.
If the personal representative fails to pay creditors first, they may be liable for the unpaid debts. They may also be held civilly liable for any penalties and interest assessed against debts held by the estate. The court also has the legal authority to remove a personal representative who fails to pay creditors.
Do Taxes Have to Be Paid From an Estate?
Another critical role of the personal representative is to ensure that all applicable taxes are paid from the estate. The personal representative identifies any gift, estate, and income tax returns that may need to be filed and plans for any IRA or 401(k) Required Minimum Distributions. The representative also coordinates with the CPA and financial advisors to minimize taxes and achieve family objectives.
This stage of the probate process concentrates on an essential element of estate administration: the proper reporting and payment of taxes. A professional team will need a qualified tax return specialist, preferably a Certified Public Accountant (CPA), who is well-versed in income, gift, estate, and generation-skipping transfer tax reporting.
A lien may be placed on the estate for unpaid taxes that can quickly run up other penalties and interest. To ensure you meet all state and federal tax requirements, hiring a Woburn estate settlement lawyer is always best to help you navigate the probate process.
When are Assets Distributed to Beneficiaries?
Dispersing assets may include ongoing and necessary income distributions to the surviving spouse (if applicable) and/or other beneficiaries, such as specific bequests, including tangible personal property, which are distributed. The ultimate distribution of the estate/trust to the beneficiaries and/or establishment of continuing trusts is for their benefit and done according to the terms of the will or trust.
An accounting is prepared and delivered to the beneficiaries to protect the personal representative/trustee from liability and comply with the law. The beneficiaries are asked to review and approve the accounting, from which point distributions are made. Some distributions may be outright, whereas others may be held in continuing trusts.
In Massachusetts, the average time it takes for beneficiaries to receive assets and other financial resources can vary anywhere from six months to several years, depending on the size of the estate and any other legal issues that may arise.
Why Should I Trust Your Law Firm to Help Me Through the Probate Process?
Simmons & Schiavo Attorneys At Law realize that settling an estate can be an overly complex legal process that can be challenging for loved ones as they wait for necessary financial resources. Suppose you have been named a personal representative tasked with settling an estate. In that case, you must hire an experienced Massachusetts probate attorney to guide you through the probate process.
Failure to correctly complete the legal steps involved in settling an estate can result in the case ending up in probate court, causing further delays. Our law practice has dedicated attorneys with comprehensive experience helping clients with real estate law and other probate-related issues.
Contact our Woburn, MA, law firm today by calling 781-675-1315 to schedule a meeting with one of our attorneys, who will gladly review your case.