When a loved one passes away, their estate can seem like a complicated puzzle that needs to be solved. Unfortunately, there are many misconceptions and myths when it comes to estate administration in Massachusetts that can add to the confusion and stress. Understanding some of the common misconceptions can help to clarify the process and make it easier for everyone involved. In this blog post, we’ll be breaking down some of the biggest misconceptions about estate administration in Massachusetts.

One of the most common misunderstandings about estate administration in Massachusetts is that all estates must go through probate court. However, this is not necessarily the case. For example, if the deceased had a trust in place, their assets may be able to pass outside of probate. Additionally, if the estate is valued at less than $25,000, it may be eligible for a simplified small estate administration process.

The executor of an estate is the person who is responsible for overseeing its administration. However, they do not have free reign to do whatever they want with the assets. In fact, the executor is held to a legal standard of duty, loyalty, and care. They must act in the best interest of the estate and its beneficiaries, and may be held liable if they fail to do so. It’s important for the executor to seek legal guidance throughout the process to avoid any missteps.

Another common misconception is that all estates will owe estate taxes. However, in Massachusetts, only estates that are valued at more than $1 million are subject to estate taxes. If the estate is valued below this threshold, there will be no estate tax owed. It’s important to note that this threshold can change over time, so it’s important to stay up to date on any changes to estate tax laws.

Many people assume that when a loved one passes away, their assets will be divided up equally among their heirs. However, this may not always be the case. Depending on the situation, the deceased may have had specific wishes that are outlined in their will or trust. If there is no will or trust, the assets will be divided according to Massachusetts intestacy laws. It’s important to work with a professional estate planning attorney to ensure that your wishes are properly documented and can be carried out.

Finally, some people believe that the estate administration process will be quick and straightforward. However, this is not always the case. Depending on the complexity of the estate, the process can take several months or even years to complete. It’s important for all parties involved to remain patient and to seek guidance from a legal professional if needed.

There are many common misconceptions about estate administration in Massachusetts, which can lead to confusion and stress for those involved. By understanding these myths and working with a trusted estate planning attorney, you can help to clarify the process and ensure that your loved one’s wishes are carried out properly. If you have any questions about estate administration in Massachusetts or would like to begin the estate planning process, don’t hesitate to reach out to a professional for assistance.