Non Probate Affidavit Massachusetts – A legal document called a Non Probate Affididavit Massachusetts can be used to avoid probate in that state. It can be utilized for specific assets like life insurance, retirement funds, IRAs, and 401(k)s that are not subject to probate. It may also be applied to assets owned by a legitimate trust. If the beneficiaries are American citizens or have a valid Massachusetts residency, it is also conceivable for non-citizens to inherit property from a non-probate estate.
Massachusetts Non Probate Affidavit Restrictions
If you live in Massachusetts and your estate does not contain assets subject to probate, you can avoid probate court by filing a non-probate affidavit. In certain situations, this can assist you in avoiding having to pay a charge for the court’s services. The legislation also stipulates that an affidavit cannot be filed until at least 30 days have passed since the decedent’s passing. However, you can submit your affidavit on the same day if the court agrees.
Massachusetts’s probate process timeline
In Massachusetts, the probate procedure is drawn out and frequently takes months or years. Despite the fact that there are numerous exceptions to this norm, such as trusts and estate planning tools, the majority of estates need to go through the probate court in order to be properly administered. This procedure is required to validate a will’s legality. A will may not pass the final examination if it was drafted improperly or out of date, and it will then need to be contested in court. The estate will thereafter be administered by the probate court in accordance with intestate succession regulations.
A personal representative may be given permission by the court to take over the estate’s management. This person is in charge of compiling a list of the decedent’s property and notifying interested parties. They are also accountable for paying any due taxes and bills. The assets of the estate must also be distributed in accordance with the will. A petition for formal probate may be submitted by interested parties if there are problems with the personal representative’s choice.
The size of the estate is just one of many variables that affect how long it takes to settle an estate. If the decedent’s estate is very large, the probate procedure won’t take too long. Larger estates, though, may take years. If there are legal objections to the will, this deadline is extended even further.
Co-owners’ rights in non-probate estates
A common law form of co-ownership in which two or more persons have an interest in a piece of property is called tenancy in common (TIC). The ownership and financial duties of the property are not always shared equally by the owners, and their stake in it may be freely transferred to third persons.
In a will, property is frequently bequeathed to beneficiaries. For instance, a parent might give his entire family the family home. However, some of the kids might not want to live there or could want to sell the house. In certain situations, the property can be physically divided to establish distinct ownership interests.
Although most property transfers to a surviving spouse go via probate, some transfers can happen automatically. For instance, Adam’s property will pass to his son and three children if Esther passes away before her spouse. Even though he and his wife never met, Paul will inherit the property if he passes away first.
Joint tenancy is a great alternative for people who want to skip the probate procedure, even though it may not be the ideal choice for everyone. It may, however, also have some disadvantages. Instead of naming your spouse as the executor of your estate, you might want to use a transfer-on-death deed or a living trust if you intend to leave your property to your children.