Massachusetts Estate Laws
- It's always important to understand a state's estate laws.home sweet home image by David Dorner from Fotolia.com
Estate laws in the state of Massachusetts are clearly laid out. There are many important considerations that need to be taken into account when dealing with the affairs of inheritance or creating a will. Even if there is no legally valid will, the laws of Massachusetts are set up to create as smooth and clear a distribution of assets as possible. - In the state of Massachusetts a person has the right to sign a document called a durable power of attorney. This document gives someone the person knows and trusts the authority to handle all assets and processes if the person becomes incapacitated and is incapable of doing so for himself. The power of attorney would allow the trusted party to manage and transfer all assets, deal or negotiate with the Internal Revenue Service (IRS) and create or amend any trusts that have already been set up and administered.
- Massachusetts intestate law kicks in for estates if there is no legal will or if a will that was created is deemed as not being admissible. In Massachusetts, when an estate is put into intestate, it is automatically divided up among immediate family according to law. If there is a spouse, he or she receives the first $200,000 plus half of all the remaining assets. The rest is split evenly among the children. If there are no children, then everything goes to the spouse.
- Probate is the term given to the public process of dividing up the estate, which is supervised by the State. During probate any will is filed and validated by the court. All outstanding debts and taxes that the deceased person still owed are paid. The assets of the person are also divided up as stated by any legal will. If there is no legal will, this is the time that the assets are divided up according to intestate law.
