When a loved one passes, there’s already so much to manage. Dealing with legal processes like probate can feel overwhelming. In Massachusetts, probate—a court process for distributing a person’s assets—is sometimes required, but not always.
At Jordan & White, LLC, we help you understand if probate is needed and explore options that may allow you to avoid it.
When Probate Isn’t Needed
Certain assets are designed to bypass the probate process, allowing for a smoother transfer to heirs or beneficiaries without court involvement:
- Jointly owned property: Property held with survivorship rights automatically goes to the co-owner.
- Assets with beneficiaries: Life insurance and retirement accounts pass directly to named devisees.
- POD/TOD accounts: Payable-on-death bank accounts and transfer-on-death securities go to the chosen beneficiary.
- Trust assets: Assets in a trust transfer according to the trust terms, bypassing probate.
Simplified Probate for Small Estates
For smaller estates, Massachusetts allows simpler processes:
- Voluntary Administration: For estates with personal property up to $25,000 and no real estate.
- Summary Administration: For estates within specific allowances and exemptions.
When Probate Is Necessary
Probate is required when assets are solely owned without a beneficiary designation or trust:
- Solely Owned Assets: Assets held in the deceased’s name alone, like personal property or non-joint accounts, need probate to transfer ownership.
- Real Estate in the Deceased’s Name: If real estate is solely owned without survivorship rights or a beneficiary, probate is necessary to transfer the title, following the will or state laws if there is no will.
- Disputes or Will Contests: If heirs dispute the estate or contest the will, probate court steps in to verify the will and resolve issues, ensuring fair distribution.
Probate can be complex, especially with disputes or large estates. Working with a professional can help ensure a smooth and accurate transfer of assets.
Have Questions? We Have Answers.
Determining the best approach often depends on the unique details of your assets and family dynamics. Our team at Jordan & White, LLC is here to guide you, ensuring your loved one’s wishes are respected and your family’s interests are safeguarded. Contact us by calling us at 978-744-2811 to schedule a consultation.