Coping with the death of a loved one is difficult. Since family members and friends will be experiencing a time of emotional strain, it is important for those involved with the funeral arrangements and estate settlement to have the fundamental information necessary to perform their respective tasks.
Actions Immediately Upon Death
- Notify a funeral director should be notified, and make an appointment to discuss funeral arrangements.
- At that time you should request a certified death certificate from the funeral director, and in the event that you require additional ones, they may be obtained through the municipality where the death occurred.
- Notify the post office of your loved one’s death, Also the social security administration, a retirement plan custodian, if any, investment professionals, accountant or tax return preparer, and the attorney for your loved one’s estate, at a minimum.
Duty to Deliver the Will
If you have a copy of the decedent’s will must, you must deliver the will to the probate and family court department for the county in which the decedent lived at the time of death within thirty-days.
To Probate or Not to Probate the Will?
In short, the probate process proves the validity of the will. However, not all estates need to go through the probate process.
Basically, any property held in trust or in joint names is non-probate property. In addition, property passing by beneficiary designations to anyone other than the estate of the decedent, such as TOD accounts, POD accounts, life insurance, annuities, retirement, and pension accounts are non-probate property. However, any asset is owned individually by the decedent must go through the probate process.
The Probate of the Will
An executor, or administrator, as the case may be, typically engages an attorney to prepare and file the petition for probate, as well as the fiduciary bond and other corresponding legal documents. This starts the process.
During the probate process, the executor typically performs the following tasks:
- Identifying and inventorying estate property;
- Paying estate debts, expenses of administration, and taxes;
- Distributing property as directed by a will or state law;
- Accounting to the Probate Court or beneficiaries for the collection and distribution of probate assets; and
- Preparing estate tax returns if necessary.
Estate Tax Returns
Executors are required to have estate tax returns prepared if the estate assets, (probate and non-probate,) reach a certain threshold. Under current law, the threshold for Massachusetts estate tax is $1 million.
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