Why Do People Plan To Avoid Probate In Massachusetts?
Probate is a court-supervised process through which a deceased person’s estate is finalized. It is governed by state law. The Massachusetts Uniform Probate Code regulates probate in the Commonwealth. You may be wondering: Why do so many people make a plan to avoid probate? The short answer is that probate can be a long, complicated process. Here, our Boston probate lawyer explains why so many people develop an estate plan that limits their exposure to probate in Massachusetts in more detail.
Reason #1: Probate Can Be Time-Consuming (Common Source of Frustration)
Probate is a court-supervised process in Massachusetts. While the precise timing can vary based on a number of different case-driven factors, probate often takes nine months to over a year to be finalized. Further, it can sometimes take even longer than that if there are complications. Why does that matter? During that time, your heirs may be unable to access important assets like bank accounts and even certain real property. By avoiding probate, your estate can be settled faster.
Reason #2: Probate is Not Free (and It Can Be Costly)
Another common reason why some people want to limit their exposure to probate is the cost. Probate in Massachusetts can involve court filing fees, attorney’s fees, executor compensation, and potentially appraisal costs or other administrative expenses. Of course, these costs can add up—particularly so for larger or more complex estates. In some cases, a proactive estate planning strategy can reduce the overall legal/administrative costs.
Reason #3: Probate is Public Record (Limited Privacy Protection)
Many people want to protect and preserve their privacy. With probate, the options for that are far more limited. Once your estate enters probate, the entire process becomes part of the public record—and that includes the value of your assets and who inherits what. In other words, any person can take action to obtain and review those records. That raises privacy concerns and it could even lead to unwanted contact from creditors or other parties. Avoiding probate in Massachusetts allows your estate to be settled in a far more confidential manner.
Reason #4: Some Non-Probate Estate Planning Options Allow for Greater Control
Finally, some people want to avoid probate so that they are in the best possible position to maximize their control over their estate. When an estate goes through probate, distribution must follow Massachusetts probate law. Of course, a valid will can help you retain a lot of control, but even your will is subject to probate court oversight. Planning to avoid probate—such as by setting up a trust —gives you more flexibility to keep the maximum amount of control over your property and assets.
Speak to Our Boston Probate Attorney Today
At Fisher Law LLC, our Massachusetts probate lawyer has the professional experience that you can trust. If you have any questions or concerns about probate, please do not hesitate to contact us today for a fully confidential consultation. We provide probate law representation in Suffolk County, Middlesex County, Norfolk County, and Essex County.
Source:
malegislature.gov/Laws/GeneralLaws/Partii/Titleii/Chapter190b
