Why You Need A Lawyer For Probate
The reality of having to probate an estate when a loved one dies is often overwhelming. This is already a difficult time. If you were designated in the will as the Personal Representative, or you are the surviving spouse or heir when there is no will, you have a lengthy task in front of you.
At the 978-503-0848 in Andover, attorney Richard Boudreau understands what you are going through; he has helped hundreds of Personal Representatives with the probate or estate administration process. Speak with him today to learn which process is right for your situation. Your consultation is free.
What You Need To Know About Probating An Estate
Estates will typically be administered in either a Formal or Informal Basis. Attorney Boudreau can explain the pros and cons of both. Generally, the process will include:
- Marshalling of assets
- Reviewing claims made by the decedent’s creditors
- Paying for expenses associated with Administration of estate
- Making distribution to divisees or heirs once the creditor’s claim period ends (usually one year from date of death)
What About Taxes?
As the Personal Representative, you must also pay the estate’s taxes out of its assets. Estates under $2,000,000 would not owe Massachusetts estate tax. Additionally, estates under $12.9 Million would not owe Federal Estate Tax (however, that changes starting in 2026 – make sure you understand your options and plan accordingly).
Massachusetts does not have taxes on gifts. The federal government has a gift tax exclusion of $17,000 as of 2023.
Taxes can be complex, so it is a good idea to have an estate planning lawyer discuss them with you.
Don’t Carry This Burden Alone
Probate and estate administration is complicated, especially when you may still be grieving your loved one’s loss. Attorney Boudreau provides compassionate, reliable representation in the Boston area. Your consultation is free, so contact him at 978-503-0848 or send him a message online.