Disclaimer
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Always consult a qualified attorney for guidance on your specific situation.
Detailed Answer
Under Massachusetts law, a personal representative (also known as an executor or administrator) must follow a series of steps to locate estate assets, prepare an inventory, pay debts, and distribute remaining property. These steps generally follow the Uniform Probate Code as adopted in Massachusetts (M.G.L. c.190B).
1. Open the Probate Case
The personal representative begins by filing a Petition for Probate of Will and Appointment of Personal Representative (if there is a will) or Petition for Letters of Administration (if there is no will) with the Probate and Family Court in the county where the decedent resided.
Refer to M.G.L. c.190B, §3-301: https://malegislature.gov/Laws/GeneralLaws/PartIII/TitleII/Chapter190B/Section3-301.
2. Locate and Secure Assets
- Review safe deposit boxes, mail, and financial statements.
- Contact banks, brokerage firms, retirement plan administrators, and insurance companies.
- Secure real estate by changing locks or notifying tenants.
- Take possession of personal property such as vehicles, jewelry, and collectibles.
3. Prepare and File an Inventory
Within 90 days after appointment, the personal representative must file an Inventory of Estate Assets with the Probate Court detailing all assets on hand and their fair market values as of the date of death.
See M.G.L. c.190B, §3-702: https://malegislature.gov/Laws/GeneralLaws/PartIII/TitleII/Chapter190B/Section3-702.
4. Notify Creditors and Settle Debts
- Publish a notice to creditors in a local newspaper as required by M.G.L. c.190B, §3-1602.
- Mail direct notices to known creditors.
- Allow creditors nine months from the date of first publication to present claims.
- Review each claim and either admit or contest it. Pay allowed claims from estate funds.
Refer to M.G.L. c.190B, §§3-1601 to 3-1602: https://malegislature.gov/Laws/GeneralLaws/PartIII/TitleII/Chapter190B/Section3-1602.
5. File Accountings
The personal representative should keep detailed records of all receipts and disbursements. In many cases, the court will require a final accounting before approving distribution. The accounting shows how debts and expenses were paid and assets managed.
6. Petition for Final Distribution
Once debts, expenses, and taxes are paid, the personal representative files a Petition for Settlement of Estate and Distribution of Assets. After court approval, the remaining assets pass to beneficiaries per the will or statutory intestacy rules.
See M.G.L. c.190B, §3-1001: https://malegislature.gov/Laws/GeneralLaws/PartIII/TitleII/Chapter190B/Section3-1001.
Helpful Hints
- Keep organized, dated records of every transaction.
- Maintain transparency with beneficiaries to prevent disputes.
- Consult a probate attorney for complex assets (e.g., businesses).
- Check for unpaid taxes at both state and federal levels.
- Use a professional appraiser for unique or high-value items.