Source: https://www.mass.gov/files/documents/2016/08/vb/mupc-procedural-guide.pdf
After a loved one has passed away, you might have an important role to play if you have been appointed as a trustee or representative in the estate administration process. Many people appointed into such a role will retain an experienced probate lawyer to help them with the requirements of estate administration and to have a resource to turn to when questions arise.
One of the challenges that arises in managing a deceased family member’s estate is the introduction to many unfamiliar terms. One example is testacy. Testacy refers to the status of the now-deceased party who can also be referred to as the decedent.
Testacy most commonly comes up in an evaluation of whether or not your deceased family member had a valid will. Even if a personal representative has not yet been appointed, the determination of testacy is key because it directs next steps in the probate administration process. When a will was created and it is deemed valid, this will determine how the deceased’s remaining property will be distributed.
If no will can be found or if it is determined that the only will in existence is invalid, the state plays the critical role in deciding how the property will pass down to heirs.
With no will, the assets will go to the closest relatives as determined by state intestate succession laws. Note though that there are assets that don’t fall under intestate succession laws and will not be transferred in this process. Examples include life insurance policy proceeds payable to a named beneficiary, property owned by a living trust, a bank account that is payable on death, and retirement accounts which name a beneficiary.
Having a comprehensive estate plan, and especially a plan that pays attention to how assets are owned and structured, eases the burden experienced by loved ones in probating an estate. To learn more, contact a Massachusetts estate planning lawyer today.
