Avoiding Probate in Massachusetts
Did you know that in Massachusetts, probate can delay your family’s inheritance for a long period of time while draining thousands from your estate? Avoiding probate is critical to ensure your loved ones can access your assets swiftly and privately after your passing, without the delays, costs, and public exposure of a lengthy court process. At Silveri + Wilson, we understand the importance of protecting your legacy and reducing stress for your family. Our experienced Massachusetts estate planning attorneys guide you through effective strategies to bypass probate, ensuring your wishes are fulfilled seamlessly. To start the conversation today, book a call online, call us at 978-767-8540, or email us.
What Is Probate in Massachusetts?
Probate is the court-supervised process that validates a Will and manages the distribution of a deceased person’s assets. In Massachusetts, it’s often a hurdle due to the state’s unique laws. Here’s why it matters:
Time-Consuming
Probate can drag on at times for years, postponing your loved one’s inheritance.
Costly
Court costs and attorney fees for this delayed process quickly add up and deplete assets that otherwise would pass to your beneficiaries.
Public
Probate filings are open to anyone, leaving your information exposed. Assets, beneficiaries, etc., all become part of the public record.
Stress
A drawn out process can add to the stress that your family is dealing with during a difficult time. This can add to internal tension within the family and lead to arguing among loved ones.
Bypassing probate avoids these issues.
How can I avoid probate?
There are several options to avoid probate. Some of the most popular include:
Revocable Living Trusts
This is the gold standard for avoiding probate in Massachusetts. You control your assets while alive, and they transfer directly to beneficiaries after you pass without court involvement.
Irrevocable Living Trusts
These trusts avoid probate like Revocable Living Trusts. However, your control of your assets is typically limited in some manner. They are used to achieve specific purposes such as protecting assets against a possible Medicaid lien for nursing home care, estate tax reduction, and general asset protection.
Beneficiary Designations
You can add “payable on death” or “transfer on death” to accounts like life insurance, retirement, brokerage, bank accounts, CDs, etc. These assets then bypass probate entirely.
Joint Ownership
Property or accounts with rights of survivorship pass automatically to the co-owner, probate-free. However, keep in mind that while this avoids probate upon the first owner’s death, the asset may still enter probate if all joint owners pass away. A trust can help avoid this scenario.
Start Your Estate Plan Today
Don’t let probate erode your hard-earned legacy or burden your loved ones with years of costly delays and public scrutiny. At Silveri + Wilson, our dedicated Massachusetts estate planning attorneys are committed to helping you avoid probate with a meticulously crafted plan tailored to your unique needs.
Your legacy is more than just the assets you have accumulated. It’s the future security and well-being of your family and loved ones. Take control today by contacting Silveri + Wilson to schedule your personalized consultation. During this session, we’ll thoroughly evaluate your assets, listen carefully to your goals, and design a comprehensive strategy to ensure your wishes are honored seamlessly, privately, and efficiently. To start the conversation today, book a call online here, call us at 978-767-8540, or email us.