Legal Question in Wills and Trusts in Massachusetts
benefciary of estate and estate intestate
My father past away recently and did not leave a will
most of his policies and funds have beneficiaries on them exept idividual stocks that he has and bank accounts. He has been divorced for years and has 2 other children other than me.the total amount of the estate is over 15,000 but under 650,000 do I need to go to probate court or is thier another way around that.I have been tolds 2 different things.If I don't need a lawyer than I dont want one but I would also like to get this over with
3 Answers from Attorneys
Re: benefciary of estate and estate intestate
Both of the previous answers are correct. You may be able to do this alone, but not without filing. If your matter is close to my office, you may contact me.
Re: benefciary of estate and estate intestate
If the monies you state are single accounts, not jointly owned, then Probate Court here you come.
Re: benefciary of estate and estate intestate
Ignore life insurance policies that name beneficiaries other than his estate, and ignore retirement accounts that name living people as beneficiaries and don't name trusts or the estate.
Take the total of the stock accounts and bank accounts individually titled; if that totals over $15,000, you need a "full administration" otherwise you can do a "voluntary administration." I recommend a lawyer even to handle a voluntary administration, but it's pretty much a necessity for a full administration.
There's no shortcut; stocks cannot be transferred out of his name (or even sold!) without proper paperwork which comes as a Court order, nor can you make withdrawals from bank accounts without proper paperwork.
I routinely handle such administration work, so contact me if you like at (617)527-0050.