Legal Question in Wills and Trusts in Massachusetts
Dispursement of Estate through Power of Attorney
Assuming that all invoices have been paid and no one is contesting the will, is there a law regarding how long it should take from the date of death for the Power of Attorney to begin dispursement of funds from the estate?
2 Answers from Attorneys
Re: Dispursement of Estate through Power of Attorney
Under MA Law the executor, not an Attorney in Fact, should begin to disburse funds after the time for claims is closed, which is one year from the date the estate is opened. This assumes the Executor has determined the cash needed to deal with outstanding bills and taxes. An Executor, if they feel confortable that there is no outstanding claims can make disbursements before a year is up in such amounts as they may deem reasonable until the final account is submitted. Most MA probated estates are closed within two years unless there is something extraordiinary that is present in the estate.
: Dispursement of Estate
This a little complex. The account should be open for a minimum of a year. This is the time when others can file claims against the estate. After, the administrator who should have filed an inventory can start making disbursements, and should be preparing the final accounting.
If you have any other questions, please contact me.
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