In Massachusetts, this involves publishing a legal notice in a local newspaper and sending notices directly to known creditors. Creditors have one year from the date of death to file a claim against the estate.
Under Massachusetts law (MA Gen L ch 190B § 3-803), creditors have one year from the date of the decedent's death to assert their claims against the estate. This is a shorter time frame than in many other states, which often allow creditors two or more years to make their claims.
Executors are required to keep beneficiaries reasonably informed about the status of estate administration — a duty which generally includes accounting. For this reason, if an executor is doing their job, it usually won't be necessary for beneficiaries to request an estate accounting.
If the decedent died with a will — The person with legal priority is the person named in the will to serve as personal representative or executor. If the decedent died without a will — The person with legal priority is the surviving spouse.
If not so resolved, any will probated informally becomes final, and if there is no such probate, the status of the decedent as intestate is finally determined, by a statute of limitations which bars probate and appointment unless requested within three years after death.
In general, executors are expected to distribute assets within several months to a year, though larger or contested estates may take longer. Probate courts often set deadlines for filings, but final distribution typically occurs only after debts, taxes and administrative expenses are settled.
The statute of limitations to contest a will varies by state and is typically between three months and two years. If the claim involves fraud, the statute of limitations often begins running on the date the fraud is discovered.
Executors have a fiduciary duty to protect these assets and distribute them to the rightful recipients. Most executors perform their role honestly and in the best interests of the estate and the beneficiaries. However, an executor can also abuse their position of trust for their own interests.
There is no set time for an Executor to complete the estate administration process, but there is a deadline when it comes to inheritance tax and an order that must be followed when settling an estate.
Liability when an executor makes a mistake Unfortunately, a genuine mistake can sometimes snowball into a much bigger and often expensive problem that can be very complicated to resolve. The executor of an estate can be held personally liable for a mistake that results in a loss to the estate.