Massachusetts Inventory (Without Schedules) is an annual inventory of all tangible personal property owned by a business or individual in Massachusetts. It includes all goods and equipment owned for business use, including office furniture, computers, vehicles, machines, and tools. This inventory does not include a schedule of the value of the items. Massachusetts Inventory (Without Schedules) is completed as part of the Massachusetts personal property tax return. There are two types of Massachusetts Inventory (Without Schedules): a standard inventory and an inventory for specific industries. A standard inventory includes all property from all industries, while an inventory for specific industries includes only property used for that industry.
Massachusetts Inventory (Without Schedules)
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FAQ
Is there a deadline to probate an estate? The general rule is that an estate has to be probated within 3 years of when the decedent died. However, this deadline doesn't apply to: A voluntary administration.
How to Avoid Probate in Massachusetts Forming a Trust. A trust allows a third party ? the trustee ? to hold assets on behalf of beneficiaries.Joint Tenancy.Making Property Automatically Transfer on Death.Using Pay on Death (POD) Bank Accounts.Setting Up a Life Estate for Real Estate.
Typically, you have to probate the decedent's estate if you need to: Find out if the decedent's will is valid. Change the title (ownership) of real estate or personal property, such as bank accounts, stocks, or bonds, that is only in the decedent's name without any right of survivorship.
Massachusetts law gives unsecured creditors one year after the debtor's death to make a claim against the estate. For this reason, any probated estate must remain open for one year.
Massachusetts does not have what's known as an Affidavit procedure for small estates, but they do have a summary probate procedure. An estate value must be less than $25,000 and have no real property to qualify.
A petition for instructions must address a present issue. It cannot request direction on a future duty, hypothetical action or ratification of the fiduciary's past conduct. A petition for instructions is specifically permitted by the Massachusetts Uniform Trust Code (MUTC).
The Massachusetts Uniform Probate Code (MUPC): A New Law Substantially Effecting Inheritance, Wills, Trusts, and Estate Administration. On March 31, 2012 the ?Uniform Probate Code?, an extensive and important piece of legislation which has been decades in the making, finally became effective.
When a personal representative of an estate is undertaking an action pertaining to the estate that he feels may result in personal liability to him if the outcome is not as planned, the personal representative may file a Petition for Instructions from the court seeking approval for his actions.