Massachusetts Receipt and Release Personal Representative of Estate Regarding Legacy of a Will
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How to fill out Receipt And Release Personal Representative Of Estate Regarding Legacy Of A Will?
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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.
Summary of Responsibilities of a Personal Representative of an Estate in Massachusetts. As you can see from the short overview above, Personal Representatives must be able to handle a few different types of tasks. They must file legal paperwork, sell assets, pay debts, distribute funds to heirs, etc.
Seeking Legal Recourse If you believe that the executor is not living up to their duties, you have two legal options: petition the court or file a civil lawsuit.
Even without a statutory guideline on executor fees in Massachusetts, the common understanding among legal professionals suggests that an executor can expect to receive about 2-5% of the estate's value. However, this percentage can vary based on the specifics of the estate and the executor's duties.
Every estate is different and can take a different length of time to administer depending on its complexity. There is a general expectation that an executor or administrator should try to complete the estate administration within a year of the death, and this is referred to as the executor's year.
When the probate court appoints a personal representative, it issues a document called ?Letters of Authority.? This document is proof of the personal representative's legal authority to collect and manage estate property. The personal representative is entitled to collect a fee for the work performed for the estate.
In Massachusetts, once that person is appointed by the court to manage the probate estate, he/she is called the "Personal Representative". Before, adopting the Massachusetts Uniform Probate Code in 2012, this person was referred to as the "Executor" or the "Executrix". The bottom line is that they mean the same thing.
Depending on the size and complexity of the estate, this process can take anywhere from several weeks to a few months. The executor is typically given three months from the date of their appointment to submit this inventory to the court in Massachusetts.
