Massachusetts Inheritance Loans and Probate Advance Law
Heirs and beneficiaries of an estate going through probate typically have questions, including when their inheritance will be available to them. The probate process generally takes up to a year, and if the will is contested or a problem identified, it can take much longer. This means that beneficiaries may have to wait a very long time to get the benefits the decedent wanted them to have. However, certain heirs may be eligible to get their inheritance funds without having to wait for probate to complete. Here, we explore the options that may allow you to avoid probate or access your inheritance in just a few days.
What Are Massachusetts Probate Laws?
Massachusetts probate laws are designed to enforce the wishes of the deceased and protect the rights of beneficiaries, heirs, and third-parties that have an interest in the estate. The deceased’s last will and testament is a written directive that explains how their property, assets, and belongings are passed to heirs. But be aware, before an estate is distributed to beneficiaries, debts, and taxes must be paid out of the estate first.
An attorney can help you whether you are considering how you will transfer your assets to your heirs after death, or if you have been appointed to manage an estate during the probate. An attorney who focuses on wills, estates, and probate will know the laws of Massachusetts and how you should plan your estate to avoid probate, but to also reduce taxes. They can also help executors manage the many tasks they will have to complete for probate, and ensure they are done within all established time-limited.
What is The Probate Process in Massachusetts?
The probate process in Massachusetts is relatively simple. First, a personal representative or executor is assigned to the case. Usually, this person is named in the will, but if not, they will be chosen by the court. Second, the will is validated, and the executor begins to inventory and appraise the entire estate.
Public notice is posted to alert interested parties of the opening of probate, including third-parties who are owed a debt by the deceased. These parties will have a set amount of time to file a claim for the debt against the estate. The deceased final taxes must also be paid from the estate. After the debts and taxes are paid, the estate is divided according to the will, but if there is no will, the court will divide the estate according to Massachusetts law. The estate is then distributed to its heirs and beneficiaries.
Keep in mind that an executor is the manager of the estate through the probate process, but they do not control the estate. The executor may have to sell a portion of the estate to pay debts and taxes, but they cannot give assets to heirs before they are released to do so by the court.
What Property Will Go Through Probate in Massachusetts?
What property will go through the probate process in Massachusetts depends on the value of the estate, and whether the property was held in joint ownership and whether assets have designated beneficiaries.
Generally, through estate planning, property like homes and vehicles, and assets such as bank accounts, life insurance policies, and retirement plans can bypass probate and be transferred automatically to a spouse or other beneficiary when you die. An attorney can help you determine what assets should be automatically transferred and which will need to go through probate.
How Can You Avoid Probate in Massachusetts?
The only real way to avoid probate in Massachusetts is typically through estate planning and holding certain assets in a living trust. Probate is almost always required if assets were held in the deceased’s name alone. In Massachusetts, you can expect probate to take longer than a year because creditors have a year to file a claim on the estate for debts owed.
No matter where probate takes place, it typically takes a long time, especially if the will is contested or the deceased had complex debt. With a living trust, your assets are assigned to your beneficiaries while you are alive and automatically pass to them when you die. You remain in control of the trust and the assets included in it until your death or until you are no longer able to manage the trust.
How Can You Access Massachusetts Inheritance Funds Immediately?
Many heirs and beneficiaries may not know that you can assess Massachusetts inheritance funds immediately without having to wait for probate to conclude. In fact, most heirs are eligible to collect their inheritance almost immediately, and the process to do so is very easy.
Probate Advance allows benefits and heirs to get their inheritance funds in a matter of days, not weeks or months. We believe that you should not have to wait to for what your benefactor wanted you to have, and now you don’t have to. And the process to check your eligibility is fast and easy. There’re no loans, no credit checks, no interest, no repayment plans, and no waiting. If you qualify, you can get your cash advance in two days or less.
Do You Qualify for a Massachusetts Inheritance Cash Advance?
All you need to do to find if you qualify for a Massachusetts inheritance cash advance is fill out the form. We just need some basic information to confirm you are a legitimate heir or beneficiary who expect to inherit $12,000 or more from an estate. After qualifying, you could have your funds in as little as one or two days.
What Do You Need for a Probate Advance in Massachusetts?
All you need for a probate advance in Massachusetts is to provide us with some basic information about you and the probate case and then tell us how you want to receive your cash. It’s that simple, and we handle everything. You don’t have to wait for probate to close to collect your cash, we will give you your funds now and wait until probate closes to collect.
What Areas of Massachusetts Qualify for an Inheritance Loan?
We offer inheritance loans in all cities in Massachusetts, including but not limited to:
To learn more about Massachusetts probate laws and the rules on inheritances, check out our resources.
Massachusetts Probate Resources
- Title 2, Chapter 190B – Massachusetts Uniform Probate Code
- Massachusetts Probate Court Forms
- Massachusetts Probate Court Guidelines and Standards