One of the most important steps that happens after a personal representative is appointed to your case, is the determination of date of death values. All assets that you owned inside your probate estate must be valued so that they can be liquidated to raise cash, to pay for debt taxes, debts, and expenses. It is the responsibility of the personal representative to gather all of the creditor and debt information about what the decedent owed at the time they passed away. 
That executor then must evaluate each of those bills to determine whether or not they’re legitimate and then make payments on those bills, if it is determined they are legitimate. The executor also has to pay ongoing estate administration expenses, such as accounting fees, legal fees, insurance premiums, utility bills and mortgage payments. If disputes are open in the probate case, this can delay the administration of probate.
If you are concerned about the value of your estate, being diminished as a result of moving through this process, you may wish to leave behind additional assets to help support the executor and protect the underlying value of the assets you intended to leave behind to your loved ones.
Your overall financial picture is used to determine what happens to your assets when you pass away. Items inside your probate estate as well as those outside of it (like life insurance policies or retirement accounts) all factor into meeting your personal estate planning goals.
To learn more about setting up your estate for a smooth transition in the future, contact a Massachusetts estate planning lawyer.
Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. For legal advice specific to your situation, please consult with a qualified attorney.
For related guidance, review O’Connell Law Group’s resources on estate administration guidance.
Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. For legal advice specific to your situation, please consult with a qualified attorney.