“The Perils of Probate and Strategies for Estate Planning,”

Esplanade Aging in Place Group Meeting,

Thursday, March 21, 2024

Probate can be a daunting process, often misunderstood and sometimes laden with unexpected challenges. In the Esplanade Aging in Place Group’s March 21 meeting, attorneys Abigail (Abby) Poole and Brittany Hinojosa  Citron, elder law and estate planning attorneys at Samuel, Sayward & Baler LLC in Dedham, shed light on the intricacies of probate and offered us valuable insights into estate planning strategies.

Understanding Probate: Probate, Abby noted, is a court-supervised process that involves the administration of a deceased individual's assets. The appointed Personal Representative, also known as the Executor, manages the deceased's estate, paying debts and distributing assets according to the will or state law if there is no will. There are various types of probate in Massachusetts – voluntary administration, informal probate, and formal probate -- each with its own procedures.

Assets Subject to Probate: Assets held in one’s name that do not have a beneficiary – including real estate, certain financial accounts (bank accounts and investments), and tangible personal property -- are among the assets that typically go through probate. This underscores the importance of understanding one's asset portfolio, realizing the importance of having a beneficiary on each account, and considering how assets will be handled upon death.

Ways to Avoid Probate: Fortunately, there are strategies to bypass probate, such as joint ownership, beneficiary designations, and establishing trusts. These mechanisms offer flexibility and efficiency in asset transfer while potentially minimizing complications and costs associated with probate.

Key Considerations: Both Abby and Brittany emphasized that it is essential to have a comprehensive understanding of one's assets and consider how they align with one’s preferences for asset distribution. While avoiding probate may seem appealing, it is also crucial to weigh the pros and cons and seek professional guidance from an estate planning attorney to craft a tailored plan.

Attendee Feedback: The presentation received accolades from our 30 or so attendees, who expressed gratitude for the speakers' expertise and their ability to demystify complex legal concepts surrounding probate and estate planning.  Our knowledge base was expanded so much through their approach, their slides, and their way of presenting their topics.

Thanks to Abby and Brittany, we are hopefully a little smarter about this challenging subject.  Their presentation enhanced our understanding of how to make better informed decisions toward safeguarding our assets and ensuring a smoother transition for our loved ones.

We hope to have this talented duo back to speak on other aspects of estate planning in the future.  In the meantime a list of their firm’s most recent “Smart Counsel for Lunch Series” is available in this link: https://ssbllc.com/welcome-to-our-smart-counsel-for-lunch-series/