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Later Posts

Estate Taxes: The Marital Deduction

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What Can the Drafting Attorney Reveal?

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Insolvent Estates

When the estate's assets are insufficient to pay debts

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Who Gets the Real Estate Sale Proceeds?

Distribution of sale proceeds by a Personal Representative

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Fegreus & Broderick, LLP

21 Custom House Street, Suite 480
Boston, Massachusetts 02110
t: (617) 737-9100 | f: (617) 737-9123
info@fegreuslaw.com

Jointly held property, including financial account Jointly held property, including financial accounts, are classic non-probate assets which transfer to a surviving joint tenant by law and therefore avoid probate. Except when they don’t. 

As the Appeals Court confirmed in a recent decision, accounts held jointly “for convenience only” are, in fact, part of the probate estate and not a transfer to the surviving joint owner. “For convenience only” would be, for instance, where an elderly account holder authorizes a child to be a joint owner for the purpose of aiding in paying monthly bills, etc. 

However, the burden of proof is upon the P.R. of the deceased account owner’s estate to show that the joint ownership was intended for convenience only, thereby bringing the account into the probate estate.
Many people still pass away without an estate plan Many people still pass away without an estate plan, leaving important questions for their families. Who takes control? What happens next? Who receives what?

Without a plan, state intestacy laws step in with a one-size-fits-all approach that may not reflect your wishes or your family’s needs.

Fegreus & Broderick, LLP helps clients plan ahead and choose the right Personal Representative to ensure their estate is handled the way they intend.
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