Does will need to go to Probate Court

[Jimmy74]

Jurisdiction

Massachusetts

My wife passed a month ago and in her will she left her parents home to me. The house was solely in her name. Everything else we own we own together, such as our own home.

1.Does the house in the will need to go to probate? Being married for 5 decades wouldn't all property automatically transfer to me.
2. If I need to do an estate tax return do we just value the house or do we add our home and belongings? Then take 50% since her return only. Correct?
3. Would anyone venture a guess home much an attorney costs would be for this. I understand probate court, fees and the like May reach $900 to $1700. And an attorney might approximate $5,000 to $7000. ( There are no issues like contesting the will nor did she owe and monies.
Thanks in advance. This is overwhelming particularly since her death so recent.

 

[Tax Counsel]

My wife passed a month ago and in her will she left her parents home to me. The house was solely in her name. Everything else we own we own together, such as our own home.

1.Does the house in the will need to go to probate?

Yes.

Being married for 5 decades wouldn't all property automatically transfer to me.

Since she has a will the answer to that no. Her property in her estate goes to those she specifies in the will after estate debts are paid. However, as her spouse you do have a right to elect against the will and take a statutory share of her estate if you wish, and you have a right to certain exempt assets regardless of her will.

2. If I need to do an estate tax return do we just value the house or do we add our home and belongings?

No federal estate tax return needs to be filed and there is no federal estate tax to pay unless the value of her gross estate plus the value of taxable gifts she gave during her lifetime exceeds $11.7 million. And if her estate is that big, you definitely want to see an attorney about the probate and a tax attorney or other tax professional familiar with federal estate tax as the valuation and other issues with estate tax returns can be complex. Massachusetts state estate tax kicks in with an estate of $1 million or more.

3. Would anyone venture a guess home much an attorney costs would be for this. I understand probate court, fees and the like May reach $900 to $1700. And an attorney might approximate $5,000 to $7000. ( There are no issues like contesting the will nor did she owe and monies.

I suggest calling a few probate attorneys to ask what fees the attorney will charge. If the issues are simple and the attorney doesn't have to spend a whole lot of time on it, I'd expect fees likely to be a few thousand dollars unless your state provides for statutory fees for probate attorneys and executors. I've not checked that for Massachusetts.

 

[adjusterjack]

Jimmy74, there are several resources online about Massachusetts probate. Study up.

massachusetts probate at DuckDuckGo

 

[zddoodah]

Does the house in the will need to go to probate?

Yes.

Being married for 5 decades wouldn't all property automatically transfer to me.

NOTHING happens automatically, regardless of how long you've been married.

If I need to do an estate tax return do we just value the house or do we add our home and belongings?

Not sure who "we" are, but you should speak with a probate attorney about whether you should hire a CPA to prepare an estate return. Whether or not you'll need to do so will depend in large part on the size of the estate.

Would anyone venture a guess home much an attorney costs would be for this. I understand probate court, fees and the like May reach $900 to $1700. And an attorney might approximate $5,000 to $7000. ( There are no issues like contesting the will nor did she owe and monies.

Often, attorneys' take a percentage of the estate, but those numbers seem on the low side of reasonable for a "no frills" estate administration.

 

[Jimmy74]

Thanks so much for your guidance. Little by little I'm having a better grasp on all this…thanks to replies.

 

[Jimmy74]

Yes.



Since she has a will the answer to that no. Her property in her estate goes to those she specifies in the will after estate debts are paid. However, as her spouse you do have a right to elect against the will and take a statutory share of her estate if you wish, and you have a right to certain exempt assets regardless of her will.



No federal estate tax return needs to be filed and there is no federal estate tax to pay unless the value of her gross estate plus the value of taxable gifts she gave during her lifetime exceeds $11.7 million. And if her estate is that big, you definitely want to see an attorney about the probate and a tax attorney or other tax professional familiar with federal estate tax as the valuation and other issues with estate tax returns can be complex. Massachusetts state estate tax kicks in with an estate of $1 million or more.



I suggest calling a few probate attorneys to ask what fees the attorney will charge. If the issues are simple and the attorney doesn't have to spend a whole lot of time on it, I'd expect fees likely to be a few thousand dollars unless your state provides for statutory fees for probate attorneys and executors. I've not checked that for Massachusetts.

Yes.



Since she has a will the answer to that no. Her property in her estate goes to those she specifies in the will after estate debts are paid. However, as her spouse you do have a right to elect against the will and take a statutory share of her estate if you wish, and you have a right to certain exempt assets regardless of her will.



No federal estate tax return needs to be filed and there is no federal estate tax to pay unless the value of her gross estate plus the value of taxable gifts she gave during her lifetime exceeds $11.7 million. And if her estate is that big, you definitely want to see an attorney about the probate and a tax attorney or other tax professional familiar with federal estate tax as the valuation and other issues with estate tax returns can be complex. Massachusetts state estate tax kicks in with an estate of $1 million or more.



I suggest calling a few probate attorneys to ask what fees the attorney will charge. If the issues are simple and the attorney doesn't have to spend a whole lot of time on it, I'd expect fees likely to be a few thousand dollars unless your state provides for statutory fees for probate attorneys and executors. I've not checked that for Massachusetts.

Thank you for your guidance. Truly appreciate