Tags
Abatement, Abatement Process, Administration Expenses, Administration Plan, Attorney, Beneficiaries, Bequests, Claims, Common Executor, Creditors, decedent, Estate Assets, Estate Expenses, Estate Planner, Executor, Expenses, Funeral Expenses, Intestacy, Personal Property, Real Property, Will
When an executor realizes the estate lacks the assets to meet estate obligations, including bequests, an abatement process occurs. The abatement process allows for the proportional payment of obligations using limited assets that result in reducing or eliminating bequests to beneficiaries.
Initially, to determine the need for abatement, the executor will build an administration plan as described in the article The Administration Plan: A Necessity for the Executor. If the plan reveals that the estate lacks the assets to meet estate obligations, then abatement will result. Additionally, if the will excludes abatement instructions, estate law will handle the abatement process. This article will provide an overview of how estate law in Massachusetts handles abatement.
