The largest asset in an estate is often real estate, such as the family home. Sometimes the decedent owns additional real estate, such as a vacation home or an income-producing rental property. What happens to such property varies in every situation and poses different risks for the Personal Representative. The most straightforward situation is when the decedent leaves real estate through a Will to a devisee, such as a parent leaving the family home to their children. Upon the parent's death, the real estate transfers to the children to whom it was devised through the Will, subject only to certain allowances, rights of creditors, elective share of a surviving spouse, and administration. See M.G.L. c. 190B, § 3-101.
With the recent enactment of the Massachusetts Uniform Trust Code ("MUTC") and the Massachusetts Uniform Probate Code ("MUPC"), several procedural differences have become more prominent between probate and equity cases pending at the Probate and Family Courts.