2007-01-15 07:23:33 · 6 answers · asked by mlm1975 3 in Business & Finance ➔ Personal Finance
There is usually no real time frame, it depends on how quickly the estate is settled.
2007-01-15 07:34:31 · answer #1 · answered by Curious 4 · 0⤊ 0⤋
Wills don't avoid probate. The average length of probate depending on assets, is 18 months. All creditors can attach, anyone can contest and tie up the probate proceedings, taxes paid, etc. If they had a Irrevocable Living Trust then this would be avoided and would go fairly quickly. If they had Life INsurance or Annuities, they avoid all probate and if you are the named beneficiary you are looking at 10 business days after filing the claim. Be prepared most people don't know how to leave their families an estate that is not tied up for a long time. Good Luck
2007-01-15 19:12:50 · answer #2 · answered by Susan C 3 · 0⤊ 0⤋
Typcically you would be waiting a minimum of 6 months to 1 year but often longer than a year depending on the complexity of the decedents estate...situations such as liquidating real property, assets held in multiple states, difficulty in locating assets, contestation of the will be heirs creditors etc...can all delay the final disbursements to heirs. The first step is for the will to be presented to the court and the executor officially appointed by the court with the issuance of the Letters Testamentary. The executor then needs to follow strict state guidllines on transferring assets into the estate, paying creditors, taxes etc...Even if the decedent's estate is very simple, the state in which the will is being probated will have a minimum period in which the probate needs to stay open to give any interested parties sufficient time to make a claim on the estate which is usually a minimum of 6 months to a year....once completed disbursements to heirs will be made.
2007-01-15 08:35:30 · answer #3 · answered by SmittyJ 3 · 0⤊ 0⤋
Wills have a 9 month period to settle the estate. They can file for an extension of up to 6 months if it gets complicated.
Retirement accounts and life insurance pass outside of probate and so do trusts. These will take anywhere from 2 weeks to 2 months if the estate attorney is any good. It will be longer if there was no will and if the trust is very complicated.
Get a copy of the will and if it is longer than 9 months take action and get some legal consul.
2007-01-15 08:44:23 · answer #4 · answered by Joe 2 · 0⤊ 0⤋
it used to take up to 9 months to get everything settled, depends on how complicated the estate is, could be less time if it is simple, if you have a lawyer working on it, they should be able to give you an estimate.
2007-01-15 09:21:49 · answer #5 · answered by besthusbandever 4 · 0⤊ 0⤋
DEPENDS ON WHEN THE WILL IS GIONG TO BE READ AND IF THE MONEY IS PUT INTO A TRUST FUND
2007-01-15 07:28:37 · answer #6 · answered by phototakergreyranger 2 · 0⤊ 0⤋