How long before a will is settled?

Question

I know this sounds callous but a will, that is cut and dried, 2 beneficiaries only, how long should this take?

Answer 1

From months to years because , so long as they have you on their books, they can charge. Such is the legal profession in the UK.

Answer 2

It generally depends on the state, who the executor or personal representative is, who the attorney is, and the complexity of the estate. A good rule of thumb is 12 months.

In Pennsylvania, creditors have up to 12 months from the first advertisement of letters testamentary or letters of administration to file a claim against the estate. Also, it takes time to prepare the state inheritance tax return. I am aware of some instances where the only assets were just bank accounts, and where the executors were also the beneficiaries, and the estate was settled in 3 months. However, that is an unusual case.

Executors do not want to settle estates too quickly because if they make a premature distribution and it later turns out that creditors were around who presented claims after distribution and the state department of revenue or the Internal Revenue Service presented tax claims, the executor would be personally liable if the beneficiaries did not reimburse the amounts advanced to them.

I once worked for a law firm which handled a decedent's estate which was open for 10 years. However, that was a complicated estate with a Federal Estate Tax Return, closely held businesses, and also, the estate became involved in subdividing and developing land.

Answer 3

It depends on where the deceased lived. Generally, a Grant of Probate in British Columbia, where I live, takes about three months. From that point, the Executor has to account and convert into cash all the assets of the deceased, wait for Creditors to respond to the Notice to Creditors (at least 3 weeks), ensure that all the accounting has been done, submit a detailed tax return to Revenue Canada, and wait for a Clearance Certificate from them. He/she must also make a final accounting to the Court and get a Release from the beneficiaries for the parts of the estate distributed to them, as well as many, many other chores. So you can see, it isn't as easy as it looks at first glance.

Answer 4

Depends on the country, and assuming you are in the U.S., it depends on the state. Past that, depends on the size of the estate, the quality of the will. If there is no dispute, it should be over fairly quickly, but several months are generally a minimum. The assets aren't necessarily frozen during this process, and you are entitled to fees as an executor, if you are one.

Answer 5

Depends on what form the assets take. If you are in the UK and it includes, say, property, that has to be sold before the entire value of the estate can be disbursed. Likewise with redeeming shares, savings, premium bonds etc.

Answer 6

Depends on the state. In Texas, it can take as long as a year. Everything depends on the judge.

Answer 7

at least a couple months, but it should be less than a year if it is uncontested.