How long should it take to collect an inheritance if there was no will and 4 siblings are involved?
2007-12-02 02:26:15 · 5 answers · asked by Cheryl R 1 in Business & Finance ➔ Taxes ➔ United States
up to a year.sometimes more
2007-12-02 02:33:43 · answer #1 · answered by richard t 7 · 0⤊ 0⤋
Without a will it could take a while depending upon how complex the estate is. Some states have fast-track procedures for probating a modest estate where a valid uncontested will exists. Without one you must go through the formal probate process.
Among other things when a will doesn't exist, state law determines how the estate is divided. Most states provide for a search for other possible beneficiaries of the estate and this often brings fraudsters out of the woodwork. Each claim has to be investigated and dealt with. Also, this process sometimes reveals other unknown issue (children) of the decedent or other legal heirs to the intestate estate.
I well remember a family friend who passed away about 40 years ago who had more than a dozen other children outside of his marriage who all came forward when he died intestate. Not only was his actual estate a shadow of what his children though it was due to many years of support payments for the other children -- at least he paid all of his child support -- but now the estate was spit about 16 ways instead of 3 ways. In that case it took several years to settle the estate.
Consult with an attorney for procudures and estimated time lines in your state
2007-12-02 03:20:18 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
At least 6 months. It's going to depend a great deal upon the diligence of the executor of the estate, what's in the estate, and how organized the deceased was. Check in regularly with the executor to monitor progress.
2007-12-02 03:23:15 · answer #3 · answered by Knightly 2 · 0⤊ 0⤋
could be no issues, aside from the 30% or so the government will soak up estimated taxes, get a pointy accountant to do your taxes. do not enable all and sundry comprehend you have funds coming, you're able to have kinfolk members and friends? popping out of the woodwork to borrow funds.
2016-11-13 06:18:50 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Without a will, it could be a while. The estate will be probated according to state law.
2007-12-02 04:31:59 · answer #5 · answered by Anonymous · 0⤊ 0⤋