How long does it take to probate an estate and get family members their inheritance?
How long does it take to probate an estate and get family members their inheritance?
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Answer: (1)
Most probates can be wrapped up in six months to a year. Depending on the situation, inheritors may be able to get at least some of their property before probate is over. It depends on many factors, including:
State law. Some states, especially those that have adopted a set of laws called the Uniform Probate Code, have an "informal" probate process that takes only a few months.
Size of the estate. Small estates can generally take advantage of even more streamlined probate court procedures--or special out-of-court procedures that eliminate the need for a probate court proceeding. Each state has its own rules for what constitutes a "small" estate.
Whether or not there's enough money to pay debts. If it's clear, early in the probate process, that there will be plenty of money to pay debts and taxes, then the executor may be able to distribute some property to the inheritors without waiting for probate to be over.
Kinds of assets in the estate. Small businesses or complicated investments can complicate the settlement of an estate and make the process drag on longer.
Disputes. If a family member or creditor contests the will or argues about payment in court, the process will take much longer--and cost much more--than an uncontested probate.
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Posted by D. Nicole Rosen on 29 Jan 2010