The duration of the probate process depends on many factors. Some estates can be settled or closed within a few months, or even a few weeks. While others can take a year or more.
Number of Beneficiaries
The process will take longer the more beneficiaries there are, especially if they live far away from the attorney’s office or the personal representative. This is simply a result of the time it takes to send documents between different people living in different places.
Agreement or Disagreement Among Beneficiaries
It is unlikely that any two beneficiaries will agree on everything that should happen in the estate, and they do not even agree among three or four or more of them. They may hire their own attorneys to oversee the probate process and may criticize every action the executor takes.
Was the Will Contested?
It may take a long time if the will is contested. These matters are usually exhausted after lengthy trials.
Number of Outstanding Debts
Paying taxes and debts of the deceased is a key part of the process, as assets cannot be distributed to beneficiaries until that is done. It can take some time to pay off debts to creditors, depending on state law.
Existence of a Will
Significant complications may arise if the deceased did not leave a will. This does not mean that probate should not be conducted, but it means that the court will be more involved in the process at every step.
When Are Inheritance Taxes Due?
The probate process may take longer if there are inheritance taxes owed, as the taxable estate cannot be closed until a closing letter is received from the IRS. A closing letter must also be received from the state tax authority if there are taxes owed as well.
Complexity of Assets
The probate process should be simple if the assets consist of just a few items, such as a house and perhaps a bank account. Rules and requirements can vary between states, but many states provide simple probate options when estates are not complex.
How to Avoid Probate
You can avoid the probate process entirely by transferring your assets into a living trust. The assets will pass to the living beneficiaries according to the terms specified in the trust formation documents, so a probate case does not have to be opened in court.
You will still need to go through the probate process for any assets not included in the trust. You may also reduce your assets by holding title to some assets in a way that allows them to automatically pass to living beneficiaries at the time of your death.
Talk to an estate planning attorney about the possibility of setting up pay-on-death accounts or holding property with someone else with rights of survivorship. Any of these options can reduce the size of your estate so that it may qualify as a small estate and pass to your beneficiaries through a legal certificate.
Conclusion: How Long Does It Take to Probate?
Probate can take less than a year if the personal representative and beneficiaries understand each other, and if the assets are not complex, and if the estate is not taxable. Otherwise, it may last for a year or more.
Frequently Asked Questions (FAQs)
What is the value of an estate that must be probated?
For an estate to be subject to probate, it must meet a certain value threshold set by local authorities. For example, in California, probate can be avoided for most estates that do not exceed $166,250. These figures may vary, depending on the types of assets in the estate.
How much does probate cost?
Probate costs are typically set by local authorities, but it is common to expect to pay around 4% to 7% of the estate’s value. Many individual costs and fees accumulate to form the total probate cost. These costs include filing fees to the court, personal representative fees, and attorney fees.
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Sources:
State of Illinois Courts: Illinois Pattern Jury Instructions. “200.00 Will Contest,” Pages 2-6.
The New York State Senate. “Section 1802 Effect of Failure to Present Claim.”
Texas.gov. “Title 2. Estates of Decedents; Durable Powers of Attorney.”
The 191st General Court of the Commonwealth of Massachusetts. “Section 3-803: Limitations on Presentation of Claims.”
IRS. “Frequently Asked Questions on Estate Taxes.”
Internal Revenue Service. “Estate Tax.”
Tax Foundation. “Does Your State Have an Estate or Inheritance Tax?”
California Courts. “Simplified Procedures to Transfer an Estate.”
Superior Court of California, County of Alameda. “Probate Court.”
California Courts. “Wills, Estates, and Probate: Self Help.”
California Courts. “Wills, Estates, and Probate.”
Superior Court of California, County of Santa Clara. “About Probate—How To Probate a Decedent’s Estate.”
Source: https://www.thebalancemoney.com/how-long-will-probate-take-3505270
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