Probate has a reputation for taking an eternity, but that depends on various factors. Some estates settle or close in a matter of months, if not weeks. Others could take a year or more to finish. The procedure entails several steps, all of which are required to transfer assets from a deceased individual's ownership to that of a living beneficiary. Before this can happen, the decedent's taxes and outstanding debts must be paid. All of this takes place under the court's watchful eye which can slow things even more. When there are complications, the process can completely halt for a period of time.
What Is the Location of the Executor?
The executor, also known as the personal representative, is responsible for overseeing the estate's administration during the probate process. In the case of larger estates, an attorney may also be involved. With all of the modern technology at our fingertips, the location of the personal representative in relation to the attorney may not seem like a big deal in this day and age. However, it may be quite a distance physically between the personal representative and the lawyer. When a personal representative is close to the attorney's office, he or she can drop by to take care of problems quickly. However, quick meetings are impossible when the personal representative lives far away from the office or in another state. Keep in mind that almost all documents filed with the court require the personal representative's original signature. Signatures that have been faxed or emailed will not be accepted.What Is the Number of Beneficiaries?
As the number of estate beneficiaries grows, probate will take longer, especially if they live far from the attorney's office or the personal representative. It is simply a result of the time it takes to send multiple documents back and forth between multiple people in various locations.Is there agreement or disagreement among the beneficiaries?
Even two beneficiaries, let alone three, four, or more, are unlikely to agree on everything that must be done with an estate. Some beneficiaries may even hire their attorneys to oversee the probate process, and these lawyers are known for nitpicking the executor's every move. To summarise, the larger an estate's beneficiaries are and the more they complain about the process, the longer probate will take.Is there going to be a Will-Writing Competition?
A will contest a legal action taken to challenge the validity of a last will and testament. Will contests are decided based on one of four arguments or a combination of them:- The will was not signed in accordance with legal requirements.
- Due to concerns about fraud, the will was written as it was.
- A beneficiary induced the will to be written under duress and undue influence.
- The deceased was unable to make a will due to his or her mental incapacity.
Are there a lot of debts?
Because, after all, transfers to beneficiaries are only possible after all of this has been completed, paying taxes and a decedent's debts is a major part of the process. And depending on state law, paying creditors can take a long time. Most states require that all known creditors be notified of the death and given a time limit in which to file claims for money owed to them. Some states also require a notice for unknown creditors to be published in a local newspaper, Occasionally, over a period of several weeks, multiple times. The deadline for filing creditor claims varies greatly by state, ranging from 120 days in Texas to seven months in New York and a year in Massachusetts. It won't be until this time has elapsed and all claims have been settled that the estate will be officially closed. On the other hand, smaller estates may not be affected if state law provides for summary or simplified proceedings in these cases.Is There a Will to Change?
If the deceased person does not leave a will, it can cause a major snarl. It does not mean that the estate will not have to be probated, but it does mean that the court will be more involved in the process throughout. If the deceased did not name anyone in his or her will, the judge would have to appoint someone to act as a personal representative. Which of the estate's heirs will receive bequests, and what proportions will state law determine proportions? Simple steps in the process will take longer than they would if a will were available.Is there a tax on a deceased person's estate?
Because a taxable estate cannot be closed until it receives a closing letter from the Internal Revenue Service, it takes longer to probate an estate that owes estate taxes. If state estate taxes are due, you must also receive a closing letter from the taxing authority in your state. After an estate tax return is filed, the IRS can take anywhere from six to eight months to respond. However, in practice, only a small percentage of estates are subject to the federal estate tax. As of 2020, only those with assets worth more than $11.58 million will be subject to federal taxation on balance. However, state-level estate taxes are imposed in 12 states and the District of Columbia, and some of their exemption thresholds are much lower than the federal exemption of $11.58 million. If the deceased owned property in any of them, it may cause a delay in the process.What Is the Complexity of the Assets?
If an estate consists of only a few assets, such as a house and possibly a bank account, probate should be relatively simple. The exact rules and requirements vary by state, but many states offer simplified probate options when an estate isn't complicated. In these cases, the court will allow assets to be transferred to living beneficiaries based on a small estate affidavit. This type of "probate" can be completed in as little as a few weeks. To qualify, the total value of the deceased's probate assets must usually be less than a certain amount. If the estate includes a home, a bank account, and a stake in the family business, full-fledged administration can become complicated and time-consuming.Is Probate Even Required?
You can completely avoid probate by putting your assets into a living trust. They would pass to living beneficiaries in accordance with the terms stated in your trust formation documents, avoiding the need to file a probate case with the court. Of course, this assumes that after you create the trust, you remember to title all of your assets in the trust's name. Even if you don't have any assets, you'll still need to go through probate. You also don't have to go through all the trouble of setting up a living trust. Holding title to certain assets in such a way that they pass automatically to living beneficiaries at the time of your death may be a good way to reduce your estate. Consult an estate planning attorney about the possibility of setting up payable-on-death accounts or holding real estate with survivorship rights. Any of these options could reduce your estate to the point where it qualifies as a small estate and can be passed on to your beneficiaries via affidavit.So, how long does it take to get a will?
If the personal representative and beneficiaries get along, the assets aren't complicated, and the estate isn't taxable, the probate process can be completed less than a year. Otherwise, it could take a year or more to resolve.Most Commonly Asked Questions (FAQs)
What is the minimum value of an estate in order for it to be probated?
An estate must meet a minimum value set by local authorities in order to go through probate. In California, for example, most estates worth less than $166,250 are exempt from probate. Depending on the types of assets in the estate, this figure may vary slightly.What is the cost of probate?
State and local governments usually set the costs of the probate process, but you can expect to pay between 4% and 7% of the estate's value. The total probate costs are made up of many different costs and fees. These expenses include court filing fees, executor's fees, and attorney's fees.