Not every debt may be obvious to the. Why does probate take so long.
This is because when a person dies their will needs to go through probate which is the court process of settling the deceased s estate.
How long does it usually take to get inheritance money. In doing so they will distribute the assets. How long does it take to receive my inheritance and why. Depending on the size of the estate this process could take anywhere between a couple of months to a couple of years.
In rare and extremely complicated cases probate can even take decades to distribute inheritance assets. In some cases such as in living trusts receiving inheritance money may be immediate or take only a few days. In order to demystify what is actually going on behind the scenes and explain why you have to wait usually at least 6 months we outline the general process for a typical estate where there is a valid will below.
The family or someone close to the deceased finds and reads the will. Oftentimes beneficiaries of a will must wait at least a few months before they can receive their inheritance. How long does the inheritance process take.
According to a comprehensive study of the probate process done by aarp the average time to distribute an estate in the united states is 17 months. In other inheritance situations releasing funds may take months or years. If there are significant challenges or uncertainties then the probate process could take significantly longer due to litigation and investigation.
Inheritance timeline estimates need to take into consideration contested wills other potential lawsuits and other time consuming complications. When an inheritance has restrictions. If you are on the receiving end of an inheritance be sure to read the fine print.
Probate usually takes at least six to nine months to settle. Another reason probate takes so long is that the court allows at least four months for any of the deceased s creditors to come forward with a claim. This process can take months or years to settle.
The amount of time it takes to receive inheritance money depends on factors such as the probate process in each state and how a decedent structured her will or trust. Most heirs are extremely surprised that they won t receive their rightful inheritance for a full year and a half. Usually the checks to the beneficiaries are one of the last duties to be handled.
The executor is then granted another period of time to decide whether claims are valid and whether they should or should not be paid. He or she can also restrict the inheritance to certain uses like education. It will use a methodical public process to determine all potential family members.
The deadline can be anywhere from three to nine months depending on state law but it can run simultaneously with the inventory period in some states. The will writer can specify that the amount is paid in small installments rather than in one large sum. Often times probate can take several months to several years.
The personal representative or successor trustee is in a position to distribute property and or money to the beneficiaries.