Probate is a long and drawn-out process that must proceed according to the laws of each state. It is required that a complete inventory of the deceased’s assets be completed in a timely fashion. In most cases, this is approximately 90 days.
Notifying the Beneficiaries of an Estate
Typically, beneficiaries must be notified within 60 days of a probate hearing. This allows them to make arrangements for any inheritance taxes that may need to be paid.
During probate, the estate administrator must post public notices to alert anyone who may have a legal right to the estate but is not named in the will or other documents. These notices serve as formal announcements, giving potential heirs the opportunity to come forward.
In most states, individuals who believe they have a claim must notify the estate administrator in writing within a specific time frame. If they fail to act before the deadline, they may lose their right to a portion of the estate.
Creditors’ Claims on an Estate
Creditors must also notify the administrator of any claims that are owed to them by the deceased. In most states, the time frame to file these types of claims is limited to 30 days. Each state is different, however, and the timeframes are strictly enforced. For their claim to be considered, creditors must have valid documentation and receipts to offer support. Once the claim has been verified and substantiated, it will be paid as part of the estate’s expenses. Creditors can be notified in a variety of ways, including the public notices that are posted.
Dispersing the Assets of an Estate
The probate process often takes several months to complete. Before beneficiaries receive any inheritance, the estate administrator must first pay all debts, taxes, and expenses. Only after these obligations are resolved can assets be distributed.
For most estates, beneficiaries can expect to receive their inheritance four to eight months after debts are settled. However, larger estates—especially those involving businesses or complex assets—may take much longer. In some cases, probate can last several years before the case reaches completion.
Contesting a Will
A probate case can be extended if a will is contested. If a dispute arises between two or more of the intended beneficiaries, specific steps will need to be taken to determine the validity of each of the beneficiary’s claims. While the administrator will attempt to stick to the will as much as possible, there will be times when a decision is made to “break the will” and alter how the deceased’s assets are distributed. This usually only occurs with estates that are rather large or that involve several businesses or assets. For a person to contest a will, they must inform the administrator in writing and provides reasons as to why they believe they should be included.
How to Get Help With Your Estate & Probate
Probate cases take time to resolve.
If you have questions about probate, wills, trusts, or any estate law, call the professional staff at Indigo Family Law.