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Now more than ever, it is essential for businesses and organisations that collect, hold, and use personal information to make sure they comply with their obligations under the new Act. Fortunately she had not yet signed an Agreement to purchase a property, so decided to put her search for a property on hold until she received the funds. As a rough guide, and for a typical Estate, the short answer is between 6 months and a year from when Probate is granted, but this of course depends on the nature of the Estate.
The family, or someone close to the family, should find and read the Will. The original Will is most likely to be held with the lawyers who drafted it, but the Will-maker should have had a copy of the Will somewhere. The Will should be checked for any directions. There are strict time limits for contesting a will, so you must act quickly if you intend to do so. If you have a good reason for missing the deadline you may still be able to begin a claim. Possible reasons include:. The state the deceased was residing in shall be the law applied to the will.
Make sure you make this apparent to your will dispute lawyer so that they can provide you with the correct information relevant to the state. Contesting a will is time is worthwhile if you believe you are entitled to more than you received. In the interest of having as fast and inexpensive probate process as possible, it may be desirable to skip it altogether.
Creating a living trust is another option. The grantor person writing the trust funds it by putting in assets of his or her choice. All of this happens outside the probate process. Hiring a probate lawyer is not a legal requirement during the process, but if you are involved in probate, you might want to speak with an attorney for advice—especially if you are serving as an executor or administrator and you have questions about your role or actions as you probate an estate.
Overall, remember that the best way to make sure the probate process goes as quickly and smoothly as possible for your own estate is to plan ahead of time. Contents 4 min read.
Freelance writer and editor Michelle Kaminsky, Esq. She earned a Juris Docto… Read more. Last Wills. The executorship of a will comes with a lot of responsibilities and duties. Here are the basics so you'll know what to expect. Knowing what probate actually involves will help ease your fears about the process, one that isn't always as complex as you might think.
Determining whether an estate has assets that are not subject to probate can save you time and money. Here are several types of assets that qualify as non-probate assets. This is referred to as a step-up in basis, and it's a good thing. Otherwise, any capital gains tax would be based on the difference between the sales price and whatever the decedent paid to purchase the asset, which could be a great deal more.
The deceased's final bills, creditors, and ongoing administration expenses must be paid before the probate estate or trust can close and transfer the remaining assets to beneficiaries. This occurs after the value of the deceased person's assets has been established and, in the case of a probate estate, after the list has been supplied to the court. Estate executors are required to notify all potential creditors of the deceased, both those they know about and those they might not be aware of.
This is typically achieved with a newspaper notice, alerting creditors to the death and instructing them how to make claims to the estate for the money they're owed. Creditors then have a prescribed period of time to make claims, depending on state law, but it can run simultaneously with the inventory period in some states. The executor has the right to decide whether claims are valid and whether they should or should not be paid. Denying claims can result in numerous court hearings where a judge will ultimately decide, and all of this can eat up a lot of time.
For example, in Washington, creditors have 30 days to file a suit against a rejected claim and that could slow down the process of closing the estate. The decedent's final bills will probably include cell phone bills, credit card bills, and medical bills, as well as the ongoing expenses of administering the estate or trust, such as storage fees, utilities, and attorney's fees. Any mortgages and other secured debts must also be resolved.
The executor of the probate estate or the successor trustee must also file all necessary federal and state estate tax returns , inheritance tax returns, the decedent's final income tax returns, and estate or trust income tax returns. Of course, any taxes that are due must be paid in a timely manner to avoid interest and penalties.
When estates owe estate taxes, they typically can't close until receiving written approval from the IRS or the state taxing authority. Finally, the executor or successor trustee will distribute inheritances to the beneficiaries. This is the very last step because executors and trustees can potentially be held personally liable for the deceased's unpaid bills, administrative expenses, and all unpaid taxes if they fail to take care of all the prior steps first.
A simple estate or trust can often be settled within a few months, while a complicated estate or trust can take one or more years to close. Disclaimer: This article is not intended to be construed as legal advice. Prior to making any significant decisions relative to its content, you should consider seeking the advice of a licensed attorney that specializes in Estate Law for your particular state.
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