The application of probate is the easy part. The wait for money, on the other hand, can be painfully long. The duration depends on the size and complexity of the estate to be shared. Typically it can take between 6 to 12 months. The costs for probate can be met from the estate. If it is a contentious probate, it can take even longer. For instance, some assets might be tied overseas. In some cases, there might be a property that has to be sold. In addition, the estate itself might also be entangled in legal issues that need solving before distribution. All these factors make it difficult to have a fixed waiting period. The estate administration process can take a long time, which is naturally frustrating for everyone involved. If you’re the executor of a large estate, you might hear this question a lot, phrased in different ways. However, timings do depend on how complex the estate is, and whether anything unexpected happens during the estate administration process. There are a lot of things that can have an impact on what happens after probate has been granted. Here are some reasons the estate might take longer than usual to settle:
Administering the EstateThe ‘Estate’ is the collective term for everything the deceased person owned, such as property, money in the bank, personal possessions, vehicles and investments. All of these things will need to be officially administered according to the law in Utah. This will involve: But for more complex Estates, it may be a year or more before the funds are distributed. Issues that can delay payments to beneficiaries include: When someone passes on, their next of kin are obligated to apply for a grant of probate. Once they have sworn the oath, it gives them a legal responsibility to handle or manage any property, assets, and cash possessions left behind. This is commonly referred to as estate administration. The person who receives this mandate is called the executor. Besides managing the estate, the executor is tasked with tying all loose ends on behalf of the deceased. This means paying debts, paying taxes, collecting owed funds, keeping tabs on estate accounts, and distributing assets according to the will. Processes involved in Executing Probate• Collecting the Assets: Your first action as the executor is to collect all the assets of the deceased. This might include liquidating some assets for easier sharing. Estate ComplexityA Grant of Probate allows the executor to access the funds and bank accounts of the deceased. In simple estate cases, the deceased may only have a single account, but with every institution having its own process for allowing access, transferring money and closing the account, this can reasonably take around four weeks. It is not as simple, for example, as transferring money straight from the deceased’s account into your own. The people dealing with the estate might have to open a new account to collect the estate together before distributing it. This is the best case scenario. More often than not, the deceased has multiple accounts or other, more complex, financial assets. As such, the time it takes to access and collect the deceased’s money can take months, depending on the scale of the administration required, and we haven’t even mentioned property yet. If the estate owns one or more properties, they may need to be sold before any money can be distributed to beneficiaries and this can take a prolonged amount of time. Even if you’re only expecting a small inheritance that could be covered by the money collected from the deceased’s accounts, you may still have to wait, as the estate’s liabilities (such as debts) need to be paid before beneficiaries. For example, an estate may have collected $10,000 from the deceased’s account, and you may be entitled to $1000, while estate liabilities may require $15,000. In this instance, the house would need to be sold in order to pay off the liabilities before you can receive your inheritance. Alongside the general complexities of an estate, there are a number of legal considerations that can result in a solicitor holding the estate’s money for an extended time after probate. • Advertisements for Creditors: It is important to understand that the personal representative administering the estate (whether as an executor or administrator) is legally responsible for the estate. This means if the estate owes creditors and fails to pay these debts, the personal representative is liable. For that reason, the solicitor administering the estate, whether as or on behalf of the personal representative, has to take steps to protect themselves or their client from liability. One of the ways they do this is by placing an advert in local media and The Gazette to give creditors a chance to make a claim. A minimum of two months needs to be provided for creditors to come forward. Debts don’t go away if not claimed within two months but the creditor would have to claim against the beneficiaries if that have received the assets before the creditor made their claim. Therefore, it can be safe for the beneficiaries if the executors keep hold of money to pay debts until reasonably sure they have identified everything. Utah Probate LawyerWhen you need legal help with a Utah Probate, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
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