Probate is the process of distributing the assets of the deceased among his/her heirs and other beneficiaries. It depends on the instructions mentioned in the will. The executor assigned by the decedent executes this process after you file the petition. The process starts with a petition in the court for the approval to start the probate process. The executor may also hire probate near me to execute the process professionally.
The probate process is long and requires around 7-9 months. The duration is not fixed as the time taken is dependent on the nature of the estate and the way the lawyer handles the documentation. . The executor must need to do the execution of the will precisely, avoiding any mistake. This all takes time and makes the process longer.
Let us see what the timeline of a probate process can be like and how we can make it faster.
First Month Job Work Of A Probate Lawyer Near Me
In order to start the probate of a will, the executor first needs to read the will in front of the heirs and inform them about the decedent’s decisions and how he wanted his assets distributed.
The executor then needs to obtain the death certificate of the deceased to file a petition in the court, along with the will to start the probate process. The executor must hire a probate attorney near me to help him/her in all this with his/her expertise.
Second Month Execution
In the second month, the court will issue a letter of administration that will give the executor permission to act on behalf of the estate. The executor would make a list of the assets owned by the deceased. He will also find out all the creditors and inform them about the decedent’s death. After making the assets list, the executor has to perform a revaluation in order to find out the worth of the assets in today’s market in the coming month.
Third Month Of A Probate Attorney Near Me
The probate attorney near me helps to make an appraisal of the properties of the deceased. Some assets may face liquidation to pay the creditors and the rest of the property is then distributed amongst the heirs.
The executor performs all these actions in the third month. This is a vital stage, and it should be completed precisely. This will help to avoid any delay that may arise due to missing documents or the probate being challenged in court.
After the appraisal and valuation of the deceased’s assets, the executor needs to prepare a form of the federal estate tax return as per the state’s rules. The executor has to pay any estate taxes due from the proceedings of the estate.
This stage is a complex one, and the executor finds it challenging to complete. Therefore it is always recommended to hire a probate attorney near me and an accountant to file the return and pay the taxes due.
Fifth Month Activity Of A Probate Attorney Near Me
The estate proceedings pay for all creditors, taxes, funeral arrangements and other legal costs during the fifth month. The executor must also resolve any disputes the deceased had with other parties. Creditors are required to prove their claims in the court on the hearing date. The court will then approve the payments of the creditors. Any claim without legal proof is ignored.
Sixth Month Of A Probate Attorney Near Me Job Work
The executor files the federal income tax return 1040 and 1041 in the court. He is also required to file the final accounting report in the surrogate’s court so that the court can start the process of winding up the estate. In this stage, the executor requires the help of an accountant.
Beyond The Sixth Month In The Probate Process
Suppose there is no litigation or any problem in selling the assets of the deceased. In that case, the executor must start the process of distributing the remaining assets among the heirs or beneficiaries of the will. It happens after payments to creditors and clearing out dues.
The executor must file a petition in the surrogate’s court to discharge him of the responsibilities allotted to him and wind up the estate. This petition will close the estate. This process may take 2-3 months for proper execution.
The entire duration to probate a will can never be determined from before. We cannot predict the future. The period of probation mainly depends on the complexity of the will. The more complex will take more time for execution. In cases of a complicated will we always suggest hiring a probate lawyer near me. Hence, the executor can wind up the estate faster.