HELP! This Probate Is Taking Forever!!!
After a loved one dies, her estate must be settled. While most people want the settlement process to be done ASAP, probate can take between 18 and 24 months. Yes, you heard that right. The time delays create unnecessary stress.
Posted on December 15, 2015
5 Reasons Probate Takes So Long
There are many reasons why probating a will takes so long. Here are five of the most common:
1. Paperwork. Managing probate required paperwork can be a monumental undertaking with structured timelines and court-imposed deadlines.
2. Complexity. Estates with numerous or complicated assets simply take longer to probate as there are more items to be accounted for and valued.
3. Probate court caseload. Most probate courts are dealing with high caseloads and limited staff.
4. Challenges to the will. Heirs, beneficiaries, and those, who thought they’d be beneficiaries, can object to and challenge the will’s terms and legality. While state law dictates how long they have to object, will challenges can add years to the process. Common challenges include that the testator was:
- Lacking testamentary capacity
- Subject to undue influence
- A victim of fraud
5. Creditor Notification. A will’s executor must notify the decedent’s creditors so they have time to submit claims for debts. This time period varies from state to state as well, but it is generally six to nine months.
The bottom line is that, while most state probate laws are designed to keep the process moving along in a timely manner, that's more of a plan than a reality.
Simply Put, Avoiding Probate with a Trust Is Better
Simply put, having assets in a trust is better. Administration generally only takes six to eight months total – meaning that the process is not tied up in court, beneficiaries get assets faster, costs are reduced, and stress levels are kept to a minimum.
Take Action Now
First, if you need help settling a probate estate, we can help you move the process along and remove some of the burden so you can move on with your life. Second, we can help you make sure you never burden your loved ones the way you’ve been burden. How? We’ll show you how to avoid probate with a trust.
More from our blog…
What Is a Qualified Personal Residence Trust (QPRT)?
A qualified personal residence trust (QPRT) is an irrevocable trust used to achieve estate and gift tax savings. The basic idea behind a QPRT is to [...]
Limited Power of Attorney in Estate Planning
A power of attorney (POA) is a document that authorizes one or more parties (known as the “agent” or “attorney-in-fact”) to act on behalf of [...]
What Is IRMAA and How Does It Affect My Medicare Premiums?
As we near retirement, we may assume that once Medicare kicks in, our medical insurance premiums will be fixed. However, many people may not realize that [...]
What Is Memory Care, and What Are Its Benefits?
Memory care is specialized care for patients living with Alzheimer’s disease, dementia, or other conditions that cause memory loss. Hospitals and nursing homes may have memory [...]