If a will is your chosen estate plan document, it must go through a probate process before your heirs receive what you have given them. There is no set time for probate, but it can take as much as a year or more to complete. In this article, we take a look at how your estate size affects probate.
Timeline
The amount of assets left behind in your will can affect the overall timeline of probate. According to the Denver Bar Association, estates are deemed small when they do not have property and are valued at $50,000. If your estate is larger and has more complexities, such as having a range of properties or several heirs to consider, you should expect it to take more time.
Fees
Probate is a multi-layered process that can incur several fees. The fees can vary based on the estate. Fees may also change based on the state where the executor files probate. A probate attorney’s expertise can help speed up the process and ensure you don’t miss anything that could hinder or slow down probate even more.
Taxes
Taxes are a part of life, even when receiving an inheritance. In addition to fees from filing, you can expect to pay taxes during probate. It shouldn’t come as a shock that larger states will pay more taxes than smaller ones.
Distribution
When someone creates a will, they often have specific instructions for the distribution of assets. A complex distribution plan may include several heirs who’ll receive that inheritance under certain stipulations and at various times. A situation can become more complex when dealing with minors with a guardian who will manage their share. An estate with only one or two beneficiaries set to receive a direct distribution will often benefit from a shorter process.
Debt
Before beneficiaries receive any money, creditors must get what’s due to them. The probate process allows such creditors to come forward to make a claim. However, the executor should also work with probate attorneys to contact these creditors to make the process go faster. The more debt the estate owes, the longer this process can take.
Unfortunately, probate is a time-consuming one. However, things can go smoothly with the help of probate attorneys. For an experienced legal professional in this field, contact our team at The Limbaugh Law Firm today for a callback.
