What to expect while going through Probate.
Unfortunately, the probate process is a very unpredictable legal procedure. Thus, the timeline for a particular estate to go through the probate process is difficult to ascertain. The timeline depends on several factors. For example, the length of the probate process depends on how large the decedent's estate is, how complicated the estate is, whether the decedent left his papers, debts and obligations in order, how many proposed heirs there are, and if the will is contested or uncontested. Other factors may include tax complications, non-probate lawsuits, and probate procedural requirements. Remember that Procedural requirements regarding probate vary by state. Additionally, the majority of courts have local court rules. It is a good idea, if you are anticipating being involved in or you are already involved in a Probate matter to research Probate law and various probate attorneys. Researching probate will facilitate an understanding of various state requirements, local court rules, and key probate terms. In turn, this will help you understand what is involved for the probate process. Another benefit of researching probate law and contacting a probate attorney regarding the process details of probate is that you will be able to determine a timeline tailored to the specific circumstances of your probate matter.
Understanding the Inheritance Process
To understand why the probate process can take so long to complete, one should understand the fundamentals of the probate timeline. The probate process begins after someone dies. The person who died (the decedent) may have died testate (with a will) or intestate (without a will). Despite the existence of a will or not, the decedent's assets, including his or her personal property and real property, must be transferred to someone else. If the person dies with a valid will, all assets (referred to as the estate) will be transferred to the person or persons designated in the will. If the person dies without a will or the probate court determines the will to be invalid, the estate will be transferred according to state law. State laws vary regarding estate distribution.
Before a decedent's estate can be distributed, whether according to a will or according to state law, all of the decedent's assets must be allocated, accounted for, and inventoried. Additionally, all debts, fees, taxes, and other monetary obligations must be settled. This can add several months in itself to the inheritance timeline depending on the size of the estate and the number of varying assets. Furthermore, any and all probate related disputes and non-probate lawsuits must be completed before the inheritance process can proceed.
Easing the Strain of the Probate Process
Considering all of the above, the probate timeline often lasts an entire year for even simple estates. Inheritance timeline estimates need to take into consideration contested wills, other potential lawsuits, and other time-consuming complications. Often times, probate can take several months to several years. In rare and extremely complicated cases, probate can even take decades to distribute inheritance assets. Meanwhile, heirs waiting to receive their inheritance can be financially depleted while waiting even though the inheritance rightfully belongs to them. An inheritance advance from Inheritance Funding Company can be a perfect solution to this problem. Cash advances can support individuals going through the process of probate so while waiting for their inheritance to distribute, they are not in financial turmoil.
Check out our Probate Timeline chart below. The time estimates will not apply in every situation since specifics of the probate process differ with every estate. However, the timeline can act as a reference tool for approximating how long your probate process may take and how long it may be until you can access your inheritance. If you are currently involved in Probate, by reviewing the timeline below, you may be able to identify which stage of the probate process you are in. Whether you are currently involved in probate or you anticipate being involved in probate, this timeline can give you an idea of just how much money you may need in order to withstand the entire probate and how much money you would like to receive from IFC from an inheritance advance in less than a week.
Probate Process Timeline (24 month period)