Experts say settling an estate can take six months to several years, depending on prior planning and simplicity of the assets. Here’s what to know.
Experts say a simple estate with only a few assets that are easy to find may be settled in six months. However, a more complicated financial situation may take several years to resolve.
"Typically, a financial advisor or an attorney or an accountant, or even an insurance specialist will have some of that information," said Valerie Galinskaya, who heads Merrill's Center for Family Wealth."If a family member has been proactive, hopefully the family member who is carrying out the responsibility will know that but, if they don't, those individuals can provide a lot of helpful insight."Each state has its own rules and timelines for settling an estate.
The executor's job is to notify and stay in touch with beneficiaries and interested parties. They also are responsible for paying bills, closing accounts and taking inventory of assets. The task is time-consuming. Having a checklist and keeping detailed records can be helpful. Executors also must determine if any part of the estate not included in the will must go through a court procedure called probate. The executor should not distribute assets to beneficiaries until outstanding debts and taxes have been paid.
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