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To some people, probate is a bad word. This is because the probate process can be a hassle that consumes months or years and thousands of dollars
Factors That Affect the Length of Probate To some people, probate is a bad word. This is because the probate process can be a hassle that consumes months or years and thousands of dollars. There are several factors that may lead to a longer probate. Some of these causes cannot be changed, but knowing about them can help you understand how long your probate process may take. Geography Where the estate executor lives in relation to the probate attorney will affect the length of probate, because the two may need to meet often for the executor to provide originally signed court documents. If the executor lives some distance away, the process may depend upon how often and how quickly this person can travel to handle estate affairs. Family Dynamics The larger a family is, the longer probate will take. The attorney will have to provide every heir with a copy of estate documents. If any beneficiary disagrees on a matter, the process may come to a halt while the family, executor and attorney work to reach an agreement. Some family member’s may even choose to hire their own lawyer to protect their interests in the estate. If there is a challenge to the Last Will and Testament of the decedent, probate may take years. The court will have to decide if the Will is valid or invalid before moving forward. If the Will is considered invalid, the estate settlement process will slow tremendously. The attorney and executor will have to regroup and settle the estate on intestate laws rather than by the dictates of the Will. Estate Status How large and complicated an estate is also affects probate. If an estate is simply a jointly owned home and a checking account, the estate may be able to settle in a matter of months. If, however, there are multiple pieces of land, numerous financial assets, creditors and any business interests, probate must handle each of these items in due time, often as prescribed by statute. The process may be further hampered if Ancillary Probate is necessary. This occurs when property is owned in more than one state causing probate to occur in each state. Settling a large estate is also often hindered by estate taxes. If estate taxes are due, the executor must file a tax return and wait to hear back from the IRS, which may take over a year. Experienced estate planning attorneys Oklahoma City OK of the Parman and Easterday offers estate planning and business planning resources to residents of Oklahoma City OK. To learn more about these free resources, please visit http://www.parmanlaw.com today.
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