Did your family just discover that a loved one has died? Outside of planning funeral services to pay your respects, you must begin preparing for the Wyoming probate process. Touch base with Rockpoint Probate Funding to learn how we can help your family as you grieve a loved one’s loss.
What Is the Wyoming Probate Process?
Wyoming probate is a legal process designed to allow your family to validate a loved one’s will and distribute their assets while following their wishes and the probate laws the state has in place. Depending on the circumstances, your family may spend anywhere from a few months to a few years dealing with the probate process in Wyoming.
The longer the Wyoming probate process lasts, the longer you and your family must wait to secure your inheritances based on what’s listed in a loved one’s will. Read more about how this process works below.
Does Wyoming Always Require Probate?
Generally speaking, all families will have to at least consider going through the probate process in Wyoming in the aftermath of a loved one’s death. However, your family may avoid filing a probate petition if your loved one’s estate is worth less than $200,000.
In Wyoming, any estate worth under $200,000 is considered a small estate, and families can fill out small estate affidavits instead of going through the probate process. It’s a good option, though you might lose it if anyone disputes your loved one’s will since this will require it to pass through the probate process.
How Long Do I Have To File a Probate Petition in Wyoming?
Wyoming isn’t quite as strict as other states when it comes to forcing families to file probate petitions to start the probate process quickly. These states sometimes threaten to fine the executors for wills or even sentence them to jail if they don’t file probate paperwork by certain dates. Wyoming, on the other hand, asks families not to file probate petitions until at least 30 days after their loved ones have died.
What Steps Are Included in the Wyoming Probate Process?
The first step in the Wyoming probate process includes filing a probate petition with the county clerk in your loved one’s local probate court. This step should only take a couple of hours at most, as you’ll simply need to fill out this petition with the necessary information and supply a copy of a loved one’s will and death certificate.
From there, these are the steps that will follow:
- An executor will be appointed for your loved one’s will.
- They will notify heirs, creditors, etc., about a loved one’s death through public notices.
- They will list your loved one’s assets and arrange to have each one appraised.
- They will list your loved one’s debts and talk to creditors about paying them off.
- They will distribute your loved one’s assets to their designated heirs.
- They will close out your loved one’s estate.
While some steps during the probate process in Wyoming will finish in no time, others might take weeks or even months. Choosing the right executor for your loved one’s will and providing them with executor compensation may speed up the process.
How Long Does the Probate Process Take in Wyoming?
The length of the probate process in Wyoming varies on a case-by-case basis. It could drag on if complications or disputes arise during the probate process for your loved one’s will.
For example, if more creditors than you anticipated come out of the woodwork to file claims against your loved one’s estate, it could slow the probate process. If one of your family members doesn’t agree with how a loved one asked for their assets to be distributed, this could also bring it to a grinding halt.
Can I Do Anything To Avoid Probate in Wyoming?
Avoiding the Wyoming probate process isn’t easy, but you might have the chance to do it if your loved one went through estate planning and created a living trust. A trust like this can contain bank accounts, life insurance policies, and other assets that will automatically transfer to designated beneficiaries when a person dies without going through probate.
What Happens If a Loved One Dies in Wyoming Without a Will?
When a person dies without a will in Wyoming, their family won’t have as much control over the probate process as they would otherwise. If your loved one died with no will, you’ll need to rely on the state and its intestate succession laws to handle probate.
Wyoming utilizes a distribution model that awards assets to a person’s heirs in this general order:
- Spouse
- Children
- Parents
- Siblings
The division of these assets will depend on how many surviving heirs your loved one had and other key factors.
Does Wyoming Have an Inheritance or Estate Tax?
No, Wyoming doesn’t have an inheritance or estate tax. You’ll only need to pay the IRS a federal estate tax if your loved one’s estate is worth over $13.61 million in 2024.
Can I Gain Access to an Inheritance Before the Wyoming Probate Process Ends?
You can’t legally access an inheritance until the very end of the probate process in Wyoming. But you can call Rockpoint Probate Funding to provide a probate cash advance tied to your future inheritance. Here’s how it works:
- You schedule a free consultation and let us explain probate cash advances to you.
- You send us a copy of your loved one’s will and their probate paperwork.
- You receive a probate cash advance if we decide you qualify for one.
After that, just wait until you eventually receive your inheritance from a loved one and use it to repay a probate cash advance.
Call Rockpoint Probate Funding To Hear More About Our Probate Cash Advances
Are you interested in securing a probate cash advance from Rockpoint Probate Funding? Give us a call today and see how a probate cash advance can alleviate the stress associated with the Wyoming probate process. Contact us at (888) 263-8588 now.
