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As a will executor, you should know how a probate timeline works. Prepare for a long, often complicated process with many steps. For instance, under Mississippi probate law, probating a will takes at least three months since creditors have 90 days to file claims against the decedent’s estate. However, the probate process may take years, especially with large, complex estates or contested wills.
The Probate Process: A Recap
When someone passes away, the executor they named in their will or a close family member (like a surviving spouse or child) files for probate. The Probate Court will then issue letters of authority to the decedent’s chosen will executor or, if there’s no will, appoint a trusted person who’s able and ready to take on an executor’s duties.
The probate timeline may vary by state. The typical probate steps are:
- Filing Petition for Probate: 1-4 months
- Court issuing the Letter of Administration: 3-4 months
- Filing notices to the decedent’s creditors: 3-6 months
- Reviewing and paying creditor claims: 6-12 months
- Inventorying and appraising the decedent’s estate: 6-12 months
- Paying the decedent’s final taxes and covering estate costs: 6-12 months
- A court order approving the estate’s final accounts and asset distribution: 8-16 months:
- Distributing assets to heirs or beneficiaries: 9-18 months
- Final estate closure: 9-24 months
A Breakdown of Some Key Probate Steps
Now, let’s go a little deeper into what a typical probate timeline includes. Keep in mind that times may depend on the estate’s size, the number and complexity of assets, and any estate debts.
Notifying Creditors
The estate executor is responsible for notifying potential claimants of the decedent’s passing. You can do so by sending an official notice to possible creditors. Going through the decedent’s bills or credit report can help you locate debts. State laws also typically require publishing a notice for creditors in a local newspaper.
Paying Valid Debts and Other Expenses
You’ll need to pay off the decedent’s debts using estate funds before distributing any assets to beneficiaries. The creditors you notified have a limited time (varying by state) to make claims. You’ll review these claims and discharge or dispute them as necessary. Any claims made after the deadline would be invalid.
Additionally, you must cover other estate expenses, like tax returns, administration costs, insurance, and ongoing maintenance. You also have the right to payment for your efforts. The decedent’s will may outline a sum due to you, or you may receive a percentage of the estate or an hourly fee according to state regulations.
To keep the estate finances in order, these expenses should come from the temporary estate account you set up to consolidate the estate’s liquid funds.
Inventorying Assets
You’ll need to provide a detailed and accurate inventory of all the estate assets, including bank, investment, and retirement accounts, real estate and other tangible property, stocks and bonds, insurance policies, and jewelry, art, and other valuables. Intellectual property, like trademarks and patents, and any businesses the decedent owned also count as part of the estate.
Some assets, like payable-on-death accounts or property the decedent owned jointly with a surviving spouse, don’t need to go through probate.
Distributing Assets and Closing the Estate
Once you’ve covered all the estate’s outstanding debts, bills, and fees, you can distribute the remaining assets to beneficiaries according to the instructions in the deceased person’s will. Assets will pass to heirs according to the state’s intestacy laws if there’s no will.
After you wrap up all your duties as an executor, the probate court can officially close the estate.
Tips for Will Executors: How To Manage Your Duties Effectively
As a will executor, you’re taking on a major task during a highly sensitive time for the whole family. You have a duty of care to responsibly manage the deceased person’s estate and act in all the beneficiaries’ interests. The following five tips can help you sail smoothly through the probate timeline.
1. Seek Legal Help
Probate laws can be difficult to navigate. While some executors handle estate closure independently, it often makes sense to work with an attorney well versed in estate and financial planning for probate. If you’re closing a large, complex estate, a professional can help ensure that you follow all legal requirements and avoid any claims of executor negligence.
2. Maintain Records
Save all bank transactions, tax records, asset valuations, and other paperwork documenting your work as a will executor. Record the estate’s income and expenses. Ensure you can provide the necessary records if the probate court asks for them.
3. Keep Everyone Informed
Send updates to beneficiaries as the probate timeline progresses. Regular communication will help prevent many misunderstandings and preserve family relationships.
4. Follow Deadlines
Prioritize time-sensitive tasks, like notifying the deceased person’s creditors, filing estate taxes, and submitting court documents. A spreadsheet or a task management app can help you keep up with deadlines.
5. Avoid Pitfalls
A contested will, wrong asset valuation, and disputed assets can all complicate probate. Make sure you stay neutral throughout the probate process and, if necessary, suggest mediation to resolve conflicts.
Waiting for an Inheritance? Apply for a Probate Advance
If you’re a will executor handling probate, you’re likely also a grieving family member waiting for your inheritance. A cash advance can help you and your family cope financially during the long, sometimes unpredictable probate timeline.
At Rockpoint Probate Funding, we provide quick, non-recourse inheritance advances for heirs and beneficiaries. Access secure, transparent funding today to cover expenses until probate concludes. Call (888) 263-8588 now to apply and receive your advance as soon as today.
