After someone passes away in New Hampshire, their estate will undergo the probate process before beneficiaries or heirs can collect assets. New Hampshire probate may take several months to over a year, depending on the size and complexity of the decedent’s estate, whether the decedent left a will, and other factors.
Let’s look into how probate works in New Hampshire and what you may do if probate takes longer than expected.
Do All New Hampshire Estates Go Through Probate?
By default, yes. Under the state’s probate law, the will executor has 30 days to file the decedent’s will. Although you don’t necessarily have to file for probate at the same time, most families will choose to start the process as early as possible.
The probate process begins with a Petition for Estate Administration, which lists all beneficiaries and heirs and specifies the approximate worth of the estate. Some assets, like property held in a living trust, can bypass probate in New Hampshire.
Can You Simplify Probate in New Hampshire?
It’s possible to streamline New Hampshire probate in some situations. While New Hampshire doesn’t recognize what’s known as a small estate affidavit in other states, the executor may apply for a Waiver of Administration with the local probate court if certain conditions apply.
For estates that don’t qualify for a Waiver of Administration, the executor can start probate and then request summary administration, which also simplifies the process. Summary administration may apply to New Hampshire estates that have been in probate for at least six months and have no pending debt or state or federal estate taxes.
What If Someone Dies Without a Will in New Hampshire?
If the deceased person left no will, their surviving spouse or family members will likewise file a Petition for Estate Administration. The court will then appoint an executor to handle estate closure.
Once the executor settles the estate’s debts and taxes, heirs will receive the remainder according to New Hampshire laws of intestate succession. For example, if the decedent left a spouse but no children, the spouse receives the entire estate. If the decedent was unmarried but left surviving children, the children will inherit the estate in equal shares.
Can You Avoid Probate in New Hampshire?
With smart estate planning, it’s possible to bypass New Hampshire probate or at least keep many assets out of the probate process. A revocable living trust is one convenient and popular way to avoid probate.
The estate owner can place assets in a living trust during their lifetime. While the trust creator lives, they can continue using the assets or change trust terms as it suits them. Once they pass, a trustee takes over trust management and distributes assets or trust proceeds to beneficiaries.
It’s also possible to avoid probate by:
- Joint ownership, in which the assets automatically become the property of the surviving owner upon the co-owner’s passing
- Transfer-on-death for real property like vehicles and boats
- Beneficiary designation for insurance policies and bank and retirement accounts
When Will Probate Take Longer Than Usual?
As a rule, a small estate with comparatively few assets and a clear, valid will in place will be easy enough to settle. However, formal probate will still take several months. You can expect New Hampshire probate to take considerably longer if:
- The deceased person didn’t leave a will
- Some of the beneficiaries claim the will is invalid
- The decedent’s estate is large or includes property that is difficult to valuate
- The executor has many debts to settle on behalf of the estate
- Some of the decedent’s holdings are out of state or abroad
- The beneficiaries claim the executor isn’t doing their job properly and want to switch to a different executor
What Does New Hampshire Probate Include?
Whether the deceased person left a will or not, a will executor in Hampshire is responsible for:
- Inventorying and valuation of the assets, including bank accounts, IRAs, vehicles, and real estate, and providing a full list of the estate’s pending debts and taxes.
- Covering ongoing costs during probate, including taxes, insurance, and mortgage payments, as well as ensuring real property stays in good repair.
- Notifying any creditors and paying off pending debts. In New Hampshire, the decedent’s creditors can make claims within six months of the executor’s appointment.
- Distributing remaining assets to beneficiaries and closing the estate. This last step only takes place once the executor settles any taxes, debts, and other pending claims.
Probate Costs in New Hampshire
The will executor will use estate funds to cover probate court fees and other expenses. The case may also require hiring an attorney licensed by the New Hampshire Bar Association.
Additionally, the executor may collect a payment for their work. New Hampshire law states that an executor may request a “reasonable” fee. If the will doesn’t specify the executor’s compensation, the amount will usually depend on the estate’s size and the time the executor invested in settling it.
Why You May Consider Inheritance Funding
Even if you’re lucky, New Hampshire probate will take months. In some complex or contested cases, probate can drag on for years until you can access your inheritance.
What can you do if you’ve been counting on your inheritance funds to cover renovations, a new car, or medical costs? One option is applying for an inheritance advance.
An inheritance advance is quick, non-recourse funding that allows you to collect cash against the inheritance you’re due to receive. Unlike a traditional loan, you only repay these funds when you collect your inheritance. If your probate case falls through because of an unforeseen event like a dispute, you won’t need to pay back the advance.
Apply for Quick, Secure Funding From Rockpoint Probate Funding Today
Do you need cash while waiting for New Hampshire probate to end so you can collect your inheritance? At Rockpoint Probate Funding, we provide fast, risk-free funding against your pending inheritance with no credit checks or collateral.
Call (888) 263-8588 or contact us online to apply for funding today.
