You frequently hear about the length and expenditure of probate, and some aspects of estate planning are intended at avoiding probate. However why does probate take months, even years, to complete? Probate is the legal process that confirms a will, if there is one, and administers the estate of a departed. You typically become aware of the length and expense of probate, and some elements of estate planning are targeted at avoiding probate.
Why does probate take months, even years, to complete?
There are a number of steps that are taken throughout the probate process, and they include different tasks that are managed by the estate’s Executor, also understood as the Personal Representative. These tasks can be time consuming and detail-oriented, they include:
Obtaining a federal tax identification number for the estate;
At any point along the way, the estate can hit a snag. If there is not adequate cash on hand to pay financial institutions, property may require to be offered to satisfy creditor’s claims.
Obviously, this is a detail-oriented, lengthy process, which happens during the grieving process. Many households pick to hire a probate lawyer to help them in this process. Having a comprehensive estate plan in place can not just avoid particular kinds of property getting in probate, however it can assist make the process less challenging on your loved ones.