In terms of information, the most straightforward source is the executor/personal representative. There might be a calendar of updates that could be scheduled.
Many states have somewhat efficient processes when very modest assets are involved. If there is more than the state threshold, then you go through standard probate. The court needs time to make sure that it has the correct executor and will. It is not uncommon for some people to have written more than one at different times. The state needs to make sure that creditors have been offered a chance to file claims to the estate. The state needs to make sure that bills are paid for end of life care, funeral expenses, expenses related to administering the estate, and court costs. Some items may need to be transferred or sold before bills are paid or funds are distributed. There may be tax implications for the receipients based on what, when and how distributions occur.
The person who agrees to be executor is operating within a set of rules and procedures that need to be followed to be fair to all concerned in administering the decreased wishes. I have taken that responsibility several times in four states and each one had its wrinkles. In one case of a relative with very modest means, the children wanted possession of various items right away and I needed to make sure that the hospital and funeral bills could be paid in addition to some expenses for distributing her cremains. There is also the matter of the tax filing for the year and any taxes- federal and state that might be due. In some cases there will be state estate taxes, even though the federal amount is exempted.
At times the impatience was hard on me as I had responsibilities that I did not feel were being considered or honored. In the end, it all worked out and they received the items requested but several months after they desired. It would not be uncommon for a relatively simple estate to take a year to settle.
Many states have somewhat efficient processes when very modest assets are involved. If there is more than the state threshold, then you go through standard probate. The court needs time to make sure that it has the correct executor and will. It is not uncommon for some people to have written more than one at different times. The state needs to make sure that creditors have been offered a chance to file claims to the estate. The state needs to make sure that bills are paid for end of life care, funeral expenses, expenses related to administering the estate, and court costs. Some items may need to be transferred or sold before bills are paid or funds are distributed. There may be tax implications for the receipients based on what, when and how distributions occur.
The person who agrees to be executor is operating within a set of rules and procedures that need to be followed to be fair to all concerned in administering the decreased wishes. I have taken that responsibility several times in four states and each one had its wrinkles. In one case of a relative with very modest means, the children wanted possession of various items right away and I needed to make sure that the hospital and funeral bills could be paid in addition to some expenses for distributing her cremains. There is also the matter of the tax filing for the year and any taxes- federal and state that might be due. In some cases there will be state estate taxes, even though the federal amount is exempted.
At times the impatience was hard on me as I had responsibilities that I did not feel were being considered or honored. In the end, it all worked out and they received the items requested but several months after they desired. It would not be uncommon for a relatively simple estate to take a year to settle.
Statistics: Posted by WhyNotUs — Sun May 05, 2024 10:37 pm — Replies 24 — Views 2302