Being the executor of an estate can be a time-consuming job, depending on the size and complexity of the estate. A simple estate can take a few months and not require a huge time commitment. However, if there are problems, the job can drag on for years.
An executor is the person responsible for managing the administration of a deceased individual’s estate. Although the time and effort involved will vary with the size of the estate. Even if you are the executor of a small estate, you will have important duties that must be performed correctly or you may be liable to the estate or the beneficiaries.
The first thing an executor should do is to consult with an attorney to learn the deadlines in the state where the decedent lived. To start the probate process, the executor must file the will for probate. Some states have strict time limits on how long after a decedent dies the executor has to file the will with the court, while others have no time limits. In addition, there may be deadlines for the executor to prepare a list of all of the deceased’s assets and file this inventory with the court. It is important that the executor understand what is required and when.
How much actual time an executor will have to devote to the job can range widely. Settling an estate takes an average of 16 months, according the software company EstateExec.
Things that Affect the Length of Probate
While executors must adhere to deadlines set by the state, other factors can make the estate administration go faster or slower. The following are the issues that can add or subtract time:
Debts. The executor must notify potential creditors about the decedent’s death. In Kentucky, the probate court usually publishes a notice in a local paper for unknown creditors. Each state gives creditors a certain amount of time, which can range from a few months to a year, to file claims against the estate. In Kentucky, creditors have six months from the appointment of the executor to file their claim. The executor must wait for the deadline to pass and then settle all the debts before distributing assets to the beneficiaries of the estate.
Location. The location of the executor and the beneficiaries can affect the time it takes to settle the estate. If the executor does not live in the same state as the decedent and the beneficiaries, it can take more time to send documents back and forth. Fortunately, at Berkley Oliver PLLC, we utilize technology to reduce these delays as much as possible.
Assets. The more complicated the assets, the longer it will take the executor to sort everything out. If the estate consists of just a house and bank account, things will go more quickly than if the estate consists of multiple bank accounts, stocks, brokerage accounts, valuables, and/or a family business.
Contested Estate. If the beneficiaries are fighting amongst themselves or with the executor, the probate process is going to take longer. One way an unhappy family member can hold up probate is by contesting the will, based on mental incapacity, undue influence, fraud, or allegations that it wasn’t executed properly. A beneficiary can also prolong the process by challenging the executor’s actions.
We’re Happy to Help
Every family situation is unique, so there is no set time that an executor can expect to work. If you are named as an executor for a decedent in the state of Kentucky, we would appreciate the opportunity to guide you through the probate process. Give us a call or fill the contact form out on this page.
***This article is provided as legal information, not legal advice and our law firm makes no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in in this article. The distribution or acceptance of this article does not constitute an attorney-client relationship with our law firm.***