I have a Question about inheiratance. A relative died left me and 4 other people in her will. All she had was a house which had a few outstanding debts on. I was told the remainder of the money would be split between the 4 of us. The house was sold went to probate in the middle of March and was approved. Iwas told there was funds left over to be distributed to the beneficiares. My question is how long does it take from the time of probate court to the time beneficiaries actually receive a payment? No one disputed the will and I am still waiting how in the world can this take so long . Is this normal over 3 months. Anyone have any experience with this sort of thing. Any insight would be appreciated thanks.
There are lots of factors but this does not sound unusual. State probate law gives creditors a certain amount of time to file any claims they may have against the estate. Plus, heirs and beneficiaries have a certain period of time within which to contest the will. Until both of those time periods have run, the executor generally won't make distributions because you just never know whether someone will contest the will or whether estate claims will come in. if the executor distributes everything and then a claim comes in, they can be on the hook. Every state has a different time period but 6 months after the estate was opened in court is pretty typical. May be a little more or less, check state law.
Plus, the executor will probably hold some back for attorneys fees and executor fees. Executor will probably send you an accounting showing the expenses and fees and ask for everyone's approval before distributing.
And if the total estate is over $2 million then federal estate tax is an issue. A few states even have a lower threshold for state estate tax, so that may be an issue.
In any case, a good executor will communicate with you and let you know the general timeline and factors. Call and see what info you can get.
Edit: I see you are in Wisc. If this is a Wisc decedent and the person died in 2007, state estate tax may be an issue since the exemption was only 625K. If the death is in 2008 then it's not an issue.
Plus, the executor will probably hold some back for attorneys fees and executor fees. Executor will probably send you an accounting showing the expenses and fees and ask for everyone's approval before distributing.
And if the total estate is over $2 million then federal estate tax is an issue. A few states even have a lower threshold for state estate tax, so that may be an issue.
In any case, a good executor will communicate with you and let you know the general timeline and factors. Call and see what info you can get.
Edit: I see you are in Wisc. If this is a Wisc decedent and the person died in 2007, state estate tax may be an issue since the exemption was only 625K. If the death is in 2008 then it's not an issue.
Heres the whole story. My Grandmother died in December of 06 The house wasnt put up for sale until February 08 It sold within a month. I contacted the attorney handling the estate a week after the sale and asked how long it would take to receive my money and he didnt even give me a ballpark figure. I waited until May 1 I then cotacted the PR he said there was a holdup because they couldt find 1 of the beneficiaries they new what city he lived in but there was no address or phone number on him. He said they were going to have to run ads in that cities newspaper to try to find him. Are you kidding me???? I got off the phone went on my computer did a google search on him and was talking to him 2 hours later on the phone.Are you kidding me??????. A high priced lawyer and a respected business man cant figure this out but A highschool dropoutcan. I gave the PR his address and phone number that same night.Im still waiting and very disgusted. I think the attorney handlig this estate is incompetent. I thought it was his job to find the beneficiaries not mine. What the heck is he getting paid for. I imagine he will be taking a few thousand for his pathetic job on this estate. Why would it take a year and a half to even put it up for sale that dont seem right either something is screwy here. AAAAARRRRGGGGHHHHH!!!!!!!!
To save anyone else opening a new browsing tab like I had to...
http://en.wikipedia.org/wiki/Fiduciary_duty
http://en.wikipedia.org/wiki/Fiduciary_duty
Call the attorney and tell him that you want your 1/4 interest - that you don't care if the other 3 beneficiaries now reside on the moon and can't be contacted - he can escrow their three 1/4 interests - your waiting one week to be paid - after that you are filing a grievance with the Wisconsin Bar - and that your confident the Bar Association will get you your money
