Estate Settlement Process Explained - How Long Does It Take To Settle An Estate?

If a family member recently passed away, you’re probably wondering how much time will it take to settle an estate and maybe even how do you know when an estate is settled. These are both valid questions in times of uncertainty, and learning key information will without a doubt help alleviate some of the stress.

Stay with us today as we explore the basics of the estate settlement process including the key milestones you can expect and the noteworthy factors that can influence the overall trajectory of the entire ordeal. 

What Is Probate?

Probate is the court-supervised process of settling an estate. The person running the process is the personal representative (in some states referred to as an executor) who is responsible for managing and distributing the decedent’s assets. 

The estate settlement process is complex and involves a series of exact steps such as taking inventory of the estate assets, settling debts, and distributing funds and assets to beneficiaries named in the will. 

Generally speaking, probate can take a long time, especially with larger and complex estates. The time to settle can range from just a few months to over a year. Keep in mind that this can also vary depending on the terms of the decedent’s will and whether a family member will contest the probate process. 

How To Settle An Estate

As we already mentioned, probate consists of several stages. To make matters more complicated, each step has its individual timeline. Here’s what you can expect to see in an estate settlement process:

1. Submitting the will: the personal representative named in the will has to submit the will to the local circuit court as early as possible after death. While there are no strict deadlines for submitting a will, most estate planning attorneys recommend you do it within ten days of death to minimize the delays and significantly speed up the process. 
2. Creating an asset inventory: in addition to submitting the will, once probate opens, the personal representative has to create a full inventory of the decedent’s assets. Most assets are not exempt from this rule and the inventory should contain personal property, investment and bank accounts, real estate, vehicles, and other valuable assets. Depending on the scope of the task, this may take anywhere from a few weeks to a few months. The deadline for submitting the inventory is 60 days from the date of the initial appointment. 
3. Notifying creditors: when the inventory is done, it’s necessary to notify all known and unknown creditors of your family member’s death. Creditors in Florida have thirty days from being notified to make any claims against the estate, otherwise, they lose their right to cover any debts. 
4. Paying due taxes and debts: the personal representative is also responsible for paying off any valid claims (and liquidating assets if the estate has no cash) and settling the decedent’s taxes. This may take over a year, especially with complex or sizable estates.
5. Distributing estate assets: lastly, once all the debts have been settled, the personal representative can distribute existing assets to beneficiaries according to instructions in the will. If no disputes arise between the beneficiaries about the division of assets this step of the process can be completed within weeks. 

Depending on your individual circumstances these timelines may shift. For example, it’s not uncommon for the process to get delayed by years if the will is contested or family members resort to in-fighting.

Since the process requires a great deal of due diligence, you should hire a legal professional to assist the personal representative when handling these tasks. 

How Can You Know If An Estate Is Settled?

You may not be as closely involved in the probate process, so the natural question you may have is “How do you know when an estate is settled”?

In short, the estate is officially settled when the personal representative completes all their duties. At this point, you and the other beneficiaries will receive a final accounting statement from the personal representative. This document will detail all the financial transactions made by the estate during the probate process. 

According to state laws, the final accounting documents have to be checked and approved by the court. Next, the personal representative must file the so-called petition for discharge and they’ll be officially released from their fiduciary responsibilities.

Once the court approves the petition, you can consider the estate settled. All beneficiaries will be notified of this and they’ll rest assured that the estate is finally closed. 

How To Address Any Delays

Now that you’re familiar with how do you know when an estate is settled, it’s worth knowing if you can speed up the entire probate process. This is especially important if you believe the personal representative isn’t up to scratch and is stretching the timeline even further.

Even if you’re just a beneficiary, there are plenty of options available to you.

First, be open about the issue with a personal representative. Chances are, they’ll be able to provide you with an explanation for the delay.

If this fails, you and the other beneficiaries can request an accounting of the decedent’s estate, which details any fiscal actions by the personal representative. You can also petition the court and they’ll review the current representative’s actions and determine whether it’s in your best interest to appoint an alternative representative. 

Do You Need Assistance?

For any issues regarding probate, consult an estate planning attorney about the legal remedies available. We recommend reaching out to the Law Offices of Mary E. King - a law firm with over twenty years of experience in all estate planning matters, including probate.

Our expertise can significantly speed up the probate process, allowing you and your family to access your rightful assets as quickly as possible. Plus, we understand the emotional side of this arduous time and will help smoothen any bad blood between you and other beneficiaries. 

Schedule an appointment by calling 941-906-7585 or filling out our contact form.

Note: 

The information in this blog post is for reference only and not legal advice. As such, you should not make legal decisions based on the information in this blog post. Moreover, there is no lawyer-client relationship resulting from this blog post, nor should any such relationship be implied. If you need legal counsel, please consult a lawyer licensed to practice in your jurisdiction.