Five things that postpone settlement of an Estate
In our experience as attorneys, having practiced for years in Wake, Durham, and surrounding counties in the area of probate/estate administration law, and having represented administrators, executors, and beneficiaries in a plethora of estates, we know that having an Estate Administered by an Executor or Administrator can be a fairly expeditious process, or it can be a longer process, depending on several factors, including:
How many beneficiaries there are and how much they want to fight
Some estates have 1 beneficiary and can be resolved with expediency, since the beneficiary is unlikely to have a fight with themselves over who gets what in an estate. If there is more than 1 beneficiary, it is usually either spelled out in the Will or it can be agreed upon between the beneficiaries as to who gets what. In some cases, estates are locked down because of disputes between beneficiaries over who should get what items. Further, sometimes beneficiaries or would-be beneficiaries will file Will caveat proceedings, which can tie up an estate for years. Other times, declaratory judgment actions are necessary to determine what a Will actually means. You see that a lot where people try to write their own wills and there is dispute about the actual term.
How many creditors there are and how much they want to fight
Estates will often have creditors that will want to get their piece from the estate. They will file claims and it is the executor’s job to investigate those claims and determine whether to pay or whether to reject the claims. Sometimes court proceedings have to happen to determine the validity of creditor claims. If there are not enough assets in an estate, then the Executor is tasked with prioritizing the claims in the proper order according to the law and pay them. Sometimes, the Executor has to petition the court to have real property or other assets sold in order to pay creditors. This process can take some time to resolve and is subject to many other moving parts.
How well records are kept
Executors cannot just spend money on whatever they want with Estate assets. The expenses of the Estate have to be proper, and the Court will want to see proof of what was paid and why. If good record keeping happens, the process is usually painless. If not, Executors may spend a great deal of time tracking down information to satisfy the court. Our office regularly gets retained to help executors do this, in order to clean up accountings for the court.
The motivation to expeditiously resolve an Estate
It is not hard to drag out an estate, but in our office we work to expediently resolve every estate as soon as possible. We have seen many cases where an estate is neglected for years and back filing of accountings has to be done to bring the Estate current.
The manner in which an Estate is opened
Most people will open a “full estate” as we call it in our office, which is the longest of the various methods to open an estate. When we consult with our clients, one of the first things we determine is whether there is a more expeditious method by which an estate can be resolved, such as through a Collector by Affidavit or Summary Administration.
Even though an estate might be delayed out of necessity, many times it can be expeditiously resolved if you have the know-how.
For help with an estate call 919-244-2019.