when an attorney disperses your estate

It depends on a lot of different factors. In general, if the person had a trust the process goes faster. if there was no trust, and the probate assets are over $150,000, the attorney will need to open probate which can be very lengthy depending on a lot of things like the court schedule, how complicated the assets are, and many other factors.

Full Answer

Is estate tax complicated?

Can you leave your estate to your adopted children?

Can a trust be revoked without a court order?

Can you gift your estate to your children?

Can you leave assets to someone?

About this website

What does it mean to distribute an estate?

Estate administration is a legal process to settle the affairs of a person who passed away. Through this process, their debts are settled, and their assets are distributed.

How long can an estate stay open in PA?

Creditors are allowed to submit claims up to one year from the time of publication. You can expect probate to take at least one year before it can be closed. In more complicated cases, probate can last for several years, especially if someone contests the will.

What are the four important estate planning factors?

What Are the Four Important Estate Planning Factors?A Will. A will stipulates who you want to receive your assets when you pass away. ... A Trust. With a trust, you can avoid a lengthy process called probate. ... Power of Attorney. ... A Living Will. ... Getting in Touch With Legacy Law Group.

How much does an executor of a will get paid in Pennsylvania?

The rates range from a high of five percent for an estate of $100,000 or less to a low of one-half percent for an estate over $4,000,000.

Can an administrator of an estate take everything?

To sum up, the administrator of an estate cannot take everything. The administrator should place all estate funds into an estate account. The administrator can only use estate funds to pay the legitimate expenses of the estate, taxes and legal fees.

What are the 4 must have documents?

This online program includes the tools to build your four "must-have" documents:Will.Revocable Trust.Financial Power of Attorney.Durable Power of Attorney for Healthcare.

What are the five most important estate planning documents?

Estate Planning Checklist: The 5 Essential DocumentsLast Will and Testament. This legal document is the foundation for a successful estate plan. ... Living Trust. ... Durable Power of Attorney (POA) ... Healthcare Power of Attorney (POA) ... Living Will.

What are the most important things to put in a will?

Here are the items that you absolutely can and should include in your Will:Your basic personal information.Legal language that declares testamentary intent.Your appointed executor.Your appointed guardian for any pets or minor children.A list of your property and named beneficiaries (with certain exceptions)

When can you close an estate in PA?

A Pennsylvania estate is ready to close once all of the assets have been marshalled, after the inventory has been approved, after appraisement of the inheritance tax return, and after satisfaction or resolution of the outstanding claims and liabilities of the estate.

How do I settle an estate in PA without a lawyer?

The process of settling an estate involves naming a personal representative, collecting estate assets, filling appropriate forms with the Register of Wills, notifying heirs, providing a public notice, paying all debts and taxes, and distributing the remaining assets to heirs named in the will or under the laws of ...

How long can an executor delay applying for probate?

There is no time limit in applying for Probate. Unlike some legal processes, such as applying for compensation, your application will not be disqualified because it is late. Nor will you be penalised or fined for late application. However, this does not mean that delay is necessarily safe.

How do I settle an estate without a will in PA?

Estate Administration Without a Will in PA Property that passes through a will or intestacy rules must go through a legal process called probate. This process involves taking the will to court or filing for intestate succession with the local court.

by ACTEC Fellows Jean Gordon Carter and Kerri L.S. Mast

I'm Jean Carter an ACTEC Fellow from Raleigh, North Carolina, and I have with me Kerri Mast, an ACTEC Fellow from Charlotte, North Carolina. Our topic today is estate settlement or “dad just died - when do I get my money?” Kerri, let’s start at the beginning. What is a state settlement or estate administration?

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I'm Jean Carter an ACTEC Fellow from Raleigh, North Carolina, and I have with me Kerri Mast, an ACTEC Fellow from Charlotte, North Carolina. Our topic today is estate settlement or “dad just died - when do I get my money?” Kerri, let’s start at the beginning. What is a state settlement or estate administration?

3 attorney answers

Once the beneficiaries sign the Release and Refunding bond, the executor should disburse

Cori L Socher

Mr. Duffy is correct. Most probates of any complexity take 12-18 months although in NJ it can be a bit shorter. You may need representation, but you should expect or ask for an accounting of the estate and the executor will likely ask you to sign release documents (release and refunding bond and/or settlement and waiver of formal accounting).

Steven M Zelinger

Hi there, The courts generally use a standard of what is "reasonable", though if all other matters have been settled and is only waiting on distribution, there should be little or no delay. If it seems the executor is refusing to carry out his duties, you should file a motion with the Surrogate Court to have the executor replaced.

What are the things to consider when planning an estate?

When building an estate plan, you may have a variety of concerns, including the following: Maintaining an orderly administration of assets while you are living. Ensuring that your heirs and loved ones receive your assets. Helping to reduce or avoid conflicts and confusion.

How to build an estate plan?

When building an estate plan, you may have a variety of concerns, including the following: 1 Maintaining an orderly administration of assets while you are living 2 Managing estate assets flexibly while you are living 3 Reviewing estates involving tenants in common or community property 4 Considering assets in multiple states 5 Examining small business assets 6 Naming your children’s legal guardian 7 Ensuring that your heirs and loved ones receive your assets 8 Helping to reduce or avoid conflicts and confusion 9 Minimizing legal expenses and taxes 10 Assessing wealth preservation

Do you actually execute the plan?

Some lawyers merely draw up estate-planning documents, while others also execute the associated trusts. It's generally more efficient to retain a lawyer in the latter category, who can ensure that the correct assets are transferred into the trust.

What is your estate tax experience? How can I best manage estate taxes?

Case in point: The Tax Cuts and Jobs Act of 2017 raised the estate tax and generation-skipping tax exemptions until 2025. 1

How do you feel about a revocable living trust?

Putting assets into a revocable living trust can avoid the costly and onerous probate process (filing a will with the court). But this may not be the best move for everyone, because revocable living trusts don't avoid inheritance, estate, or income taxes. 2 Unfortunately, some lawyers recommend these structures simply so they can charge more money.

How long will it take you to complete my estate-planning project?

Give yourself enough time to gain a broader, big-picture perspective on your estate plan and the logistical practicalities of implementing it.

Will you send estate-planning documentation for me to review?

Even if you’re working with an experienced estate-planning attorney, it's essential to review all documents and forms to avoid any miscommunication. Be clear about what can be changed later, and what is irrevocable.

What is the responsibility of the executor of an estate?

The executor of an estate has a great deal of responsibility. She must gather the deceased’s assets and safeguard them during the probate process, and she must notify the deceased’s creditors of his death so they can make claims for payment.

Who has the authority to override a will?

An Executor ’s Authority. An executor has very little right to override a will or the deceased’s wishes about whom he wants to receive his property. Even courts are reluctant to overrule a will’s terms without good cause, such as if an heir successfully contests it. However, some exceptions exist.

Why is an executor reluctant to make an early transfer?

Even if her state doesn’t require court approval for disbursements, an executor might be reluctant to make an early transfer because she runs the risk of being held personally liable if she does. If she distributes property and funds early, only to realize that the estate doesn’t have enough left ...

What is a specific bequest?

A specific bequest involves a certain item of property that's easily pinpointed – say, a car or an artwork. This bequest type has priority and might be made early if the cost of maintaining the asset drains money from the estate. A demonstrative bequest involves cash paid from a specified account or from the sale of a certain asset.

Can an executor transfer assets to beneficiaries?

The court typically won’t allow the transfer of some estate assets to some beneficiaries before the estate closes – without a very good reason.

Can an executor make a bequest before probate?

An executor can’t make such a bequest before probate closes, because she wouldn’t know the size of the residuary estate until then. Residuary bequests are often made as a percentage of what’s left.

David Michael Platt

How long has probate been pending? You states that probate has been "finished", but I don't know what that means. Has the claims period for the estate expired? There may be other issues that the personal representative needs to address.

R. Jason de Groot

Get a probate attorney. I assume she will be paying interest to you, which can now become quite a mess.

Carol Anne Johnson

You would not be contesting the will, but would be challenging her as the Personal Representative of the estate. First off, the clause that says you cannot contest a will is illegal in FL, so has no power at all. Hire your own probate attorney to demand an accounting from her and maybe re-open probate if necessary to get the funds distributed...

Marian Audrey Lindquist

I strongly agree with Attorney Johnson. Hire your own attorney to pursue getting you your money. Do it now.

What is an estate lawyer?

An estate lawyer is trained in matters related to passing on your assets after you die, and planning for situations where you can no longer care for yourself. They are experts in wills, trusts, and your local probate process. Some estate lawyers may also have specialties, like planning the succession of a business.

What does an estate planning attorney do?

Estate attorneys help you create draft documents and create plan so that your assets go to your intended beneficiaries without any court battles or big tax bills.

Why do you need an irrevocable trust?

One situation where you may want an irrevocable trust is if you have a dependent with special needs and want to provide them income without disqualifying them for Medicaid or supplemental security income (SSI). You may also consider an irrevocable trust if you want to decrease your estate value to qualify you for Medicaid, if you want to create a charitable trust, if you are trying to avoid the estate tax, or if you need asset protection from creditors and lawsuits.

How to leave assets to stepchild?

To leave assets to a stepchild, stepparent, or half-sibling, consider working with an estate lawyer. Most people could benefit from working with an estate planning attorney, but it may not be necessary (and you may not want to pay for it) in many situations. On the other hand, people in certain situations may need the help ...

Can you pass on your estate if you aren't survived?

This only happens if you aren’t survived by a spouse or child, but a solid estate plan will protect your assets and allow you to pass on as much of your estate as possible. If this is your situation, you may want to look for an estate lawyer who specializes in elder law. You want to set up an irrevocable trust .

Can you pass on assets to a business partner?

You have out-of-state property or assets . Passing on assets can get tricky if they’re crossing state boundaries, since two states may have different tax codes or other legal requirements for how to transfer an asset.

Can you bequeath assets to someone who isn't a citizen?

You have foreign property or assets . You’re planning to bequeath assets to someone who isn’t a citizen . You could also run into issues if you plan to name an executor who isn't a legal U.S. resident. Certain tasks, like getting a tax ID to open an estate account, may not be possible for nonresidents.

How to avoid probate trap?

Avoiding this trap is simple. Talk to an experienced probate attorney before paying anyone, so that you will understand the priority of debts. An attorney can also assist you in estimating administrative expenses, as well as any payments that need to be made to the surviving spouse and/or children.

Why is professional expense paid for out of estate funds?

The expense of a professional is paid for out of estate funds, because these services are a benefit to the estate. 4. Failing to Inventory and Secure Property. When serving as an executor, particularly for a close family member, it is easy to be somewhat casual with assets, especially personal property. Never lend or give anyone (including ...

Why do you have to communicate with estate heirs?

As a fiduciary, not only are you obligated to communicate with the estate’s heirs as a business and legal matter, but doing so will also help preserve important relationships. As a Michigan probate attorney, I have seen many families in which suspicion and distrust grew because some family members couldn’t get information about how another family member was managing their loved one’s estate. Whether reasonable or not, this distrust often leads to permanent rifts in a family.

What is the job of executor of deceased person's estate?

The executor of a deceased person’s estate is a fiduciary, someone legally and ethically bound to manage assets in the best interests of another party. Like most executors, you are probably eager to do a good job and to take care of estate business in a timely fashion. Unfortunately, the obligations that appear urgent may in fact be less important than others you may not yet be aware of.

What is a fiduciary?

As a fiduciary, you are obligated not only to act in the best interests of the estate and its heirs, but to thoroughly document your actions. This seems obvious in the abstract, but in real life, it is easy to let things slip or to assume that because you have good intentions, everything will work out.

How to know if creditors are notified of death?

Once creditors are notified of the death, they have a limited amount of time in which to file claims. If they don’t file a claim within that time period, it is barred.

What are some examples of executors?

One example is paying bills. As executor, the deceased’s mail has probably already started coming to you, and that mail likely includes bills: medical bills from the last illness, utilities, credit card bills, and so forth. As a diligent executor, you may think you have to pay these bills immediately to keep the finances ...

What is a gift in a legal way?

Gifts Defined. A gift is a property transfer without the expectation of payment. For a gift to legally occur, the donor must be aware that he is transferring the property and intend to do so without receiving compensation. The gift must be delivered, either in terms of actual physical transfer or through some form of symbolic conveyance.

What is the purpose of a last will and testament?

Last Will and Testament. A person’s last will and testament is a document that directs how she wants her property distributed when she passes away. A will does not transfer property before death, but it does allow the person to define what property will be given to whom. Thus, a will can act as a promise of an inheritance from one person to another.

How does inheritance work?

An inheritance is the transfer of property after a person passes away. Property can be transferred at any point before or immediately after the person's death. How that property is transferred depends on the wishes and priorities of the donor. One key issue is whether the donor wants to retain the use and control of the property for the duration of her life or is willing to relinquish it. Another issue is taxes. Many property transfers will be taxed as gifts or as part of an estate. Minimizing tax liability may be an important consideration when determining if and how to transfer property prior to death.

Is a gift given by a donor in anticipation of his death and revocable trusts included in?

A gift given by a donor in anticipation of his death and revocable trusts are included in the person’s estate and are not taxed as gifts. John Cromwell specializes in financial, legal and small business issues. Cromwell holds a bachelor's and master's degree in accounting, as well as a Juris Doctor.

Is estate tax complicated?

When it comes to leaving behind assets to loved ones after death, even the simplest of intentions can become complex. Some estates are more complicated than others.

Can you leave your estate to your adopted children?

If you plan to leave part of your estate to adopted children or stepchildren, your last will and testament needs to clearly specify this, especially if you are including natural children together with adopted children and/or stepchildren.

Can a trust be revoked without a court order?

An irrevocable trust is a trust which cannot be revoked once papers are signed without a court order and or the consent of the trust maker (called a “Grantor”) and all of the trust's beneficiaries, depending upon the laws of the state in which the trust is managed.

Can you gift your estate to your children?

If your last will broadly states that you gift some part of your estate “to my children,” without defining who is to be considered your child, it may not be clear to the executor whether adopted children were meant to be included.

Can you leave assets to someone?

Many people choose to leave their assets to individuals directly, with no conditions. That can be relatively simple to accomplish. If you take a more complex approach, for example, holding the assets in trust until certain conditions are met, creating a trust for the life of a beneficiary, or creating a trust for a disabled beneficiary, the advice of an attorney could help.