A GENERAL TIMELINE FOR PROBATE

The process of probate involves formalizing the will, naming a personal representative (executor) to handle the estate and distribute assets to the intended beneficiaries. It also requires paying the decedent's outstanding debts and federal and state taxes. 

In general, the timeline of the probate procedure moves quickly if the estate has minimal assets and little debt. Larger estates can expect a process lasting anywhere from nine months to a few years, especially with problematic family dynamics. 

⚫️ Prepare and File the Probate Petition (1-4 months):
Filing a probate petition requires a valid will and the decedent's death certificate, usually provided by the funeral home. The personal representative or executor sends an official notice of probate to beneficiaries or interested parties, with each state having specific requirements regarding the notification process. To speed the process, when there is agreement among beneficiaries, each party signs the "waiver of process consent to probate.” 

⚫️ Provide Notice to Creditors (3-6 months) 

⚫️ Payment of Debts and Fees (6-12 months) 

⚫️ Asset Inventory (6-12 months):

• Bank Accounts, including savings and checking accounts

• Property and Real Estate 

• Stocks and Bonds 

• Retirement Accounts 

• Life Insurance and Annuities 

• Luxury items of significant value like jewelry and coin collectibles 

• Intellectual Property, including patents, trademarks, copyrights, software databases, and design rights

• Online line business ventures that produce income or have stand-alone value

Jointly owned real estate, property, vehicles, and financial accounts transfer to the surviving owner. 

⚫️ Asset Distribution (9-18 months) 

⚫️ The Estate Closing (9-24 months) 

Probate can conclude when all creditors are paid, taxes are filed, and assets are sold or distributed. After finalizing the executor's duties, the probate court judge then issues the final order of discharge of the personal representative. This court action officially closes the estate.

This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship. 

For more information on this and other topics, please contact Kevin via any of the channels listed below:

📧 kevin@kmckernan.com  | 📞 718-317-5007