Probate proceedings for some estates might last several months or even years. Unfortunately, you don’t want this, do you?
You want the inheritance to be passed on to the beneficiaries as soon as possible. If you are a beneficiary, you do not want to be stuck in a scenario where you cannot get the assets. While this process is often slow, there are several things you can do to speed it up.
These things include:
Work with an experienced wills and probate attorney
Hiring a qualified probate lawyer can be the difference between a simple and swift probate process and one fraught with frustration and delays.
Work with an attorney who will speed up the process and help you obtain probate within a few weeks. An experienced attorney will direct you in the right direction, and help you make the right decisions.
Many people make the mistake of wanting to save money by doing everything by themselves. This is wrong.
The right thing to do is to work with an experienced professional who will point you in the right direction and help you save time and headaches.
Find out the debtors and creditors as soon as possible
If you are the executor of an estate, one of your responsibilities is to swiftly identify the deceased’s creditors and debts. The most obvious bills and expenses that you, as the Executor, must pay before distributing the legacy to the recipients are IRAs and credit card companies.
Once you acquire probate, you should pay them as soon as possible.
Take charge
If you are the executor or administrator of the estate, only you should interact with your probate counsel. Do not let family members or beneficiaries dictate to the probate lawyer what to do.
Remember that probate lawyers can only accept directions from the executor or administrator. If other family members insist on having a say, your probate lawyer has the right to discharge himself, especially if there are contradicting instructions and competing demands.
If you are not in command and allow everyone else to have their opinion, there will undoubtedly be a delay that you are trying to avoid.
File estate tax as early as possible
If the Internal Revenue Service Form 706 must be completed, the IRS will normally take at least six months to complete their evaluation, which does not include any time required to fix errors on the form.
You can close probate sooner if the personal representative gathers the information needed to complete Form 706 early in the probate procedure. The personal representative must verify that Form 706 is accurately completed and sent to the IRS.
Even if an estate is not obliged to submit the Form, it may need to file a state estate tax or inheritance tax return.
To avoid delays, you should file as soon as possible. If you are confused about how to go about it, get the input of your attorney or any other professional.
Pay attention to the unusual assets.
Certain types of difficult-to-value property may cause probate to be delayed. These assets may include:
- Collectables
- Complicated property or business rights.
- Patents and other intellectual property
- Extremely illiquid property
In such a scenario, you need to keep your attorney close to you to ensure that these assets do not prolong the probate process. The attorney will analyze the assets and determine how they will be dispersed or disposed of.
Separate the estate money.
As the Executor or Administrator, you must separate the estate funds from your funds. The right way to do it is to open a separate bank account and avoid combining estate and personal funds.
Remember that the beneficiaries are entitled to a thorough record of the executor’s activities. Having a separate estate account and accounting for estate funds will help the probate process move more quickly.
This is because you won’t need to explain many things. The beneficiaries will also have a better understanding of what is going on, and as a result, they won’t need to raise many issues.
Prepare your schedule of assets.
The Schedule of Assets is one of the most important documents you must fill in the Family Justice Court before the grant of probate or letter of administration is issued.
To save time, determine the deceased’s assets and assign a value to them. As part of the administration process, you should file the Schedule of Assets with the probate court.
If you are the estate’s executor or administrator, your probate lawyer will need a list of assets and a valuation of personal effects, real estate, or other assets.
You should provide your probate lawyer with copies of bank statements, title deeds, and insurance policies.
By doing this, you will fasten the process and have an easy time going through the process.
Get a court permission if necessary.
If probate beneficiaries do not get along or speak to one other, work with your probate attorney Largo and seek court authorization to proceed with the probate process.
By presenting files to the court as soon as possible and attending court as necessary, you increase the chances of completing the process on schedule.
The last thing you want is to bring together the beneficiaries so that they can agree on the contentious issues. When you do this, there is a chance that the process will take too long, and the beneficiaries might even disagree, dragging the process for years.
Parting shot
These are some tricks you can use to speed up the probate process. As mentioned, always work with an experienced attorney who knows what they are doing.
You should also research and find the necessary documents so that you can obtain them as soon as possible. It will even be better if you can get them before you start the process.
In some cases, you will find the beneficiaries don’t agree on some contentious issues. To speed up the process,don’t try to make them agree or make peace. Instead, get a court order to proceed with the probate process.