How Is an Estate Processed?

If you’ve recently lost a loved one or are making estate plans, one question that may run across your mind is how long does probate take Beaverton OR. The short answer is it varies. Much of what determines the time to process and administer an estate depends on a variety of factors like how large the estate is, if there was are valid estate plans in place, how many disputes/claims are leveraged against the deceased’s estate and how efficient the executor is at performing their job. Estates where there are little assets and debts do not take as long as larger estates and if there is a will in place, there is less probate court involvement. Though the estate probate process can take years, it only involves a few steps. Here is a brief overview of what it takes to successfully administer an estate.

The Process Starts With Probate

Notice must be given to all heirs and beneficiaries. To achieve this, one must file the estate plan documents with probate court. Filing establishes that there is a will and assigns an executor. In case there is no designated executor, the courts will appoint an administrator to oversee things.

Financial Obligations Come Before Inheritance Disbursement

The estate administrator has to provide notice all creditors of the estate s that all debts and settle all outstanding financial obligations. This must be done before any beneficiaries can receive their inheritances. If the amount of debt owed is greater than what is left behind in the estate to cover them, the executor/administrator must sell assets to cover the difference. To ensure that all debts and taxes are paid, the law requires a specific length of time to pass before the transfer of assets and trusts to occur.

The only way to ensure a speedy estate administration process is to leave behind a will and plan accordingly for any outstanding obligations and taxes at the time of death. Failure to do so can cause significant delays and issues with the legacy.

Leave a Reply

Your email address will not be published. Required fields are marked *

Security Code: