Why it Can Take a Long Time to Settle an Estate

After someone dies, most people are looking to manage the estate and get things taken care of as quickly as they can. This is because the process of dealing with a loss is already challenging enough without the added difficulties of handling the details of an estate. But there are some things that can make settling an estate take longer than it should, and it helps to be prepared for that possibility.

Figuring Out Where Assets Are

Most people imagine that settling an estate is as easy as giving people the items that they inherited. And while, in theory, that is how it should be, that isn’t always the case. Sometimes problems come up because people can’t actually locate the items that have been left to family members. 

This extends the process because not only do people have to find the person who is inheriting assets, but they also have to find the assets themselves. This can take time and work and may extend the settlement process beyond what you’re comfortable with.

Probate Court

If the will isn’t super clear, or there isn’t a will at all, there is a good chance that the case will end up in probate court. This is when the process of settling an estate becomes part of the legal system itself. When the courts become involved in the process, it will generally take longer than it would have otherwise. 

Probate can take months or years to complete. When there is a clear will that is legally appropriate, it is much easier to divide assets without having to get involved in a probate case.

Property Being Involved

In some cases, the time it takes to settle an estate is extended because there is physical property involved. If multiple people are set to inherit parts of a property, they need to figure out what to do with it. In many cases, this will end up with them selling their property and splitting the financial result of that sale. But the process of selling property can take time and effort. It’s important that all parties understand this before undergoing the sale of inherited property.

The process of settling an estate can be complicated and frustrating. But it will be much easier to handle if everyone knows how the process will go and what they should expect. 

Did you enjoy this article? Here’s more to read: Money Flip or Flop? How to Avoid Falling for Online Scams