The estate administration process generally takes six to nine months, and there are many steps and legal requirements involved. These include:
- Locating assets
- Identifying and locating beneficiaries
- Accessing bank accounts
- Creating accounts
- Completing inventory
- Distributing assets and paying debts, including taxes
- Filing and publication of notices to creditors and beneficiaries
- Preparing documents for the transfer of real property
- Preparing the accounting of the estate required by the Probate Court
The cost and duration of probate can vary substantially depending on a number of factors such as the value and complexity of the estate, the existence of a Will, and the location of real property owned by the estate. Will contests or disputes with alleged creditors over the debts of the estate can also add significant cost and delay. Common expenses of an estate include executor’s fees, attorney’s fees, accounting fees, court fees, appraisal costs, and surety bonds.
As an experienced probate and estate lawyer, I will ensure that your loved one’s estate is administered properly, whether or not there was a will. Call 218-720-2888 to schedule an initial consultation.