Creating an estate plan is the first step to ensuring your loved ones are taken care of after you pass. However, if you make mistakes or don’t follow the established rules, you may cause probate to last longer than it must.
While this is true, there are also steps you can take now to help speed up estate distribution. Keep reading to learn more about the factors that will extend the probate process.
1. Estate value
Probate will likely take longer if you have a high-value estate with many assets. Your executor must take time to figure everything out and contact all the financial institutions you have accounts with. With a lot of assets to get through, your executor will likely spend more time dividing them amongst your beneficiaries.
2. Tax considerations
If you owe taxes when you die, your executor must file a tax return for your estate. Your total wealth will determine the taxes you pay.
Along with income taxes, you may have state and federal taxes, but this depends on what assets you own. In some situations, the tax situation may be so complex that you must hire one or more professionals for help.
3. Remaining debts
Along with taxes, it’s also necessary for your executor to pay any remaining debts you have when you pass away. Sometimes, extensive debts can complicate the process and make probate last long. The more you owe, the more time it will take to complete the process.
Reducing delays in probate
While it’s not always possible to predict the delays that may occur during probate, knowing the rules of the process and your legal options will ensure this goes as smoothly as possible.