Friday, 26 September 2014

Once a will has been probated, how long does the executor have to settle the estate?

Question

Once a will has been probated, how long does the executor have to settle the estate?



Answer

There's no limit, but the patience of the judge.



Answer

After a will is admitted to probate, the executor takes as long as necessary to do the things needed to close the estate: first, marshaling the assets to determine what is in the estate, then dealing with creditors and claimants, then distributing property to the beneficiaries, perhaps after liquidating assets to cash. These actions can take quite a bit of time if there are many assets which need to be sold or if complications arise.



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