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Inheritance/Estate/Probate Laws - 2/25/2006 3:29:56 PM   
angelic


Posts: 1807
Joined: 1/24/2005
Status: offline 		This is REALLY way off topic, but i was wondering if there are any legal minds out there that can tell me the normal length of time to settle an Estate, i.e. must it be completed within so many days/months/years of the opening of the probate? (yes i'm a paralegal but a personal injury paralegal), i know ZERO about probate.

_____________________________

~....and once you have tasted flight, you will walk the earth with your eyes turned skyward, for there you have been and there you long to return.~ -- Leonardo de Vinci

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RE: Inheritance/Estate/Probate Laws - 2/25/2006 4:22:27 PM   
JohnWarren


Posts: 3807
Joined: 3/18/2005
From: Delray Beach, FL
Status: offline
quote:

ORIGINAL: angelic

This is REALLY way off topic, but i was wondering if there are any legal minds out there that can tell me the normal length of time to settle an Estate, i.e. must it be completed within so many days/months/years of the opening of the probate? (yes i'm a paralegal but a personal injury paralegal), i know ZERO about probate.


First, it's state law so each state has different rules. However, in most cases, there isn't a normal time. Some can be settled in weeks; some drag on for years. I know of some land that went into probate in the 50s and it still isn't settled. If the IRS gets involved, they can hold up the estate for three years before rendering their first decision.

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(in reply to angelic)
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RE: Inheritance/Estate/Probate Laws - 2/25/2006 4:30:00 PM   
angelic


Posts: 1807
Joined: 1/24/2005
Status: offline
quote:

ORIGINAL: JohnWarren


quote:

ORIGINAL: angelic

This is REALLY way off topic, but i was wondering if there are any legal minds out there that can tell me the normal length of time to settle an Estate, i.e. must it be completed within so many days/months/years of the opening of the probate? (yes i'm a paralegal but a personal injury paralegal), i know ZERO about probate.


First, it's state law so each state has different rules. However, in most cases, there isn't a normal time. Some can be settled in weeks; some drag on for years. I know of some land that went into probate in the 50s and it still isn't settled. If the IRS gets involved, they can hold up the estate for three years before rendering their first decision.


Wow! i had no idea it could literally take years. Thank You very much, Sir!


_____________________________

~....and once you have tasted flight, you will walk the earth with your eyes turned skyward, for there you have been and there you long to return.~ -- Leonardo de Vinci


(in reply to JohnWarren)
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RE: Inheritance/Estate/Probate Laws - 2/25/2006 6:52:32 PM   
Misstoyou


Posts: 1149
Joined: 9/4/2004
Status: offline
quote:

ORIGINAL: JohnWarren


quote:

ORIGINAL: angelic

This is REALLY way off topic, but i was wondering if there are any legal minds out there that can tell me the normal length of time to settle an Estate, i.e. must it be completed within so many days/months/years of the opening of the probate? (yes i'm a paralegal but a personal injury paralegal), i know ZERO about probate.


First, it's state law so each state has different rules. However, in most cases, there isn't a normal time.


Before I got smarter and went into teaching , this was one of my main areas of law. John is correct in both his statements, but you still should be able to determine the *minimum* amount of time a probate will need to stay open, in the event the probate is uneventful and done correctly and in a timely manner, based on the creditor's claim period in your state.

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~ Miss Marie

a.k.a. "mean Lady"


(in reply to JohnWarren)
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RE: Inheritance/Estate/Probate Laws - 2/25/2006 6:54:12 PM   
angelic


Posts: 1807
Joined: 1/24/2005
Status: offline
quote:

ORIGINAL: Misstoyou

quote:

ORIGINAL: JohnWarren


quote:

ORIGINAL: angelic

This is REALLY way off topic, but i was wondering if there are any legal minds out there that can tell me the normal length of time to settle an Estate, i.e. must it be completed within so many days/months/years of the opening of the probate? (yes i'm a paralegal but a personal injury paralegal), i know ZERO about probate.


First, it's state law so each state has different rules. However, in most cases, there isn't a normal time.


Before I got smarter and went into teaching , this was one of my main areas of law. John is correct in both his statements, but you still should be able to determine the *minimum* amount of time a probate will need to stay open, in the event the probate is uneventful and done correctly and in a timely manner, based on the creditor's claim period in your state.


thank You Ma'am.. i will look into it

_____________________________

~....and once you have tasted flight, you will walk the earth with your eyes turned skyward, for there you have been and there you long to return.~ -- Leonardo de Vinci


(in reply to Misstoyou)
Profile   Post #: 5
RE: Inheritance/Estate/Probate Laws - 2/26/2006 6:39:44 AM   
JohnWarren


Posts: 3807
Joined: 3/18/2005
From: Delray Beach, FL
Status: offline
quote:

ORIGINAL: angelic
Wow! i had no idea it could literally take years. Thank You very much, Sir!



One of my readers left me a six figure inheritance when he died in 2001. There was a bit of a battle among the other heirs and the IRS got involved. I haven't seen a cent yet and have had to watch as almost $30,000 of the amount has vanished in fees, maintenance and other expenses during that time. You see, it wasn't a dollar figure but a percentage of the estate and the estate included real estate worth millions which has to be maintained.

It can be very frustrating.

I'm hoping that 2006 will be the charm.

_____________________________

www.lovingdominant.org

(in reply to angelic)
Profile   Post #: 6
RE: Inheritance/Estate/Probate Laws - 2/26/2006 10:51:54 AM   
angelic


Posts: 1807
Joined: 1/24/2005
Status: offline
quote:

ORIGINAL: JohnWarren


quote:

ORIGINAL: angelic
Wow! i had no idea it could literally take years. Thank You very much, Sir!



One of my readers left me a six figure inheritance when he died in 2001. There was a bit of a battle among the other heirs and the IRS got involved. I haven't seen a cent yet and have had to watch as almost $30,000 of the amount has vanished in fees, maintenance and other expenses during that time. You see, it wasn't a dollar figure but a percentage of the estate and the estate included real estate worth millions which has to be maintained.

It can be very frustrating.

I'm hoping that 2006 will be the charm.


yes, Sir... i truly hope so too!!! It's an even year... maybe that will be Your 'charm'! Had it been a specific dollar amount would that have simplified it, do You think or would the other heirs and the IRS had issues with that also?

_____________________________

~....and once you have tasted flight, you will walk the earth with your eyes turned skyward, for there you have been and there you long to return.~ -- Leonardo de Vinci


(in reply to JohnWarren)
Profile   Post #: 7
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