Tuesday, February 24, 2015

How long does it take for assets to be distributed once estate is closed through the court system?

Question

How long does it take for assets to be distributed once estate is closed through the court system?



Answer

It takes as long as it needs to under the circumstances. Assets are available not only to beneficiaries but to creditors, so it's only after the exector or administrator is certain the creditors have been paid and any potential claims against the estate resolved, that the assets will be distributed. If the assets are not easily convertable to cash, it may be difficult to distribute the assets according to the will or the laws of intestacy. If assets have to be liquidated to cash, it can add to the time needed. If tax returns need to be filed for the estate, that adds time. Best case scenario around seven months, worst case scenario, years.



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