The probate process can seem endless for many people. Going through the paces of this process while you grieve can be a tough task. Therefore, it is just natural to wish to know the duration of the process when you have business assets locked in a succession battle.
Business assets make the probate process longer and more complicated. Work with a “probate lawyer near me 11507” to mitigate the process.
The average estate will take any time from six to nine months for it to go through the process successfully.
But sadly it can take longer, depending on a few factors.
So, let’s say your business property is caught up in a process, and you aren’t sure how long it will take, here are a few factors that define the duration.
The Laws of the State
The major reason you aren’t sure of the exact duration of the process is because the laws are specific to every state. This meansthe state dictates the duration as well.
This is why In New York, it is simplified and takes shorter, but at times it is longer due to other factors that we discuss shortly.
Only a good “probate lawyer near me 11507” can explain the process to you and break it down so that you understand it.
The Size of Your Estate
Imagine having a small business in NewYork, and another person has branches of their business spread across the state – guess what estate will take longer to go through probate? The process is complicated when you have many businesses spread across the state as compared to single branch in one location.
Having businesses out of the state also make the process longerbecause then the surrogate court has more decisions to make, bigger piles of paperwork to handle, and more people to engage.
However, the assets might be a lot but have a lower value. At times, the estate value also matters a lot. If it is small, then the process is short. In other circumstances, an estate can be small with a high value, which attracts more contests and therefore a longer process.
Sadly, you might take longer trying to appraise the estate, especially when it is massive. With businesses spread all over the country, the process will take longer than you anticipate.
Conflicts among Potential Heirs
Beneficiaries play a massive role in determining the duration of the case. If the potential beneficiaries are many, then the process takeslonger since disagreements are common in such a scenario.
The process also takes longer because there might be a disagreement on how the estate should be managed. This duration depends wholly on the agreement between the beneficiaries and whether anyone is willing to tone down to resolve an issue that arises.
Naturally, potential beneficiaries have to fight; however, such fights stop the process momentarily. One of the biggest disputesmomentarily stop succession is a will dispute.
Testate and Intestate Issues
A valid will can handle conflicts between the beneficiaries. Without a will in place or if it isn’t clear, then be ready for a protracted court battle.
When a will is available and valid, the process is shorter regardless of the disagreements that arise. This is because the surrogate court will use the will as a guide to make sure the wishes of the decedent are fulfilled.
Don’t assume that just because a will is present everything will go as planned – at times, the probate court is needed to see to it that the executor carries out the instructions in the will to the latter. This is usually true when the will-maker had debts that need to be cleared.
At times, the will might be present, but it has errors that trigger probate. For instance, the lack of witnesses or a notary signature makes the will invalid.
The Decedent Owned Real Estate Outside the State
Estates that include commercial and residential buildings have to go through probate. This is because passing down such properties is always complicated and might necessitate the sale of the property. Selling a property usually takes time and money, even without delay in the process.
There are various ways to avoid probate on an estate that has real estate involved. However, all the strategies require that the will-maker finalizes all the arrangements before he passes away.
Final Thoughts
The probate process can stretch for a long time if you decide to do it on your own. To reduce the barriers to successful completion, ask yourself, “who is the best probate lawyer near me 11507” and start from there.
