When most people think of the term “probate” they think of a huge loss of time and assets. The biggest benefit to avoiding the probate process is to save both of these things: not only do your assets avoid having to go through this process, which means taxation and losses, but your estate administrator will also save an abundance of time and effort on the process by getting through it quicker and with fewer errors. So what’s the fastest possible way to get through probate and how long will it take? Let’s take a closer look at this complex question and what factors influence the answer.
Types of Probate
How long the probate process takes depends primarily on what kind of probate is used, and which kind you can use depends on what kind of assets that must be divided. There are two primary types of formal probate, plus a few different types of simple transfer procedures that can complete the process. However, none of them are overnight things—expect to spend at least a few months working on it.
Independent Administration of Estates
This is a much faster and generally more desirable form of probate in which the executor of the estate doesn’t need to see court approval for things like paying debts, setting aside family allowances, selling estate property, distributing assets to beneficiaries, and much more. Of course, giving an executor that much freedom does require a degree of trust, but if you have someone who you know can execute your estate faithfully, then this is generally a much more liberating and faster form of completing probate.
Dependent Administration of Estates
This is a much more restrictive process, which requires the executor to obtain the court’s permission for many tasks, including those listed above. This substantially slows the process down, and does mean the court has to get involved in nearly everything, which means it’s much more expensive to complete as well. However, the good news is that this is a method that’s seldom-used, and most wills that don’t select this particular type are usually handled as “independent” processes.
Muniment of Title
If the deceased has left a will, the “muniment of title” process is a simple and inexpensive way to transfer assets. However, there are a few other prerequisite requirements: there must be no unpaid debts except those which are secured by real estate, and Medicaid must not have any claims against the estate in order to recover benefits.
However, this process simply allows the will itself to be the document that transfers the title over to the person inheriting the estate. There’s no executor or administrator, and the only requirement is that the person who requested the probate file a sworn statement saying they completed this process within six months of the initial request. These process can be completed in as little as a couple of months, and in fact the law states you must have it completed by a maximum of six months.
Small Estate Affidavits
If the total value of the probate process is $50,000 or less and there is no will to execute the estate, then the people who inherit the property can prepare a simple statement (an affidavit) to collect the property. You don’t even need to open a probate court proceeding. However, as stated this is only for extremely small estates; $50,000 is not a lot of money so few people will actually qualify.
If you would like to learn more about quick, cost-effective options for finishing the probate process, or you want to set up an estate plan that avoids the probate process all together, then you shouldn’t delay and speak with a Tyler estate planning attorney as soon as possible! Contact Campbell Law Firm by dialing (903) 345-0031 today!
G+: *How Fast Can Probate Be Completed?*
Are you trying to complete the probate process quickly and painlessly? There may be some options you can take advantage of. Read our blog to learn about a few of the ways you can make this happen as well as some simple asset transfer processes.
Facebook: Completing the probate process quickly and painlessly may not be as impossible as it seems. There are a few ways you can get through the process quickly, provided the estate qualifies for one of these simplified processes. Read more on our blog.
Twitter: Do you know how long the probate process is going to take? If you’re trying to complete it quickly, read our blog to learn about a few of the options you may have available to you!