Your state's laws will provide for a "claims period", that is, a period of time after the filing of the will for probate during which time claimants against the estate can file their claims. Claimants may be lenders who have not been paid - such as doctors and hospitals; they may be unpaid power bills, etc. The assets of an estate should not be transferred by the personal representative until the claims period expires and the legitimate claimants have been identified and paid. There is some chance, if large claims are filed, that all the assets of an estate might have to be sold in order to pay the legitimate debts. Hopefully, that will not be the case. Once the debts of the estate are paid, the assets can then be transferred. Bottom line, if there are no debts that intercept the devise, the transfer should be made within a reasonable time after the expiration of the claims period. To be more specifically informed, you should confer with a probate attorney in your area. A modest conference fee will give you good comfort about the time frame.
Answered on Apr 08th, 2012 at 10:20 AM