QUESTION
how long it takes to receive money from an estate
Asked on Nov 09th, 2019 on Estate Planning - Maryland
More details to this question:
My husband passed away January 28 2019, his parents had passed away years ago but they had a house that his sister and he were responsible for after he passed away the house was sold his son was the executer of the estate the family all agreed to that anyway the house has been sold and the money is in 2 bank accounts one for there grandmother and one for my husband we were told we can't get the money until January or February this is what I don't understand I thought that once the house sold that the money would be divided between his sister , and me his widow and his sons there is one creditor my husband had a loan through our bank so we are being told that the creditor has 2 months to claim there money ,I just want to know if this sounds right because it doesn't to me
1 ANSWER
2 Awards
An October 2017 survey found that across the United States it usually takes about two years to settle an estate. One reason for this is that the final year's income tax cannot be paid until the next year. That is, your husband's 2019 income tax return cannot be filed until 2020. A wise executor makes sure that the correct amount of income tax is paid before disbursing any other funds: he or she is personally liable to pay the balance if income taxes are not paid in full. The amount of time a secured creditor (such as a mortgage or auto loan lender) has to submit a claim and the amount of time an unsecured creditor (such as a credit card company) has to submit a claim may vary a bit from state to state. Two months sounds very short.
Answered on Nov 10th, 2019 at 5:07 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.