QUESTION
Is there another court date after the deceleration of assets?
Asked on Dec 28th, 2013 on Estate Planning - Nevada
More details to this question:
A relative passed away and my brother and I are the only living relatives. So, far an executor has been appointed and we have been told that the next step is to provide a list of assets to the court (we were told this would be presented to the court in 60 days). This list consists of House, truck, household items, and cash in bank account. My question is timeline to start the distribution of assets? At what point can the house/truck be sold? As a project manager, I am use to seeing timelines and milestones with estimated dates, and at this point I have not been able to get that.
11 ANSWERS
After the filing of the inventory, there is a 4 month creditor claims period. Once that is expired, an accounting can be filed with the court and approved. After that the assets are distributed. The personal representative can sell the assets at any time but must be sure he is getting a fair price for them. .
Answered on Dec 30th, 2013 at 8:42 PM
Edwin K. Niles
Don't understand deceleration In CA., the inventory is to be filed within 90 days, but the estate has to held open for 4 months for filing of creditors claims. Generally, the next court date is the hearing on the first and final account and petition for distribution. Why not talk to the attorney handling the estate?
Answered on Dec 30th, 2013 at 8:41 PM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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House and truck can be sold now. Notice to creditors due within 90 days. Don't expect distributions within 6 months, though executor could distribute $10,000 to each of you once she knows the estate is solvent.
Answered on Dec 30th, 2013 at 8:40 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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Timelines in probate are fairly loose, aside from a couple of them. The Inventory is due 90 days from the appointment of the PR. There is a notice to creditors that needs to be published and creditors have 4 months from that date of publication to make claims against the estate. The estate is supposed to be closed within a year of opening. It can be extended, if necessary, however. Beyond that, there is not much, in terms of deadlines. Because of this, probate often takes longer than it otherwise would, if there were hard and fast deadlines.
Answered on Dec 30th, 2013 at 8:40 PM
Commercial Attorney serving Chicago, IL
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Ashcraft & Ashcraft, Ltd.
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An inventory must be filed within 60 days of appointment if it is a supervised estate. The assets can be collected and marketable assets sold at any time after appointment. If a supervised estate then court approval is required for sales. The claims against the estate must be filed within 6 months of the date of first publication. Assets distributed before the expiration of the claim period are done so at the risk of the executor and could be called back by the executor if creditor claims require the distributed assets. Such early distributions should only be done with a refunding bond.
Answered on Dec 30th, 2013 at 8:39 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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The administrator can sell assets when he or she is appointed (you didn't mention who the administrator is, but it sounds like it's not you). All proceeds of sale must remain in the estate; nothing is distributed until approved by the court, usually not until the Final Account has been approved by the court. The sale of the house will set your timeline: once it is sold, the administrator will be able to distribute and close the estate. The only hard deadline is that there is a mandatory 4-month period for the presentation of claims. If the house could be sold in that period, then theoretically you could close the estate in a total of about 6 months. Probably, though, the house will take a little longer to sell. If one heir is short of money, you could ask the administrator to petition for a partial distribution, and distribute some cash early, as long as it can be clearly shown that there will be enough in the estate to satisfy all creditors and pay all taxes.
Answered on Dec 30th, 2013 at 8:38 PM
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While the general rule is the inventory will be filed in 60 days, sometimes it takes longer. There is a 4 month creditor's claim period and no assets can be distributed until that period passes. Then it usually takes, best case scenario, another 6-8 weeks before a petition for final distribution is heard. There are several factors that can change these timelines so just keep watching, asking questions and being patient.
Answered on Dec 30th, 2013 at 8:38 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Suggest you utilize the services of a probate lawyer to handle all of the details of the probate, as this legal area of the law can be very involved and frustrating when you are not experienced, as a person would find in the area of a project manager if they were not experienced. The time line varies from county to county, sale of any assets can only be conducted when you have a court order to do so.
Answered on Dec 30th, 2013 at 8:37 PM
While estate laws may differ from state to state, generally the process is the same. After the executor is named, the next steps are to gather and inventory the assets of the estate (including collecting any debts owned) and identifying all of the creditors to whom the deceased owns(ed) money. This usually takes two or more months. Next the executor pays all of the debts, including income and estate taxes, final medical costs, and funeral expenses, from the assets of the estate, selling items as needed or as directed by the will. Finally, the executor distributes any remaining assets to the heirs. The executor has about a year to accomplish all of this but the probate court will grant additional time if needed.
Answered on Dec 30th, 2013 at 8:37 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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It depends on the state you are in. I would think the process of selling the property could begin immediately. As for distribution, it may have to wait until all of the creditors claims have been submitted. In Idaho, that is 4 months after the first publication of the notice to creditors.
Answered on Dec 30th, 2013 at 8:36 PM
3 Awards
You should speak with the personal representative or the attorney handling the probate. In Nevada, once appointed the PR has 60 days to place an initial inventory on file with the court,. There are numerous other deadlines and much depends upon the size of the estate and type of assets. If you feel your questions are not being adequately answered, you may elect to hire counsel to represent your interests and explain the process for your specific case to you.
Answered on Dec 30th, 2013 at 8:35 PM