QUESTION
How long after a will is probated do the executors have to distribute the assets in Georgia?
Asked on Oct 12th, 2012 on Wills and Probate - Georgia
1 ANSWER
Dear Georgia,
I practice in Illinois; however, the general rules of Probate are universal. Probating a will can take anywhere from six months to multiple years.....The time frame all depends on the size of the estate, the claims placed upon the estate, the liquidity of the estate, the validity of the will and whether or not the will is contested.
Generally ALL claims (and they are prioritized by law) are paid first and then IF there are any assets or money left over, the bequests or gifts are distributed. Sometimes when an estate is asset rich but cash poor and laden with many claims, it is required to sell the assets and pay off the bills...the claims. It is vital that the Executor does not make the mistake of making a distribution and then realize it was needed for payment of claims. Sometimes upon making distributions before the estate is totally settled, the Executor will require beneficiaries to sign a document saying they'll return their asset or gift if it is determined it is needed...a sort of bond. This is allowable by statute in some states, but personally unless an estate is extremely liquid, I do not consider using this method. So basically Probate is an opportunity to improve the skill of patience because you wait....and wait....and wait. Best wishes to you and I hope your waiting is almost over.
Answered on Oct 17th, 2012 at 7:13 PM