How Long Does It Take to Receive an Inheritance from a Will?
How Long Does It Take to Receive an Inheritance from a Will?
The time it takes to receive an inheritance from a will is dependent on several factors, including the jurisdiction, the complexity of the estate, and the actions of the executor (utor). Generally, the process can take anywhere from a few months to several years.
Probate and Its Impact
The most significant delay in receiving an inheritance is often the probate process. No inheritance can be distributed until probate is complete. Probate can take from a few months to a year or more. In cases where the utor is meticulous and cooperative, the process can be streamlined and completed within a year. However, if the utor is sluggish or uncooperative, the process can stretch out significantly.
For instance, if stocks are held in a holding company, the process can be even more protracted. In one family’s experience, it took four years to receive their father’s stocks due to the company’s refusal to process requests and the need to repeatedly submit new documentation.
State Variations and Procedural Differences
The timeline for receiving an inheritance can also vary depending on the state in which the probate process takes place. For example, if the probate is conducted in Illinois, it could take between six months to a year due to the court's schedule and other procedural factors. However, states like New York or California may have different timelines.
Average Time Frame for Estate Administration
Typically, estate administration processes take an average of one year before the inheritance can be distributed. This time frame can vary based on the complexity of the estate and any specific processes that need to be followed, such as resolving creditor claims.
The timeline for distributing the inheritance is contingent upon the utor completing the necessary steps of selling assets, paying debts and taxes, and filing all relevant paperwork. Once these steps are completed, the inheritance can be distributed. The time required for this process can vary widely depending on the estate's complexity.
Real-World Example
When the author served as the utor of their father’s will in 2019, they faced a prolonged process due to several factors. These included selling a house, an RV, and disposing of shop tools, settling unpaid debts and bills that were left untouched for about 10 years, and dealing with bureaucratic hurdles such as holding on to tax returns for annuities and a co-op.
The entire process took approximately six months. However, they were able to distribute the inheritance in two waves. They paid out the specific inheritances mentioned in the will as quickly as possible and then liquidated the remaining accounts and paid any court-ordered amounts at the end of this six-month period.
Conclusion
The time frame for receiving an inheritance from a will is not set in stone and can be influenced by various factors. It is crucial for the utor to be organized, communicate effectively, and be mindful of deadlines to minimize the time required for distribution. Understanding these factors can help families navigate the often-complex probate process more effectively and ensure timely receipt of the inheritance.