When a family member or loved one dies, the loss is usually followed by a period of grief and mourning. There are also a number of practical and legal considerations that follow a death, such as the probate of the decedent’s estate. If you have recently lost a loved one and you expect to be a beneficiary or heir of the estate, you may be wondering “ How long will it take for me to receive assets left to me in someone’s Will ?” As a beneficiary or heir you certainly have reason to want an answer to that question; however, you may be afraid to ask as it may seem inappropriate or self-serving. The best way to get an accurate idea of how long it will likely take to distribute estate assets is to ask the attorney handling the probate of the estate for the Executor or Personal Representative. It may also be beneficial, however, to know some of the factors that typically impact how long it takes to receive assets from an estate.
Total value of estate – as a general rule, the more valuable the estate and the more complex the estate assets are the longer it takes to complete probate. If the estate has minimal assets it may even qualify for an expedited probate process reserved for small estates.
Challenges to the Will – if someone decides to challenge the Will by filing a Will contest it will effectively bring the entire probate process to a halt until the challenge is litigated.
Creditors of the estate – if the estate has numerous creditors, estate assets may need to be sold to pay those creditors before any gifts can be made to beneficiaries. The sale of assets can significantly hold up the probate process.
Executor – the choice of Executor can dramatically impact the probate process. A knowledgeable and skilled Executor, with the assistance of an experienced Illinois estate planning attorney, will lead to an efficient and rapid probate process.
Keep in mind that it will take at least six months for probate to conclude in the State of Illinois as the law allows creditors that much time to files claims.
If you have additional questions or concerns about the probate process, or your Illinois estate plan in general, contact the experienced Illinois estate planning attorneys at Nash Bean Ford & Brown, LLP by calling 309-944-2188 to schedule your appointment today.