That’s a question lots of families find themselves asking upon the death of a loved one. The answer? It depends! Each state has its own protocols, though there are common practices. The length of time also depends on how well assets and affairs have been organized, as well as by the amount of assets the deceased owned.
Probate Vs Non-probate Assets
If avoiding the public, and time intensive process of probate is a priority, proactive estate planning can ensure that most, if not all assets, can bypass probate altogether. Attorneys at Frank & Kraft offer this overview of the difference between probate and non-probate assets:
The length of time required to receive an inheritance depends largely on whether the assets that make up the inheritance must go through the legal process referred to as “probate.” The reason for this is that assets subject to probate must be legally transferred through the court system, while non-probate assets bypass this process and can be distributed quickly. Non-probate assets may include those held in a living trust, jointly owned property that passes to the surviving owner, life insurance proceeds, and accounts designated as “payable on death” (POD) or “transfer on death” (TOD). These assets can be transferred directly to beneficiaries, usually without delay, making them available to the beneficiaries shortly after the decedent’s death.
In essence, probate is simply the public process of bringing closure to the affairs of the deceased, and there is nothing inherently wrong with it. In fact, probate can play an important role in ensuring fairness as valid debts are paid, and assets distributed, either in accordance with a will, or, absent a will, the state laws of intestacy. However, probate does tend to take time, diligence and patience. To exemplify the probate process, Frank & Kraft provide this snapshot based on Indiana’s protocols:
When probate assets are involved, they must go through the legal process of estate administration before distribution. This involves gathering and valuing assets, verifying the validity of a Will (if one exists), and paying debts and taxes before beneficiaries receive their inheritance. If there is no Will, Indiana’s intestate succession laws determine who inherits from the estate and the percentage of the estate to which they are entitled. Indiana law requires the estate’s Executor or Personal Representative to notify known creditors who then have three months from the date of publication to file claims against the estate. If a creditor was not given notice, they have up to nine months from the decedent’s date of death to file a claim. The Executor/Personal Representative must then review each claim and approve or deny the claim. Approved claims are paid using estate assets.
Although there is no set amount of time for probate, it usually takes at least six months, because, as attorneys point out: “Only after the time to file claims has expired and claims have been reviewed can the Executor/PR begin distributing assets, provided that all valid claims and taxes have been settled. Even in straightforward cases, the court must allow time for all necessary steps to be completed before probate can close.” Like many states, Indiana does provide an expedited probate process for smaller estates (i.e. below $100,00). Efficiently navigating probate procedures through to closure also depends largely on the fiduciary designated to manage the affairs of the estate. This person may be referred to as an Executor, Personal Representative or Administrator, depending on the region and circumstances. Typically, the representative is a close relation, but there is no law mandating this, and a trusted friend or even a professional fiduciary can serve in the role. Regardless, the designee has the legal responsibility of closing out the affairs of the deceased in accordance with the law.
Probate, Personal Representative, Executive or Administrator Bond?
Given the significant trust involved in the role of closing out the affairs of the deceased, the designated person is typically required to obtain a type of fiduciary bond, sometimes called a probate bond. The bond can also be referred to specifically as a personal representative bond, executor bond, or administrator bond. Essentially, all of these bonds serve as a guarantee that duties will be carried out in accordance with the law, and in the best interests of the estate and beneficiaries.
As a direct, national and digital bond writer, Colonial Surety Company makes it easy and speedy to obtain probate bonds that address the specific requirements and terms for bonds in every state. Our digital bonds make it possible for personal representatives, executors, administrators and other fiduciaries to obtain a quote online, enter payment, and download and file the bond–all in minutes. It’s so easy that getting bonded can be accomplished even before leaving the courthouse.
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Probate, Personal Representative, Executor and Administrator Bonds
Probate Law Practice?
Colonial Surety Company also makes it quick and efficient for attorneys across the country to secure probate and other bonds on behalf of clients. Our user-friendly online service allows you to efficiently quote and obtain all kinds of fiduciary and court bonds. With a few clicks on The Partnership Account® for Attorneys, you’ll select the bond needed, send it to your client for payment, and then download, e-file or print the bond.
Our fiduciary bonds include: administrator, estate, executor, guardian, personal representative, probate, surrogate, trustee, conservator and the list goes on. Court bonds include: appeal, supersedeas, injunction, replevin, receiver and more.
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Colonial Surety is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed, and licensed for business everywhere in the USA. Our customers have awarded us a 4.8 Trustpilot score. Whenever and wherever you need a bond, trust Colonial: www.colonialsurety.com