Timeline For Applying For Probate
Description
How to fill out Petition To Probate Lost Will?
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FAQ
There are a few cases where it's acceptable for an executor to withhold funds. This is known as 'reserving', and should be only done when absolutely necessary. It's not unusual for executors to hold back on paying beneficiaries until they're confident that any debts have been paid off.
The executor has a duty to collect in the estate's assets and settle any outstanding debts (or liabilities), including the funeral bill. After all liabilities have been settled, whatever's left can then be distributed to the beneficiaries.
A Personal Representative, or executor, has 365 days in which to administer the estate of the deceased and to distribute their assets to the Beneficiaries. As complex estates can take longer than a year to wind up, this isn't a strict deadline.
If an executor does not follow the terms of the will, then they (and even their estate if they happen to have since died) can be sued for any loss to the estate they were responsible for. This is where legal advice should be taken as it is a complex, costly, and fraught avenue to go down).
After one year, if the executor doesn't complete their duties, beneficiaries may demand payment (possibly with interest) by taking the executor to court. How Long Does An Executor Have To Settle An Estate? - Epilogue Wills epiloguewills.com ? learn ? how-long-does-an-ex... epiloguewills.com ? learn ? how-long-does-an-ex...