WHEN FORCED TO GO TO PROBATE COURT, HOW LONG UNTIL WE GET OUR MONEY?
When Forced To Go To Probate Court, How Long Until We Get Our Money?
As an Estate Planning, Probate, and Trust Attorney in Miami Beach, Florida, I hear this question often. Probate is the court process required when a loved one dies with assets in their name alone. Probate court takes time and the time varies, depending on when the person died and the facts specific to each case.
Why Do I Have To Publish A Notice To Creditors?
A Notice to Creditors is required in every probate case where the decedent (the person who passed away) died less than two years prior from the date of filing the probate. When this notice is published in a local newspaper, the creditor period clock starts ticking away. After the three months are over and a little time has been given for mailing, etc., the matters of importance may be addressed. So for the most part, when dealing with a probate requiring a Notice to Creditors, there is a 3-4 month waiting period that cannot be avoided.
What Happens If My Loved One Died Over Two Years Ago?
In most instances, if a decedent died over two years ago, the probate process is a bit smoother as most creditor claims are barred at this point. There are some exceptions, for example, a creditor that has already filed a claim may not be barred. Each client is unique and thus, all specific facts must be looked at carefully in each probate situation.
Can I Prevent A Probate From Occuring With Proper Estate Planning?
Although, I do handle probate cases and have done so for many years; probate court involvement can be avoided with proper estate planning. For example, probate is needed when assets are left in the decedents name alone; for example, real estate, bank accounts, investment accounts, a business, etc. If these assets are properly placed into a revocable trust, they will pass outside of probate and distribution is now guided by the terms of the trust. By hiring an attorney, like myself, Ally Glaser, with experience in probate court, trust administration, and estate planning issues, you can properly plan for your loved ones and avoid probate court involvement.
What Is A Revocable Trust?
A revocable trust is a living document that can be changed at any time. Many issues can be addressed within the trust. For example, the trust can address the ages your children may inherit your money. This can be done in outright payments or held in trust. Your assets can be given in kind or sold and the proceeds distributed to your beneficiaries.
What Are The Benefits To Estate Planning?
When proper estate planning has been accomplished, that individual is protected both in the case of incapacity and/or death. This is a huge benefit to the loved ones. We do estate planning mostly to protect and make it easier for those we leave behind. I have over twenty years experience in this area and handle these cases with the sensitivity they deserve.