Multiple factors influence the timeline for settling someone’s estate in California. Some of the most important factors to consider are these six.
First are tax implications, which may be simple or complex depending on the location of assets and the size of the estate. Certain estates may be subject to federal tax implications or, depending on the location of property, some state taxes may apply as well. It can take time to finalize the total tax burden of an estate. The second issue that can impact probate settlement is claims against the estate. Any creditor who has claims against the estate will have to provide information about their claims and allow for time for this to be settled. The personal representative of a California estate has the legal responsibility to review and resolve any claims.
The types of assets also influence the timeline for probate settlement. Each asset must be valued, which can be challenging depending on the type and volume of assets. Assets such as collectibles or artwork may need to be appraised by outside experts. Liquid assets such as retirement accounts and bank accounts may be easier to value, but business interests or real estate may take longer time to settle. The location of the assets can also influence the probate timeline. If there are assets across state lines the process may be delayed giving the personal representative time to gather and distribute these assets.
Next, the size of the estate will influence how long it takes to be settled. Larger and more valuable estates typically take longer to settle than smaller estates since each asset must be valued and identified. The next influencing factor is complexity. Estates with substantial business holdings or numerous beneficiaries may have complicated structures.
Finding a qualified estate planning attorney in Pasadena to guide you through this process and advise you about what to expect can help you decrease any confusion.
