Things That May Complicate The Probate Process
The time taken to complete a probate process depends on many factors, such as the amount and number of assets in the estate and the applicable state's laws. While everybody with an interest in a decedent's estate would wish for the fastest process possible, this is not always possible. Here are three examples of issues that may complicate the probate process:
Real Estate Properties in Multiple States
Probate is governed by state laws, which may be different. The good news is that all your tangible and intangible personal property are probated in your state (the state where you live). Tangible personal property includes things like boats and animals while examples of intangible personal property include shares, stocks, and bank accounts.
However, pieces of real estate property are probated in the respective states where they are located. This can create a scenario where multiple probates are needed for your estate. An example is if you only have personal property in your state, but own real estate in another state. Another example is if you own multiple pieces of real estates in different states.
Missing Beneficiary
Another thing that may prolong the inheritance process is if one or more heirs are missing. In such a case, the personal representatives of the deceased must make a genuine effort to locate the missing beneficiary. This includes, but is not limited to, advertising the probate in a local newspaper asking the beneficiaries to come forward. If the search doesn't yield anything, then the beneficiary's share of the estate is held in trust for a duration determined by state laws. At the end of the allocated period, the share goes to the next beneficiary according to the state's interstate laws.
Missing Assets
The third complication you may have to deal with is missing assets. Remember that one of the stages of the probate process is to locate and account for all the assets mentioned in the decedent's will. It is the estate's executor to use his or her best efforts to locate the assets; this may take time. After all, it's in the executor's best interest to locate them given that the court may consider him or her as having breached his or her duty if he or she doesn't do so.
This includes further examination of the decedent's papers and locating his hiding places, for example, safes that may be hiding jewelry. In fact, the estate may be re-opened if the assets are located after the executor has presented his or her last accounting, and the estate has closed. This is akin to prolonging the probate further.
If you have an interest in a decedent's estate, and you sense a complication, consult an attorney as early as possible. That's the best way to start dealing with them early, for example, looking for missing assets, to avoid lengthy delays.
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