Terms to Know: Estate Settlement
January 1, 2021
Where do I begin? Initial Property Valuation
March 1, 2021
This is a common question.
In general, you can estimate 9-18 months. However, there are so many factors involved in probate because, unlike a Trust Estate situation, there is a 3rd Party involved – the Court.
This is a very general timeline:
1 to 6 Months:
- Prepare & File Petition for Probate
- Court Hearing – Petition for Probate
- Issued: Letters of Admin/Testamentary
- Orders, Duties/Liabilities, Issue Bonds Notice to Creditors
- Notice to Dept of Health Services Inventory & Appraisement
6 to 12 Months:
- Pay State and Federal Taxes
- Allow or Reject Creditor Claims
- Possible Preliminary Distributions Notice to Dept of Health
Services (if deceased received medical) - Notice to Franchise Tax Board (if the heir is out of state)
- Claim of Exemption (if assets transfer to a minor)
- Receive Final Tax Letter from State and Federal (if appropriate)
- File Petition for Final Distribution & Accounting
12 to 18 Months:
- Hearing on Petition for Final Distribution and Accounting
- Order Approving Final Distribution and Accounting
- Distribution of Assets to Heirs
- Final Discharge Order (indicates close of Probate Case)
- Final Distribution of Funds
For help, please contact us at 858-391-4663
