Settling an estate involves either probating a will or administering an intestate estate (meaning, one in which there was no will) and distributing estate property to the deceased person’s (decedent’s) heirs. Either way, there are certain steps that must be taken within certain periods of time. Whether you are an estate executor – also known as a personal representative – or an administrator, you need seasoned legal counsel to help you complete the process. Count on Palmer & Slay, PLLC.
How Long Does It Take to Settle an Estate?
With or without a will, estates generally take about 6 months to a year to settle in Mississippi. The following factors, among others, affect this timeline:
- Testate versus intestate: A decedent who leaves behind a last will and testament generally makes it easier for surviving heirs to settle the estate by clarifying who inherits what and how creditors will get paid. Overall, this tends to speed up the process.
- Estate size: Relatively small estates take less time. For instance, an estate that is valued at less than $75,000 is eligible for a quicker, more streamlined probate process. However, there is a mandatory 30-day waiting period to use this simpler approach.
- Beneficiaries: Both the number of beneficiaries and whether they get along with one another will affect the timeline. If the beneficiaries dispute details of the estate or they are hard to locate, they may hold up the process in court.
- Will contests: A will contest is a specific way in which a beneficiary can slow down the estate settling process. Will contests happen for a number of different reasons, including allegations that the testator (the person who signed the will) lacked sufficient mental capacity.
- Complex property: Estates with more complex assets, including those that are located in other states or countries, may take longer to settle. Some assets are difficult to access, which will also take more time.
- Difficulty locating documents: Certain documents must be found and submitted to the courts, without which the estate cannot be properly settled.
Important Timelines and Deadlines
Courts recognize that settling an estate can take more or less time depending on such factors as those listed above. Still, there are certain timelines and deadlines along the way that must generally be observed. They include:
- Applying for letters testamentary after absence: If a named executor is absent from the state following the decedent’s death, the court may appoint an estate administrator in the meantime. After the executor returns, he or she has 40 days to apply for letters testamentary which allow the executor to probate the estate.
- Letters of administration: If a person dies without a will, a qualifying relative (such as a spouse) can step forward to be granted letters of administration, which are similar to letters testamentary. If nobody does so within 30 days, the chancery court can select an appropriate party to fill this role.
- Notifying creditors: The estate executor or administrator must notify known creditors, who in turn have 90 days to present their claims against the estate. A notice must also run in a local newspaper for three consecutive weeks in case there are other, unknown creditors.
- Filing the inventory: After the chancery court issues letters testamentary or letters of administration, the executor or administrator has 90 days to file an inventory of estate assets. If additional assets are later discovered, a new inventory must be filed within 30 days of discovery.
These are by no means the only timelines and deadlines that must be observed, and different circumstances may invoke other rules. However, chancery courts have broad authority to extend deadlines as necessary. For instance, a court may waive compliance with the 30-day rule to grant letters of administration. More time may also be allowed to file an inventory. If you are finding yourself hitting a deadline that you cannot meet, work with your attorney to request a possible extension from the court.
Helping You Settle the Estate On Time
The best way to expedite the process of settling an estate, in accordance with required procedures and deadlines, is to retain an experienced Mississippi probate attorney. That’s where the team at Palmer & Slay, PLLC comes in. Find out more about our probate services by calling our office today.
Palmer & Slay, PLLC, assists clients within Mississippi, including Scott County, Rankin County, Brandon, Flowood, East Jackson, and beyond.