Probate question

[The Queen Sophie]

After someone dies, in their Will they have set aside money for someone to recieve annually (monthly ?), how long does it take or what has to happen for that to actually get started and that person to start receiving it?

How does that actually work?

Feel free to PM me directly.

[ggew44]

Not a lawyer, but my experience has been that no funds are dispersed until the will/estate has been probated. That means the executor has to go before a judge and execute the will. In my case it took over a year to settle everything. It also depends on how the funds were left to you. If they are in a bank account with yourself listed as a payee, things could move more quickly. If you are concerned you should probably consult an attorney.

[offshoredrilling]

if disputed, it can take longer tan should. I know a story that the kids wear a bit upset that dad left some bucks for his ATF hooker.

In the end she got most of what he left her

[Fizley]

Probate is a long and ugly process that is expensive. If you have an opportunity to get a trust in place, that is the ideal situation.

Probate starts upon death. All creditors need to be notified.

After all creditors have been notified then family members are notified. They will send letter to anyone who might be considered a benefactor, including your 5th cousin who lives in the backwoods in the Smokey Mountains that you have never met.

I've seen probate last a year. I have seen probate last seven years. Just depends.

[Unique_Carpenter]

Sophie,
Your data indicates an unclear story or there's confusion.
There's at least three variations of how different things occur, that you've mixed together into your post.
Seriously, find an attorney in whichever county you live in and run that question past them.

Note that with a will, which requires probate court, usually everything gets liquidated (paid out). If the will requires a trust to be set up, well then that happens. Or, are the funds in an IRA or something similar, where a whole different set of rules apply. At this point there's over a half dozen variations, so again, find a local atty that actually specializes in that type of stuff.

[JRLawrence]

Originally Posted by Fizley

Probate is a long and ugly process that is expensive. If you have an opportunity to get a trust in place, that is the ideal situation.

Probate starts upon death. All creditors need to be notified.
.....
I've seen probate last a year. I have seen probate last seven years. Just depends.

Fizley and Carpenter are right. Plus probate settles an estate. When you want investments and payouts to go on for a while it is best use a trust that is set up before you die. A trust can go on for the life of the beneficiary plus about 17 years (I think, but would have to look up). A trust can have many things deposited in it, such as company stock and many other investments such as stocks. It is a nice way to pay out benefits over time to a loved one with little to no expenses.

A Trust has to be funded. Poor Michael Jackson had a trust set up bet it was never funded: thus, his estate items still in his name had to go through probate.

A trust also keeps most thing out of the eye of the public. If you think that your information is not the business of others, select a Trust, revocable or non-revocable.

Recently I bought some property that was owned by a revocable trust. The lady, her husband before her, and her husband's mother before that had had the property owned by a trust for over 40 years.

[The Queen Sophie]

Very good advice and information.
That (all of) you very much.

I welcome any and all info/insight anyone has, so keep'em coming if you do.

Just trying to get all my "ducks in a row" so to speak, before I make any moves.