What is the time frame for distributing assets in an estate?
In California, the process of distributing assets and settling an estate is called “probate.” During probate, the court oversees and administers the transfer of assets according to the deceased person’s wishes, as expressed in their will or other estate-planning documents. Probate can take anywhere from 6 to 18 months, depending on the complexity of the estate. In general, the probate process starts with the appointment of a personal representative (or executor) of the estate by the court. The personal representative is in charge of notifying heirs and creditors of their right to file a claim against the estate. The representative is also responsible for locating and valuing estate assets, preparing an inventory, paying taxes and other debts, and transferring assets to the rightful heirs. The personal representative must also file a court petition requesting approval of their actions, such as selling any of the deceased person’s property, changing investments, or offering creditors a payment plan. The court must approve any such requests before the representative can proceed. Once all debts and taxes have been paid and all assets have been distributed according to the will or estate-planning documents, the process of probate is complete and the estate is settled. It is important to note that the time frame for probate can vary greatly, depending on the complexity of the estate and the availability of court personnel.
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