When an individual is planning their estate, they will prepare a will which will outline their wishes concerning the distribution of their property and assets. Also, the testator will name an executor of the will. The executor will be responsible for carrying out the instructions outlined in the will. In an ideal situation, the assets named in the will would be distributed with speed to the beneficiaries as expressed by the deceased.
However, some involved parties, including banks and family members, might not accept the authenticity of the will. This doubt necessitates probate, which is the process which proves that a deceased individual prepared the will and it is the last written will. Unfortunately, the process can take considerable time, affecting the lives of those involved. Here are some factors to help you understand the issues which might slow down the probate.
If the pertinent estate has multiple beneficiaries, more time will be needed for the probate process. This increased duration can be attributed to the time required for administrative and logistic actions. For instance, every beneficiary will have to be notified of the proceedings. Also, if there are documents which need signing, it will take time to get in touch with the involved parties. Unfortunately, even with the advances in technology, handling such matters efficiently can be challenging. This problem can only be alleviated through the corporation of involved individuals.
Conflicts among Beneficiaries
The probate process can be slowed down by family feuds. If there are conflicts among the named beneficiaries, the procedure of proving the authenticity of the document will take longer. For instance, one of the family members might make it hard for the probate to continue by questioning every detail of the will and casting new doubts. Also, a beneficiary might feel wronged and decide to contest the will. This type of situation can be challenging to resolve, so it is crucial to have an experienced probate lawyer in your employ.
Unusual Property or Assets
Some assets or properties might be difficult to value due to their rare or unique nature. For example, mineral rights, collectables, patents and illiquid holdings are not the same as the typical items left in wills. So, they will take longer to probate. Often, there will be disagreements about the actual value of the asset, especially when filling the estate tax. Also, some illiquid assets might not be distributable unless they are sold. This issue will interfere with the efficiency of the probate process.