Probate can be a lengthy and complex process, leaving executors eager to find ways to expedite it. Familiarizing yourself with the legal procedures and documentation required to settle an estate efficiently is key to understanding how to speed up probate. A financial advisor can work with you to manage and distribute your estate. Here’s a roundup of nine ways to speed up the probate process.
1. Gather All Necessary Documents
Executors trying to figure out how to speed up the probate process should begin with the paperwork and get a death certificate, access to the decedent’s will and any relevant financial documents, such as bank statements, property deeds and tax returns. Obtaining any outstanding bills or debts owed by the deceased is also important for accurate accounting during probate. Preparing well-organized records can prevent future requests from the probate court, which might otherwise slow down proceedings.
2. File a Small Estate Affidavit
If the value of an estate is under a certain limit, filing a small estate affidavit form can help bypass the probate court process to distribute assets faster to heirs. It’s important to check with local laws, as the specific requirements and asset limits vary by state. This is a speedy option when dealing with small estates.
3. Notify All Parties
Inform heirs, beneficiaries, creditors and other interested individuals as early as possible to reduce the risk of delays or disputes. Timely communication lets everyone prepare any necessary documents or address concerns, which keeps the process moving smoothly and prevents unnecessary legal back-and-forth.
4. File Taxes Promptly
Filing taxes promptly is another way to speed up the probate process. When someone passes away, their estate is typically required to file final income taxes and, in some cases, estate taxes. Delays in filing these tax forms may cause the probate process to stall, as the estate cannot be fully settled until the IRS has reviewed and approved the filings.
5. Avoid Possible Disputes
A smooth, conflict-free process is more likely to conclude probate in a timely manner. Disagreements between beneficiaries or other parties can cause significant delays, as legal battles often lead to court intervention. To minimize the chance of conflict, clear communication and well-structured estate planning are useful. Outlining specific wishes in a will and involving a trusted executor can help prevent misunderstandings.
6. Pay Off Debts
Unpaid debts often slow down probate, as the court will notify all creditors to ensure outstanding financial obligations are addressed by the estate. By settling debts early, you can help the estate move through probate more efficiently. This prevents delays from creditor claims or disputes and simplifies the final distribution of assets to beneficiaries, shortening the overall probate timeline.
7. Consolidate Assets
By gathering and organizing assets like bank accounts, investments and personal property in one location, the executor can quickly identify what needs to be distributed, avoiding delays from searching for missing or disorganized items. This also simplifies interactions with financial institutions, which reduces administrative hurdles and helps to speed up the probate process by finalizing the estate more efficiently.
8. Hire an Experienced Estate Attorney
Estate planning attorneys are well-versed in probate laws and procedures, enabling them to handle necessary paperwork quickly and without errors that could cause delays. They can also efficiently communicate with courts and other involved parties, reducing the chances of miscommunication or procedural setbacks. Additionally, an estate attorney can address potential issues, such as disputes over assets or creditor claims, before they slow down the probate timeline.
9. Avoid Probate Altogether
One of the most effective ways to speed up probate is to avoid it entirely. Placing assets in a revocable living trust allows beneficiaries to access them without going through the probate process. Additionally, joint ownership with rights of survivorship allows property to pass directly to the co-owner upon death and bypass probate.
These accounts transfer directly to the beneficiaries, sidestepping probate. You can also grant an early inheritance through gifting, reducing the size of the estate and limiting the assets subject to probate.
Bottom Line
Taking steps to simplify probate can shorten the process and reduce the burden on executors and beneficiaries. Gathering documents, consolidating assets and settling debts early all help create a more efficient probate process. Estate planning strategies, like creating a living trust or setting up joint ownership can bypass probate, allowing assets to transfer directly to heirs. Preparing in advance and addressing potential delays helps make probate faster for everyone involved.
Tips for Estate Planning
- A financial advisor can help you organize your assets, set up a trust or joint ownership, and recommend other strategies to minimize or avoid probate. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- If you want to save some money and create an estate plan on your own, here are some common pitfalls that you should avoid.
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