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How long should it take to settle an estate?
April 4, 2008
Doug Wilson
Q: My Dad has asked me to handle his affairs when he dies. Because of responsibilities in my life, and in my job, I'm wondering how long it takes to settle an estate. I hear different things from different people. Can you give me an idea?
A: First of all, you should understand that every estate is different and, therefore, there is no set time period for settling an estate or terminating a trust.
A personal representative (executor) or trustee of a terminating trust should conclude the administration of an estate or trust within a “reasonable” amount of time. What’s “reasonable?” In a typical estate, it can take anywhere from one to two years to complete the settlement and distribute the property to the decedent’s heirs. However, circumstances such as a lawsuit, winding down a business interest, dealing with out-of-state property, obtaining appraisals on difficult assets, and other extraordinary issues can prolong the process.
If you are concerned about how long it’s taking, or might take, to settle an estate or trust, find out if there are circumstances that explain the reason for the delay. Beneficiaries are entitled to receive information about the administration of an estate or trust (Hawaii Revised Statutes [HRS] §560:3-705 and HRS §560:7-303). So ask the personal representative or trustee to provide you with an explanation and an estimate of how much time will be needed to complete the administration.
Read these past Questions & Answers, just click on the title.
