How Long does it take?

[Anny]

Evanston Wyoming

my fater-in-law passed away in July 2001 he did not have a will and his estate is worth right around $150,000.00 to be dived between 5 children. How long does this take? Does the life insurance money have to wait and be paid out when everything is settled? My brother-in-law is th eoldest an dis supposed to handleing it however he won't inform any of us of anything. What are the procedures for all this?

Thank You For Your Time

 

[advisor10]

OCTOBER 10, 2001

DEAR ANNY:

The probate process could take as long as 1 month or more than that, depending on how simple or how complex the estate is.

When you said the estate was worth $150,000, did that figure include life insurance? Life insurance is payable directly to the named beneficiaries and technically should not be included as part of the probate estate. Life insurance is usually paid within 1-2 months after they have been notified of the death.

The first step would be for someone (I assume it would be your brother-in-law, who you said is handling things) to file paperwork at the county courthouse to become personal administrator of your father's estate. This person has the legal authority to claim all assets (bank accounts, CD's, pension benefits, etc.) and personal property belonging to the decedent, then using those assets to pay off any outstanding debts, funeral expenses, and taxes, and then splitting whatever is left over among the heirs.

Intestate (when there is no will) probate law in Wyoming provides that if your mother-in-law is still living, she will get 1/2 of the estate and children will get the other half. If there is no spouse surviving, then the children will split the estate in equal shares.

In fairness to your brother-in-law, it will take time for him to do all the paperwork and claim all of the assets, so you (or your husband, who I assume will be the one who will inherit his share of this estate) should be patient and give the probate process time to work itself out.

Make sure the brother-in-law knows your husband's address and phone number so he can reach you when it is time to make the estate distribution.

SINCERELY,

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