How long does it take the finances from a will to go to those involved?
- Sunday Dec 27,2009 07:58 PM
- By diddy
- In Others
Say that a deceased person leaves his kids in his will, and in the will, it states that the house will be sold, and split among the children.
After the house is sold, how long does it take for everything to go into effect? I know the debt of the deceased is paid first, but how long does the entire process take, *after* the house is sold?
Deceased Person, Finances, Leaves
2 Comments
From a few weeks after the closing to several months, to years if there are disputes with debtors or other heirs.
To the best of my knowledge, the only debt payable once a person is dead is anything he might owe to the IRS. Credit card debts, etc., do not have to be paid off by the estate or descendants of the deceased.
Unless the will has been contested, or there’s a mortgage on the house or a loan guaranteed by the house, once it’s sold and all relevant taxes and fees paid, you should get the money right away. Best bet is to ask the lawyer who’s handling the estate.
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