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legallysound
legallysound, Attorney
Category: Estate Law
Satisfied Customers: 1333
Experience:  Over 12 years of practical experience in Estate Planning, Trust and Probate law.
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How long before an estate has to close?

Resolved Question:

How long before an estate has to close?
Submitted: 5 years ago via RocketLawyer.
Category: Estate Law
Expert:  legallysound replied 5 years ago.

Thank you for using JustAnswer.

 

Can you please tell me what state you are referring to?

 

Thank you.

Customer: replied 5 years ago.
Illinois. I am in no hurry to close my mother's estate and wondered if there are time restraints so having to do this.
Expert:  legallysound replied 5 years ago.

OK. Thank you for that information.

 

If you do not close it, the court will typically set the matter for a hearing to check on status and determine if there good cause exists to keep the estate open. If not, the court can force you to close it.

 

Most estates run smoothly and may often be completed and closed within 8 to 14 months after opening. However, when family members or beneficiaries do not get along or the estate plan was not carefully crafted, complications can arise. Courts will certainly understand situations like these. And in some cases, estates remain open for 5 or 10 years! Thank you.

 

Customer: replied 5 years ago.

There is no problem between my brother and myself but if it is closed one of us has to buy the other out or put the house in both of our names and my brother does not want the extra income or neither of us is ready to sell with the recent economy.

Expert:  legallysound replied 5 years ago.
Extra income from what source? Is the property rented?
Customer: replied 5 years ago.
Yes. I have a rentor.
Customer: replied 5 years ago.
Yes, I have a rentor. Has signed a new contract to June 30, 2010
Customer: replied 5 years ago.
Extra income what I meant was my brother prefers the estate to remain open so he does not show having another dwelling in his name
Expert:  legallysound replied 5 years ago.

OK.

 

Then you can either leave the probate open, or you can close the probate and have the property distributed to you, with a side agreement executed between the two of you saying that you agree to take full possession of the property, but will agree to sell it in two (three, four, etc) years or make further arrangements at that time with your brother. Then upon a sale, you agree to divide the net proceeds equally (or in any other % you desire).

 

Essentially he will be allowing you to take the income in exchange for you agreeing to split the proceeds later, even if the equity increases. Thank you.

 

legallysound, Attorney
Category: Estate Law
Satisfied Customers: 1333
Experience: Over 12 years of practical experience in Estate Planning, Trust and Probate law.
legallysound and 4 other Estate Law Specialists are ready to help you

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