Q: AUNT IS TRUSTEE / EXECUTOR OF ESTATE. I AM NAMED AS A BENEFICIARY. HOW LONG MUST I WAIT BEFORE RECIEVE MY PART
A: That depends on how long it takes the executor to collect the property and pay the debts (including filing the final income tax return). 15 months after the executor is appointed by the court you may request an accounting. If there is no distribution 24 months after the executor is appointed, you may ask to remove her. Nationwide, the average time to settle an estate is two years. This one may or may not take longer.
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A: Smaller estates are usually settled within a year in Texas, especially when there are little or no debts. The larger and more complex the estate is, that usually means the longer it will take before the executor can settle the debts and make the distributions. The reason executors often wait until all of the debts are settled before they make distributions to the beneficiaries is because they could potentially be liable to the creditors if they make a premature distribution and don't have enough left over to pay all of the creditors.
A: If there was a will and your aunt was named executor then she must probate that will before she can legally act on anything. If the will has already been entered to probate, then your aunt must collect assets and pay all debts before she can distribute the remaining assets to the beneficiaries.
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