As personal representative or heir, here is a timeline on long it may take….
- Have initial meeting with the Clerk of the Circuit Court and Qualify a Personal Representative.
- Qualification is the authorization from the courts for the personal representative to do what is necessary to settle the estate which may include selling real property.
- 4 months from qualification: File Affidavit of Notice and file the Inventory.
- These can be filed earlier than 4 months but is recommended for the inventory to be filed near the end of the 4 months so there is enough time to research and make it as accurate as possible.
- 16 months from qualification: First account for first 12 months.
- 16 months from ending date of first account: Second account for second 12 months.
Depending on the complexity of the estate, you may be able to settle it within the first 12 months, other estates may take years to settle. Either way, you do not have to wait that long to sell real property in the estate. Carrying real property can be very expensive even without a mortgage. The estate’s carrying cost will include property insurance, property taxes, and even simple upkeep of the landscaping and of the house itself can add up to hundreds of dollars a month which will eat into the heirs inheritance. Depending on if the estate is testate (with a will) or intestate (without a will), the real property may be handled in many different ways so please talk with your attorney, the commissioner of accounts, or call Alex for advice on the best way to proceed for the real property in your specific estate.