Proceeds of an Estate

estate planning attorney Roy Utah

How Long Do Executors of a Will Have to Pass on the Proceeds of an Estate?

When an individual passes away, how long do executors of a will have to pass on the proceeds of an estate? While the exact timeline is based on several factors, it can vary from 30 days to two years.

Process of filing a probate petition

The process begins with the filing of a probate petition. In many cases, the court will issue a decree appointing an executor. In addition to the probate process, there are several other steps that must be taken.

First

First, the executor must create an inventory of all of the decedent’s assets. This will give the beneficiaries an initial understanding of the value of the estate. The estate may then have to sell some of the property to pay debts or to generate money. This will also help the court determine if any state or federal estate tax is owed.

Second

Next, the executor must make sure the estate is properly administered. This may include securing valuables, collecting rent, and evicting nonpaying tenants. Before distributing the remaining proceeds, the executor must ensure that creditors are paid.

Once the executor has made all of these payments, the residual bequests can be distributed. The executor must also pay any administration expenses and taxes.

Third

After the estate is settled, the executor will provide a written account of the executor’s actions. This is called judicial accounting. During this phase, the interested party must sign a formal account and a receipt and release.

Once the judicial accounting process is complete, the executor can then distribute the remaining funds from the estate. The process can take months to complete, so it is important that the executor work with a financial advisor.

Free consultation from one of the best Law Firms

If you have questions, you can get a free consultation with the Best Estate Planning Lawyers.

Parklin Law – Estate Planning Lawyer
5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618-0699
Parklin Law Official Website
Read more articles

Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

When you need a Lawyer, contact this law firm:

Parklin Law

5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618-0699
https://www.parklinlaw.com/
 

Roy, Utah

From Wikipedia, the free encyclopedia
 
 
 

Jump to navigationJump to search

Roy, Utah
Roy Municipal Center

Roy Municipal Center
Location in Weber County and the state of Utah

Location in Weber County and the state of Utah
Coordinates: 41°10′14″N 112°2′55″WCoordinates41°10′14″N 112°2′55″W
Country United States
State Utah
County Weber
Settled 1873
Incorporated March 10, 1937
Named for Roy Peebles
Government

 
 • Type Mayor-council government
 • Mayor Robert E. Dandoy
 • City Council Jan Burrell, Bryon Saxton, Joe Paul, Ann Jackson, Diane Wilson[1]
Area

 • Total 8.14 sq mi (21.07 km2)
 • Land 8.13 sq mi (21.07 km2)
 • Water 0.00 sq mi (0.00 km2)
Elevation

 
4,541 ft (1,384 m)
Population

 (2010)
 • Total 36,884
 • Estimate 

(2019)[3]
39,613
 • Density 4,869.45/sq mi (1,880.14/km2)
Time zone UTC-7 (Mountain (MST))
 • Summer (DST) UTC-6 (MDT)
ZIP codes
84067, 84401
Area code(s) 385, 801
FIPS code 49-65110[4]
GNIS feature ID 1432035[5]
Website Roy City

Roy is a city in Weber CountyUtah, United States, located on the west side of Interstate 15. The population estimate in 2019 was 39,613, an increase of 5.8% from 36,884 at the 2010 Census. It is part of the OgdenClearfield, Utah Metropolitan Statistical Area, and is considered a suburb of nearby Ogden, although some small businesses are present in Roy.

No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...

Comments are closed.