What is the time limit to disposition an estate? I am anticipating having to settle my Mother's estate in the next few years. She has 3 piec...

Question

What is the time limit to disposition an estate? I am anticipating having to settle my Mother's estate in the next few years. She has 3 pieces of real estate in 2 states. 2 of those properties are not "sale ready" - they reequire significant clean-out and fix-up (or tear down). My Mom isn't prepared to do it while she's living, so it will be left to my brother, sister and me. I want to get an idea of how much time we will have from her passing to when the estate has to be settled. Thank you.

Answer

It depends on the size and complexity of the estate. Average time is 12 to 24 months, but could be less or more depending on the type of assets, where they are located and the number of any claims.

Since mom owns property in multiple states, you may have to have a primary estate where she lives and ancillary estates where she owns property.

Mom sounds like she is still alive and mentally competent. If so, your mother can make this easier for you by considering paying a lawyer to draft a revocable living trust. That way, you can avoid the whole probate mess. Probate in NC, for example, is not too bad, but in other states, it can be a nightmare.

Failing that, by making sure she has a will that provides for you to sell the property if needed without a court order.