[starburst82]

Just out of curiosity,

Earlier this year my sister and I were informed that we were both to split 1/8th of a $310,000 (estimated) inheritance due to the death of a great uncle. I spoke with the attorney’s secretary who is handling this case, and she informed me that as long as no one has any objections that we should receive a check in the mail with in 6 months to a year of the court hearing (which took place earlier this year in April). I’ve personally never have had any experience in being a beneficiary of an inheritance, and was curious as to how long it usually takes to process and receive the money? Also, from what I’ve read (not much on the topic) I’m assuming that there would be taxes, attorney fees, and if any debt it would be taken out of the estate ($310,000.000). Does anyone know the average percentage of the estate that covers these costs?

[ebaines]

There should be no taxes due on the estate at all, since it is less than $2M. Attorney's fees can vary, of course, but it will probably be between 3% and 5%. Other expenses would include paying for any bills he incurred prior to his death, plus funeral expenses, and any expenses associated with administering the estate, such as attorney fees and court costs, and possibly fees to the executor (if he's a paid executor, as opposed to a family member) and expenses incurred by the executor such as travel costs. As for how long it takes - it usually takes between 9 and 18 months - here's a typical time line:

No-Probate.com :: Estimated Probate Time Line

The process tends to be very conservative - the last thing the executor wants to do is make a distribution to the heirs before he is absolutely sure that all creditors and estate taxes are accounted for.