How long does it take to close out an estate?
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How long does it take to close out an estate?
I am Personal Representative for my late husband’s estate. I sold the house. How long does it normally take for the lawyer to close out the estate and send my money? The office says it is with $2,000. Is this protocol?
Asked on October 14, 2010 under Estate Planning, Maryland
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
I am so sorry for your loss. The finalizing of an estate depends on the size of the estate as well as the financial state of the decedent at the time of his or her death. If there were many debts and creditors that had to be paid and notice had to be given then it could take time to sort through things. There is also the final tax return and the accounting that has to be done. I do not understand the $2,000 partof the question. Is this the fee that they are charging? Some fees are set by statute in the state and some are just what is common practice. Most of the time it is a percentage of the gross estate. You are the fiduciary and the attorney HAS to answer your questions so ask away. He works for you and the estate. Good luck.
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