How Long Does It Take to Receive Inheritance After Death in Alabama?
The passing of a loved one is hard enough on its own. When you add in everything else that can come with it like funeral arrangements and probate, it can get overwhelming.
If you’re an heir or beneficiary, you’re probably wondering: “how long does it take to receive an inheritance in Alabama?” Unfortunately, it depends. Continue reading for more information.
Can You Avoid Probate Altogether?
In some cases where there isn’t an estate plan in place, there’s no way to avoid probate altogether simply because the validity of the will or trust must be ensured and the estate’s overall value must be assessed. However, there are ways to shorten the probate process in these instances, and thus, the time it takes you or a loved one to receive an inheritance.
How Can You Shorten the Probate Process?
The first way to shorten the time it takes to receive an inheritance is by having a living trust or a will that outlines exactly who (or what, if it’s a charity, organization, etc.) gets what, whether that be a specific asset or a portion of the overall estate. The named asset or portion immediately transfers to the named beneficiary.
The second way to speed up the inheritance process is if assets and accounts are Transfer on Death (TOD) or Payable on Death (POD). This is similar to a living will in that upon the testator’s death, ownership immediately passes to the new acting owner.
The third way probate can be sped up is if the state is considered “small.” As of March 2023, an estate is considered small in Alabama if its entire value does not exceed $34,611.00. If that’s the case, beneficiaries would only have to file a petition and affidavit for summary distribution in the probate court,, but would have full access to their allotted assets after all remaining expenses are settled, the notice of the estate has been published in the newspaper, and the judge issues an order directing the distribution of the estate assets after the designated time.
How Long Does It Take to Receive an Inheritance with No Will or Trust?
Most estates take at least six months to be settled in Alabama. However, if you neglect to leave behind a will or trust, this process can stretch into years, costing a lot of time and money. All assets will have to go through the full probate process according to Alabama intestate succession law.
This means your estate will be distributed according to biological and legal family members only, which includes spouses, siblings, half-relatives, legally adopted children, and children conceived before death.
This is one of the reasons that thorough estate planning with a probate lawyer is so important—the distribution of your assets by the state may not (and oftentimes doesn’t) line up with what you want.
Estate Planning to Speed Up the Probate Process in Alabama
By investing in estate planning early you can minimize the stress, time, and money your loved ones have to expend on the probate process. Contacting a professional attorney who’s experienced in Alabama probate law is the first step.
Whether it’s formal probate, small estate probate, probate assets, or confusing life insurance policies, Kristin Waters Sullivan has you covered. She’ll help you create a plan that ensures your loved ones are covered and your final wishes are not only thoughtfully considered but carried out. Schedule a consultation today.