Estate hour times

[Warren Lake]

looking to find what people spend on average on Estates. Ive read 20-50 hours and in asking one said 200 hours or close with another family member doing it, compensation 5 percent of the estate in that case. Friends with complicated stuff say they didnt want to do it so had an accounting firm do it all. Im towards the end of it all, my times are high as was emptying and renoing the property and more but would like to have an idea of hours from some that have been through it.
thanks

[Tom M King]

Requirement vary by state and complication of estate. I had one with property in two states, not enough cash to pay inheritance tax, and had to sell something to pay the tax. That one took two years. Another took two trips to the Clerk of Courts office, and one trip to a newspaper. Your question as presented is unanswerable.

[Warren Lake]

sure it is. My friends that had a big bus his took 7 years. Most people have family stuff parents and have some amount of hours to wrap one up. Lawyer office will tell you keep track of your time. most people have parents and the parents had a home and some investments. Thats what im asking. The one who responded with 200 hours I thought that seemed high. I think I past read 20-50 hours on average. Im over 1,400 hours but most would not be doing some of the work i did.

[Lee Schierer]

Because every situation is different the time spent varies widely. I did track the hours closing my mother's estate at about 180 hours over seven and a half months to get everything taken care of for my mother's estate and it wasn't very large nor complicated. It wasn't full time work but most insurance companies are very slow in sending initial paper work and even slower paying out to the beneficiaries. It took a long time for the memorial company to engrave the final date on the existing headstone. I did hire out the final state and federal tax returns through a tax accountant. I worked with an excellent attorney who provided direction and advice for handling some of the more difficult tasks like dividing physical assets between the immediate family.

[Jim Becker]

Yes, every situation is different as as already noted, jurisdiction also matters. Settling my parents affairs was quick and easy...no property involved and minimal funds to distribute after bills were paid. My mother was still alive when my dad passed, so there was a little more effort because of "too many bank accounts" in inconvenient places, but I fixed that to make it easier to care for my mother and when she died, there was a single bank account in the same bank I do business with here in PA and with minimal funds after the skilled nursing bill was paid, etc. Probate was not required, either. I did not keep track of hours as I didn't feel it necessary given it was just myself and my brother remaining and no way would I ever reduce what he got by claiming hours.

[Warren Lake]

thanks Lee that is what I was asking you confirmed less than the highest ive heard so far. Im at 1,450 hours on the estate and over 3,000 hours on other stuff done before that. Lawyers said keep track of your time. So obviously others have been asked this as well and that is what im looking for for some perspective. Usual family stuff not they had a business or or or. Most have a home and some investments.

[Bruce Wrenn]

After doing my sister's and wife doing her fathers, I can tell you there is a big difference in time needed. Sister's was simple, as she owned nothing, while wife's dads took a BUNCH of time. Worst part to me is having to pay to close an estate, once when listing, and then again upon final accounting. Amounts to a tax upon death, IMHO! After sister's estate was closed, an insurance company sent her a check for less than $200, which I promptly deposited in the circular file in the corner of my office. To cash it, first I would have to refile at clerk of court's office (another $200), open an estate account, deposit check, and then because she had a judgement against her, forward funds to judgement holder, while taking over $200 out of my pocket to give away less money than I spent. NO WAY HOSEA!

[Warren Lake]

simple estate, Home qualified for an exemption under past registry system, joint bank accounts, no probate. some amount of hours on average.

[Bob Borzelleri]

We were able to help my wife’s uncle to establish a trust when he began to understand that he was unlikely to reach his 96th birthday. Even with the trust rather than probate, her role as POA, executor and Trustee has been like taking on a nearly full time job for the past several months. I dread to think of how much more complicated it would have been had the estate been subjected to probate. It helps that she is a retired attorney.

[Rick Potter]

When My parents passed, my brother and I were joint trustees. We had never been close, but settled eight houses, plus two Hawaii lots, investments, vehicles and furnishings in about two days. We decided up front we were not going to argue about it, and that the grandkids had no say. All their cash had been long eaten up by the rest home's $7500 per month bills (2005 money).

We often see others with probate problems and consider ourselves blessed to have it work so well, and get along better that we ever have.

A proper trust worked out as planned for us. Each of us also has our own trust. I hate to think how it may have gone without the trust, and having to do probate.

[Jim Becker]

Everyone need to have current estate plan documents, even if they do not have property. Be sure you bring this up with relatives before there is a need and make sure that the legal forms are reviewed periodically in case things have changed in their state of residence. (for the US and whatever the appropriate jurisdiction is for folks in other countries) That right there cuts down on a lot of work settling things when folks do pass away and can streamline or even eliminate probate (depending on the jurisdiction). It's not expensive, either, especially for folks who don't have extensive property holdings.

[Bruce Wrenn]

North Carolina has an especially stupid law. If the deceased is killed in a motor vehicle accident, estate must be filled with clerk's office in Wake County, no matter what the county of residence, or of death. Think of the hardship it causes families who do not live in, or near Wake County. Didn't know of this law until went to file sister's estate.

[Mel Fulks]

North Carolina has an especially stupid law. If the deceased is killed in a motor vehicle accident, estate must be filled with clerk's office in Wake County, no matter what the county of residence, or of death. Think of the hardship it causes families who do not live in, or near Wake County. Didn't know of this law until went to file sister's estate.

I’m sure you are right about the law. But I think one just calls a lawyer, and the lawyer does whatever is required. All the States want
to have their own individual nuttiness.

[Warren Lake]

Lawyer involved did the home sale real estate lawyer. Have taken care of all taxes personal capital gains on the home between passing and sale etc. Know my times before and Estate. Great parents did tons for us. In going through all see I gave back well Peace from that. Thankless Job real estate lawyer said tells her family never be an executor and heard it from others. Its easier than being self employed in this trade.

[Stan Calow]

Warren, I was Executor for a friend. I calculated 85 hours, which was spread out over 2 years, and that included time to drive to and from the court twice. Since it was a friend, I only charged the estate for hours that I had to take off work. I hired an accountant whose only interest was the tax paperwork, so I had to do all the grunt work on identifying assets. The lawyer I hired for the estate didn't take care of everything - he just did the interface with the court, while I had to deal with the family, inventory of assets, paying of debts, closing accounts, requests for paperwork, etc.

What a mercy it is to leave your affairs in order so that family doesnt have to deal with it. My parents had financial accounts set up with joint tenancy, and a beneficiary deed for the house, so that we didnt need to go through probate.