Average time it takes to disburse funds from an estate in NJ
My grandmother died recently. She lived in NJ, and had a will (a fairly simple one, where each of her 3 children got 1/4 of her estate, and her grandchildren shared the last 1/4). I beleive that her assets were mainly in mutual funds, etc. but I'm not 100% sure. I do know that her estate will be subject to Federal taxes. I am wondering how long, in general,it takes for the disbursement to occur. Are we talking years? Months? I don't feel comfortable asking my relatives, because it will seem like all I care about is the money (which is not true, but because of my circumstances, that money will really come in handy).
1 Answer from Attorneys
Re: Average time it takes to disburse funds from an estate in NJ
Partial distributions can occur at the discretion of the Executor. The estate will be settled after the Federal Estate Tax Return has been approved by the IRS and the State Inheritance Tax Return has been approved by the State.
The Federal Estate Tax Return, Form 706 will take several months to settle. It must be filed nine months from the date of death unless there is a six month extension. Receiving a reply from the IRS will take several months after that.
You should consult with your own attorney if you have questions and you should be receiving information from the Executor on the status of the proceedings.
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