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Estates generally close within a few months

The disbursement of money and assets from a will or trust can be done in a relatively fast manner if it is set up right, according to one local attorney.  Reportedly over half of all Americans do not even have a will or last testament.  Attorney Jim Downey of Blazkovec, Blazkovec & Downey in Algoma and Sturgeon Bay, says the executor of the will should be able to allocate the funds fairly quickly to beneficiaries if the trust administration is set up correctly.  He explains reasons some trusts may stay open for longer periods of time.

 

 

Trustees are responsible for managing the assets involved with an estate.  The distribution of trust assets may need the guidance of an attorney or CPA the more complicated the estate.  State law requires that estates be closed within 18 months from the time of death, according to Downey.   

 

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