Legal Question in Wills and Trusts in New York

Re: Distribution of funds

The funds should be disbursed as soon as bills, taxes, etc., have been paid. There could be lots of reasons for a delay, though, such as disputed claims against the estate which haven't been settled yet, tax returns not yet cleared by the tax department, etc. Call the probate court and ask for a status report. They'll have the fiduciary inform you why the holdup.

Re: Distribution of funds

There is no time limit. If estate or inheritance tax returns are required, it can usually be a year or more for final distributions to be made. Simple estates with easy assets (bank accounts, listed securities) can go faster, more complicated estates can take longer. If there are tax liabilities, and sufficient funds are on hand, prelimnary, partial distributions can be made when the returns are filed. If there are businesses, commercial real estate and more complicated investments, allow at least a year, maybe more. If the estate is in a taxable situation with large taxes, longer periods are normal. The executor should be able to give you an idea of the time necessary to complete all matters, account and make distributions. Sometimes, if an estate is involved in litigation of some type, it could be several years. Sorry, no cut and dry answer.