Tuesday, July 10, 2018
The typical size of an estate at time of settlement is between $50,000 and $250,000, with about 11% falling below $10,000 or more than a million. According to a survey of 1200 people by EstateExec, a company based in the San Francisco area that creates software for estate executors, it takes an average of 16 months to fully settle an estate no matter its size. This generates around 800 hours of work for an executor, and the typical compensation for an executor is $18,000.
The survey found that nearly half, 44%, of those surveyed were part of, or were at least aware of, family conflicts that erupted in the settlement process. Worries included mistrust and stealing, with 19% of those asked claiming they were aware of perceived executor misconduct.
Texans can rejoice though - with their streamlined probate system, simple estates can be executed properly within 6 months.
See Karen DeMasters, Executors Can Count On Long, Arduous Estate Settlements, Financial Advisor, July 9, 2018, see also How Long Does Probate Take in Texas?, Farren Sheehan Law, November 10, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.