probate

[Taurice Cooper]

What are some of the main  reasons a probate case can be open for many years and are these type of probate cases good prospects for direct mailing ?

[Rick H.]

Good question(s). Probate estates may remain open almost indefinitely under certain circumstances.

The primary reason that estates remain open, unsettled and not distributed is due to disputes among parties, typically heirs (or beneficiaries under a will). This category also includes will contests where the validity of a certain will is challenged, sometimes over subsequent or prior testamentary documents or alterations and even death-bed requests.

Title problems occasionally snag estate for some time. Beside clouds and secured creditors, there can be issues arising from poorly drafted documents as well as vesting issues. A nasty problem can occur when a partition action is required in order to force separation and liquidation. Not a play for those new to real estate to work.

Missing heirs may delay estates, especially when decedent purported has relatives in 3rd world nations where skip-tracing and investigation can be difficult or treacherous. 

Complexity adds time to unravel the puzzle. This is one of my specialties.

Size or number of assets. For example, decedent dies with dozens or perhaps hundreds or properties and many transactions require serial liquidation, unless sold as a package. Large assets cause similar delays when buyers are scarce or financing tortuous.

Cash cow. A girlfriend of mine was once negotiating with the estate of Marilyn Monroe to buy intellectual property rights for a line of jewelry. It occurred to me that such estates continue to produce revenue, especially royalties, and may be operated as an ongoing entity. The best example: The estate of Elvis Presley which is well-managed and worth much than at the time of his death in 1977.