“How long till I receive my inheritance?”, is a question that many people feel too guilty to ask.
People who are dealing with the loss of a loved one often experience mental block when it comes to work and paperwork related to inheritance. They often feel like the money and assets belong to the deceased person and not to them. They should remind themselves that their loved one would want them to have their assets, especially if there is a will that grants them inheritance.
Now, let's look at the legal aspect:
The executor is required by law to hold onto estate assets for six months following the day that probate is granted and is not permitted to distribute any funds to the beneficiaries prior to the end of this period.
This is done in case any claims are made against the Estate, such as those of long-lost children or those of unpaid creditors.
If beneficiaries desire to get their money faster, they can agree to sign an indemnity so that, in the event that any claims are made, they indemnify the Executor for them. The Executor of the Estate is personally liable for any claims made on the Estate within that six-month period.
Certain estates will be difficult and may require more time. This is related to the window of opportunity for persons excluded from the Will to file a claim against the Estate. In some circumstances, where there is a strong probability of a claim, the Executors will hold off on making any payments for an entire year.
You may rest easy, make better plans, and steer clear of issues if you are aware of what happens behind the scenes and how long you should wait to collect your inheritance.
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