Why does it take so long to get my inheritance from an Estate?
We are frequently asked by heirs why does it take so long for us to receive our inheritance.
Beneficiaries need to be notified. Assets need to be collected, appraised and sold. Final bills need to be paid. Creditors are given time by statute to file claims. Taxes need to be calculated and paid.
If an estate is distributed before the estate process is complete, beneficiaries may have to give back part of their distribution. Because of the difficulties involved in getting the assets back such as the risk that the money will be already spent and the personal representative is unable to get the money back to pay creditors, distribution should not be made until the estate administration is complete. However, property such as furniture and jewelry can frequently be distributed early in the process. Also a partial distribution of cash can sometimes be made prior to final distribution if sufficient funds can still be held in reserve for unexpected claims, taxes and expenses.
With 33 years of experience, Steven Knecht has the knowledge to guide personal representatives and trustees through the complex legal issues involving probate and the administration of wills and trusts. He will work diligently to adhere to the deceased’s final financial and legal wishes. For assistance with your estate and trust administration needs, call Steven Knecht to make an appointment for a personal consultation.