Losing a loved one is a difficult matter. If you are named as a beneficiary in their will, you might feel honored, yet overwhelmed. There are probably many questions you will have about what to do. Make sure you keep the below points in mind.
The attorney of the estate holds copies of the will. The will is not read out loud to the friends and family, as commonly believed. If you are a beneficiary to a will, you will be notified by the attorney. You are entitled to a copy of the will.
The timing of the estate being settled can be a complicated matter. If the estate is taxable, how many other beneficiaries are involved , are just some of the questions that need to be answered. Considering these factors, it may take anywhere from several months to a year for the estate to be settled. The beneficiary is usually notified by the executor about when they will receive their inheritance. Sometimes it is simply mailed to them by the attorney. If your inheritance is a large one, keep some of these pointers in mind:
Along with a list of various tasks, an executor oversees the distribution of the assets in a will. As a beneficiary, the executor is your number one contact. The executor takes charge of making sure assets itemized in the will get to the correct people. Executors have to make you aware of your rights, and will provide you with the right information.
This particular time may be difficult and uncomfortable. It is probably very overwhelming to think about any legal or financial matters. The team at Schwartz, Fang & Keating, P.C. are here to provide answers to any questions you have regarding the estate process. Call us anytime to discuss your estate planning needs.