Inherit

When a person dies, family members often inherit property or other assets. In many circumstances, the estate will go through probate court. This means the amount of any inheritance may be reduced by the payment of taxes, court costs, and the settling of outstanding debts. After these obligations are satisfied, the remainder of the inheritance will be distributed. If there is no valid will, the deceased person's estate is simply disbursed according to state regulations. The courts usually do not make exceptions for special circumstances in these cases.

If there is a will, an executor named by the deceased is often put in charge of ensuring all final instructions are carried out. Each person mentioned in the document and anyone else who might be affected by it is notified that the probate court will be holding a hearing about the will. This provides an opportunity to contest the validity of the will and make a claim against the estate. If the will is uncontested, it continues through probate. This can still take many months. Any questions about the status of the probate process should be directed to the executor or court appointed administrator for the estate.

Fast Facts

  • An AARP 2001 survey found that only 17 percent of baby boomers had received an inheritance at some point in their lives.
  • The the average amount of such an inheritance was $47,909.

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  • Estate Planning in Wisconsin

    Busy adults are often more concerned with getting to work on time than starting their estate planning in Wisco...
    • Site: lawfirms.com
    • 2 of 2 user(s) found this useful
  • Estate Intestate Inheritance

    Leaving a will is the best way to ensure heirs or descendants may inherit from your estate. Issues of property...
    • Site: estateplanninglawfirms.com
  • Inheritance and Chapter 7 Bankruptcy

      Bankruptcy is a process for giving debtors a fresh start while paying their creditors as much as reasonably ...
    • Site: filingforbankruptcyonline.com
    • 3 of 3 user(s) found this useful
  • Estate Planning in Louisiana

    The majority of states in the U.S. have strict inheritance laws in situations where no will is available that ...
    • Site: lawfirms.com
  • Estate Planning in California

    Estate planning, the process of deciding who will be included in your last will and testament, is an extremely...
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