How Long Does It Take For A Beneficiary To Receive Their Inheritance?
The exact amount of time it takes for a beneficiary to receive their inheritance is dependent on several factors. Being aware of these factors will make it easier to determine which estate planning decisions are most appropriate for a particular estate plan.
What Happens After You Pass Away?
Right after a loved one passes away, their estate will, in most cases, go through probate. Going through probate allows for the following actions to take place:
- Every single asset will be looked through and, then, accounted for.
- Any and all debts, that involve the estate, are paid off.
- The assets are transferred to those who are entitled to them.
Many of the assets that will go to a beneficiary can be considered “probate assets.” Since these assets are considered probate assets, they must go through the processes outlined above.
None of these processes are quick. Rather, they often take a great deal of time, which prevents a beneficiary from receiving their inheritance in a timely manner.
Even though this is often the case, speaking with an estate planning lawyer, and developing a good estate plan, may be able to prevent the probate process from occurring.
How Long Does It Take For A Beneficiary To Receive Their Inheritance?
No single answer is applicable to every probate situation. But, even though this is the case, there are a number of laws that involve the probate process. Each one of these laws can be used as a general estimate of the amount of time it will take for a beneficiary to receive their inheritance.
Right away, the most important law to consider is the fact that, within the state of Florida, creditors have three months, from the date of being notified of an individual’s death, to file a claim against their estate.
Once those three-months pass, then a creditor can no longer file a claim against their estate. But, if a creditor does file a claim, then it’s likely that the process will take even longer.
Outside of creditors filing a claim against an estate, the assets within an estate must, of course, be accounted for and, then, any taxes must be taken care of.
All of these processes can prevent a beneficiary from receiving their inheritance for a period that may be as little as three-months or as long as one-to-two-years.
What Can You Do To Ensure Your Beneficiaries Receive Their Inheritance Sooner?
To ensure that one’s beneficiaries receive their inheritance sooner, rather than later, it is best to work with an estate planning lawyer and, in doing so, to develop a trust.
Developing a trust offers many, many benefits. One of these benefits is the fact that a trust, if developed properly, does not need to go through probate. This allows one’s beneficiaries to receive their inheritance very quickly.
Speak With A Florida Estate Planning Lawyer Today
To ensure that your beneficiaries receive their inheritance as soon as possible, you can develop an estate plan that includes a trust. Speak with a Florida estate planning lawyer at the Millhorn Elder Law Planning Group today and we will help you develop a trust that satisfies your needs.
Sources:
law.cornell.edu/wex/probate
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/Sections/0733.2121.html
