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What You Need to Know About Receiving an Inheritance

Modified on May 10, 2022 at 6:15 PM

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What You Need to Know About Receiving an Inheritance

It’s always complicated when a family member passes away and leaves an inheritance for their loved ones. There’s the emotional weight of processing everything on top of figuring out a financial situation you may have never been in before. This guide explains what you need to know about receiving an inheritance so the process becomes more manageable.

1. Check for a Will

Many people create wills after they start owning property or having kids. Their will simplifies passing on their family’s inheritance by selecting specific beneficiaries for assets like real estate, stocks and potential cash endowments. When a loved one passes away, always check with their lawyer, any safe deposit boxes in their name or online spaces where they saved documents.

2. Look for Beneficiaries 

Sometimes loved ones pass away before they can create a will. Other times, they might not have thought about making one at all. When a loved one doesn’t leave a will behind, you’ll have to create a list of assets and submit it to your local probate court. The probate court picks an administrator to split the assets, which takes much more time than if there was a will to determine those choices instead.

3. Prepare to Wait

If a probate court is in charge of sorting through your family’s inheritance, it will take a while to finish the process. Sometimes people wait months or years for the administrator to process related financial paperwork. In cases where family members need the inheritance money right away, they can initiate a probate advance process. The beneficiaries could receive same-day funding based on how much they stand to inherit from the estate. 

4. Read the Fine Print

You might assume that as your loved one’s estate goes through processing, you’re only a few days or weeks away from receiving a large sum of money. In most cases, the fine print allocates small inheritance payouts over time. Read the will closely, speak with your attorney or contact the probate court’s designated administrator to discuss how much you’ll receive, when and how often.

5. Plan for Remaining Debts

Most people accrue debt during their lives and many don’t pay it off before they pass away. If you discover remaining debts for your loved one, you’ll likely get calls from a debt collector. When that happens, ensure that they’re following laws that restrict who they can talk to so they only speak with the deceased person’s:

  • Spouse
  • Executor
  • Administrator

The collector cannot force you to pay the remaining debts from your personal funds. The will’s executor pays the debts through the remaining estate value and distributes what remains afterward to the beneficiaries.

6. Research Your State Laws

There is no federal law requiring everyone to pay an inheritance tax on what they receive from a deceased family member, but six states enforce inheritance taxes with varying amounts and deadlines. Research your state laws to see if you live in one of these places and owe:

  • Kentucky: 4-16% due within 18 months
  • Pennsylvania: 4.5-15% due within nine months
  • Iowa: 4-12% due within nine months
  • Maryland: 10% due within nine months
  • New Jersey: 11-16% due within eight months
  • Nebraska: 1-18% due within 12 months

You can calculate the exact amount owed with a certified public accountant (CPA) and any official helping you with your loved one’s assets. They’ll ensure that the government only gets what they’re legally entitled to so you can keep more funds that your family member would have wanted you to have.

7. Handle Retirement Accounts

When someone passes away with a retirement account in their name, there are a few ways to handle the remaining funds. Spouses and other beneficiaries named in the person’s will can check with the account’s regulator to discuss options like:

  • Cashing it out immediately and paying related taxes
  • Roll the IRA over into their own account
  • Begin the five-year payout option

Sometimes account owners don’t designate beneficiaries for retirement accounts. If that is the case with your family, the probate court often chooses the five-year payout option rather than cashing out the funds.

8. Seek an Expert’s Help

You don’t have to worry about navigating financial laws while grieving for your loved one. Lawyers and financial planners can help you make the best decisions for your financial needs. They can transfer assets for you, communicate with the probate court and even ensure that the inheritance money distributes evenly among your family members.

It’s challenging to make decisions like these while overwhelmed with grief and loss. Trusting an expert could help you avoid accidentally making decisions you wouldn’t have chosen if you had more time to recover.

Learn About Receiving an Inheritance

Now that you’ve read what you need to know about receiving an inheritance, you can prepare for the future or get started with a probate court today. This is a complicated process for anyone, especially those reeling from a loved one’s death. Follow these steps and contact experts to find the best solutions for your family’s needs.

Related posts:

How To Hit Your Financial Goals This YearHow To Hit Your Financial Goals This Year

Posted By The Fashionable Housewife
on May 10, 2022 at 6:09 AM
Filed Under: Finances
Tagged With: beneficiary, court, finances, financial, financial advisor, financial planning, inheritance, probate

About The Fashionable Housewife

Sarah-Jean Ballard is the Editor in Chief of The Fashionable Housewife blog and Founder of Fashionable Media. Married to a sexy Molecular Biologist, housewife, mom to 5, homeschooler, Certified Personal Nutritionist and entrepreneur who's mission is to help moms just like you look and feel GREAT! Other interests include dancing, yoga, positive intactivism, natural birth and breastfeeding support, babywearing, paleo & gluten-free cooking, and promoting an overall healthy lifestyle to all.

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Sarah-Jean Ballard

Hi! I’m Sarah-Jean. I’m a Christian, the wife of a handsome Molecular Biologist, and the homeschooling mother of 5 beautiful kids!

I enjoy homesteading, reading, writing, cooking, baking, crafting, home decorating, Xtend Barre, and of course, fashion!

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That’s the biggest lesson that grief has taught me. If I just wait around to be happy again, I’ll die sad. 

You don’t get through grief and come out the other side. That’s not how it works. You learn how to grow around it like a tree grows around a rock that’s in the way. You don’t wait for the rock to move. Cause it’s not gonna. 

Choose happy. And then make it happen. 

#choosehappy #joyinthejourney #griefjourney #healingfromtrauma
8 billion smiles in the world, but his is my favor 8 billion smiles in the world, but his is my favorite. 

Happy Valentine’s Day, @daeinexplains 🥰

The last 20 years with you have been my favorite years on this earth. ❤️ 

If I did anything right in my life, it was when I decided to give my heart to you.  You are my best friend, my soul mate, my better half, my rock, my everything. 

I love you.

#couplegoals #marriedlife #motherhoodthroughinstagram #weddingday #marriagegoals #yourestilltheone
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He was over the moon when we gave him the @lovevery floor mop that actually works! He uses it daily now. The mopping pad is machine washable and you can refill the fluid container on it. I usually just do water and a drop of essential oils because he loves it when everything smells clean! 😜 

Definitely recommend! If you want to grab this mop for your little helper, it’s in the Storyteller Play Kit from Lovevery for 3 year olds. 

LlNK is in my bio to get FREE shipping! 💃🏼

#lovevery #loveverytoddler #loveverypartner #montessoriathome #montessoriplayroom #montessoritoddler
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Sometimes we outgrown relationships. Sometimes we realize someone else isn’t a good influence on our lives. Sometimes we realize we aren’t a good influence for someone else. Sometimes we need to let things go that aren’t good for us in order to grow. And that’s ok. 

Stop trying to sit at a table you are no longer welcome at. Just be yourself, focus on God, love your family and friends, and the right people will gravitate to you. ✌🏻 

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The “Steffi” in green are the perfect boots for ushering in spring weather with their delicious vintage leather and worn-in look right out of the box. I love the chunky lug soles and inside zippers to get them on and off easily. 

These are the boots you’ll want to wear again and again. And again. 

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You do not find a happy life. You make it. 

That’s the biggest lesson that grief has taught me. If I just wait around to be happy again, I’ll die sad. 

You don’t get through grief and come out the other side. That’s not how it works. You learn how to grow around it like a tree grows around a rock that’s in the way. You don’t wait for the rock to move. Cause it’s not gonna. 

Choose happy. And then make it happen. 

#choosehappy #joyinthejourney #griefjourney #healingfromtrauma
8 billion smiles in the world, but his is my favor 8 billion smiles in the world, but his is my favorite. 

Happy Valentine’s Day, @daeinexplains 🥰

The last 20 years with you have been my favorite years on this earth. ❤️ 

If I did anything right in my life, it was when I decided to give my heart to you.  You are my best friend, my soul mate, my better half, my rock, my everything. 

I love you.

#couplegoals #marriedlife #motherhoodthroughinstagram #weddingday #marriagegoals #yourestilltheone
Kids love helping if you just let them!💁🏼‍ Kids love helping if you just let them!💁🏼‍♀️

This little guy always asks to help when he sees me cleaning the house, washing the floors, doing laundry, or emptying the dishwasher. That’s what I love about Montessori parenting - it allows kids to do  big jobs and in turn makes them eager to help! 

He was over the moon when we gave him the @lovevery floor mop that actually works! He uses it daily now. The mopping pad is machine washable and you can refill the fluid container on it. I usually just do water and a drop of essential oils because he loves it when everything smells clean! 😜 

Definitely recommend! If you want to grab this mop for your little helper, it’s in the Storyteller Play Kit from Lovevery for 3 year olds. 

LlNK is in my bio to get FREE shipping! 💃🏼

#lovevery #loveverytoddler #loveverypartner #montessoriathome #montessoriplayroom #montessoritoddler
Stop trying to fit your square self in a round hol Stop trying to fit your square self in a round hole. 

Sometimes we outgrown relationships. Sometimes we realize someone else isn’t a good influence on our lives. Sometimes we realize we aren’t a good influence for someone else. Sometimes we need to let things go that aren’t good for us in order to grow. And that’s ok. 

Stop trying to sit at a table you are no longer welcome at. Just be yourself, focus on God, love your family and friends, and the right people will gravitate to you. ✌🏻 

#raisingsaints #momlife #motherhoodunplugged #selflovejourney #growingpains #selfcaresunday
When your toaster breaks from a power surge you ta When your toaster breaks from a power surge you take that as a sign that it’s time to upgrade! 🤪

It wasn’t hard to pick a new 4 slice toaster. As soon as I saw this one from @haden_usa I added it to my cart. I bought it from @lordandtaylor because it had the fastest shipping and I didn’t want to wait! 

No fancy electronics, screens, or extra features we don’t need. Just simple, straight forward functions and perfect results everytime. Plus it matches all my @cafeappliances too! 😂👍🏻

What do you think of this 4 slice toaster?! 

#toasters #kitchenappliances #kitchendesign #kitchendecor #whitekitchen #farmhousekitchen #farmhousestyle #whiteappliances
I’m obsessed with these leather booties from @en I’m obsessed with these leather booties from @enjoiya! 💃🏼 

The “Steffi” in green are the perfect boots for ushering in spring weather with their delicious vintage leather and worn-in look right out of the box. I love the chunky lug soles and inside zippers to get them on and off easily. 

These are the boots you’ll want to wear again and again. And again. 

Use my coupon code BALLARD20 to get 20% off your order! Find them on www.enjoiya.com

#leatherbooties #enjoiya #italianshoes #realmomstyle #momstyle #momstyletips
All the poop shoveling doesn’t seem so bad with All the poop shoveling doesn’t seem so bad with the prices of eggs right now! 🤪 🐔 🥚 

Guess it’s ok to be a crazy chicken lady and have a homestead now! 🤣

#momlife #crazychickenlady #homesteadlife
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