• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Wilcox Attorneys, PA

Wilcox Attorneys, PA an Arkansas Estate Planning & Trust Information Center

Northwest Arkansas Estate Planning Attorneys (479) 443-0062

Client Vault
  • Home
  • Our Firm
    • Our Firm
    • About the American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • News & Events
    • Speaker Connection
  • services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • Legacy Planning
    • Pet Planning
    • Secure Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Webinars
  • Practice Areas
  • Resources
    • DocuBank
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Articles
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • Legacy Wealth Planning
      • Medicaid Planning
      • Pet Planning
      • Probate
      • Trust Administration & Probate
    • Newsletters
    • Pre Consultation Form
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Contact Us
  • Blog

How Long Will It Take to Get My Inheritance?

March 7, 2018 by Deb Sexton Leave a Comment

This is an article from Amen, Gantner & Capriano (https://www.yourestatematters.com/) in St. Louis, Missouri, that we thought others may find helpful.

The death of a loved one is usually followed by a period of grief and other heightened emotions.  Along with the emotional impact of the decedent’s death, however, there are also some practical and legal ramifications. The biggest of those is the distribution of the decedent’s estate. If you are a beneficiary or heir of the estate, you probably have a number of questions about your inheritance; however, you may feel it is disrespectful to ask or you may be unsure who to ask.

Probate Basics – The First Step in Receiving Your Inheritance

Contrary to the way things are often portrayed on television, when an individual dies there is not usually a melodramatic “reading of the Will” to let everyone know what the decedent left them. Instead, the decedent’s estate goes through the legal process known as probate; during which time you will find out what, if anything, the decedent left you. Probate is typically required following the death of an individual because the law wants to make sure that estate assets are accounted for, valued, and eventually transferred to the intended recipients or legal heirs of the estate. Probate also ensures that creditors of the estate have the opportunity to file claims against the estate, as well as requires the payment of gift and estate taxes before assets can be released to beneficiaries or heirs.  If the assets included in your inheritance are required to go through probate, you will not receive those assets until the conclusion of the probate process.

Probate vs Non-Probate Assets

Not all assets are required to pass through probate. Assets that do not need to go through probate can be distributed to the intended beneficiary shortly after the death of the decedent. Some common non-probate assets include:

  • Proceeds of a life insurance policy
  • Property co-owned as “joint tenants with rights of survivorship”
  • Assets held in a trust
  • Assets held in an account designated as “Payable on death (POD)” or “Transfer on Death (TOD)”

Testate vs. Intestate Estates

If the decedent left behind a valid Last Will and Testament the estate is referred to as a “Testate” estate. If the decedent failed to leave behind a valid Will the estate is an “Intestate” estate. If the decedent died intestate, then his respected state’s laws of intestate succession will be used to determine what will happen to the decedent’s estate assets. It can take longer to probate an intestate estate than a testate estate because the legal heirs of the estate must first be identified and then located. This alone can slow down the probate process considerably if the decedent was not survived by close relatives and the law has to look to more distant relatives to find heirs.

Challenges to the Will

Sometimes, a Will contest is filed by a beneficiary or potential heir of the estate. When that happens it effectively brings the entire probate process to a halt until the challenge has been litigated because if the Will is invalidated the court must locate another valid Will or the estate becomes an intestate estate and the intestate succession laws are used to distribute the assets.

Creditor Claims

Finally, if the estate is required to go through formal probate, it will take a minimum of six months before your inheritance can be distributed to you because creditors of the estate have that long to file claims against the estate.

Ultimately, the best way to obtain an estimate for the amount of time it will take before you receive your inheritance is to consult with the estate planning attorney representing the Executor and the estate.

  • Author
  • Recent Posts
Deb Sexton
Latest posts by Deb Sexton (see all)
  • Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
  • Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
  • The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Wilcox Attorneys, PA

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Subscribe to Our Blog

Subscribe to our blog for all the latest estate planning news and updates!

Office Address

Fayetteville
2766 Millennium Drive
Fayetteville, AR 72703
Phone: (479) 443-0062

Office Address

Prairie Grove
1100 Division Street, Suite 4
Prairie Grove, AR 72753
Phone: (479) 846-6026

( By Appointment Only )

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 12:00 PM

Map

map for office
  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

footer-logo

© 2023 American Academy of Estate Planning Attorneys, Inc.