One common question we often encounter is: ‘how long does it take to receive inheritance from a will?’ The answer largely depends on the probate process. It’s not uncommon for the beneficiaries of a will to become impatient with estates’ executors as the probate process drags on and on. However, the executor may not be moving slowly. She must complete several tasks before she can make the decedent’s bequests to his beneficiaries. If she jumps the gun and distributes bequests too soon, the court holds her personally responsible if she runs out of money to pay the decedent’s taxes and debts. You’ll usually get the grant of probate (or letters of administration) within 8 weeks of sending in your original documents. You should not make any financial plans based on the date you expect to receive it, as it may take longer. Get access to financial assetsYou can ask for financial assets to be transferred to an agreed ‘executorships account’. This can be either: Pay debtsAs the executor or administrator you must pay off any debts or outstanding payments before distributing the estate. This could include: Money in a joint bank account automatically passes to the other owners. You still have to include this money as part of the estate when you work out Inheritance Tax. If the person who died owned the whole of the home with another person (‘joint tenancy’), ownership passes to the other owner. Otherwise, their share goes to the beneficiary named in the will. Distribute the estateOnce all debts and taxes have been paid, you can distribute the estate as detailed: The Personal Representative or Successor Trustee has to take the following steps before the estate can be closed or the trust can be terminated: • Inventory the decedent’s documents and assets. Before a Personal Representative can be appointed by the probate court or a Successor Trustee can take over the administration of a trust, all of the decedent’s estate planning documents and other important papers must be located. The decedent’s estate planning documents may include a Last Will and Testament, funeral, cremation, burial or memorial instructions, and/or a Revocable Living Trust. The decedent’s important papers may include bank and brokerage statements, stock and bond certificates, life insurance policies, corporate records, car and boat titles, and deeds; and information about the decedent’s debts, including utility bills, credit card bills, mortgages, personal loans, medical bills and the funeral bill. • Distribute what’s left to the beneficiaries. And so we come to the very last step in the process of settling an estate or trust – write the inheritance checks to the beneficiaries. This is the very last step because if the Personal Representative or Successor Trustee fails to take care of all five of the prior steps and simply gives the beneficiaries their share of the estate or trust, then the Personal Representative or Successor Trustee will be held personally liable for all of the decedent’s unpaid bills, the administrative expenses, and all unpaid taxes. Receiving an inheritanceYou may have been left money, property, investments or other things by the person who died. The inheritance tax on the person’s estate is paid before you get this money or other items. The executor or administrator (the person in charge of distributing the estate of the person who’s died) has to pay off any debts before they can pass over money and items to the people inheriting them. If you’ve been left an asset (e.g. a property) in the Will, but there isn’t enough money in the estate to pay the person’s debts, the item you’re due to inherit may need to be sold. You can get advice from a solicitor on this. Sometimes, when you’ve been left money, the executor or administrator may ask if you’d like to accept some assets instead. It could be jewellery, or some antiques, depending on what’s in the estate. You don’t have to agree to this. You don’t have to accept an inheritance at all if you don’t want to. If you refuse it, the executor or administrator decides who gets it instead. It’s possible to change the Will of a person after they’ve died as long as anyone who’s inheriting and would be made worse off by the changes agrees to it. To do this, you need a deed of variation. This can be complex, so it’s best to get advice from a solicitor. The variation must be made within two years of the death. Inventory and ValuationsAfter an executor takes office, she has a period of time in which to prepare an inventory of the decedent’s assets for the court. This includes a list of all his property, as well as values. Values of significant assets, such as real estate, require appraisals, and a professional appraisal can take more than a month to complete. In Utah, an executor’s deadline for accomplishing all this is three months, but she can ask for an extension. Three months is a typical time frame for this step. Therefore, you can expect that probate of the will won’t reach this point until approximately four months have passed. After the oath swearing, the grant of probate usually takes between 3-4 weeks to be received. The remaining probate process usually takes up to 6 months to complete but can easily go past 12 months. The revenue and customs authority can take up to five months to process capital gains tax and the inheritance tax. You should pay inheritance tax to make sure the process takes the shortest time possible to complete. Therefore the probate cost will vary depending on the deceased person’s assets and property value. Generally, as you can see, the higher the value of the asset, the more the probate costs. Consequences of revocationIf the grant is revoked, a new grant of probate should be applied for according to the terms of the new will. If the estate has been distributed already the new personal representatives should seek specialist professional advice on recovering the incorrectly distributed parts of the estate in order to correctly distribute the assets. The recipient of any cash gifts (who would not be entitled to the legacy under the new will) may be liable for the full sum. If the existing grant of probate or letters of administration is revoked, the personal representatives may be concerned about their liability for incorrectly distributing the deceased’s estate. The personal representatives may be protected from liability provided the court is satisfied that they acted in good faith and believed there was no will or the original will was valid at the time of making the distribution. Provided the court is satisfied, the personal representatives may retain or reimburse themselves in respect of any payments and/or dispositions made under the original grant. Probate Lawyer in Utah Free ConsultationWhen you need to receive your inheritance, please call Ascent Law LLC for your free consultation (801) 676-5506. We can help you with: Estate Planning. Probates. Intestacy. Will Administration. Trust Administration. Trust Preparation. Trust Accounting. Reading of the Will. Drafting Powers of Attorney. And much more. We want to help you.
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If your employer is deducting money from your paycheck due to a wage garnishment (also called a wage attachment) and you can’t afford basic living expenses, you might be able to reduce the amount of the garnishment. Some of the ways to lower or even eliminate the amount of a wage garnishment include: Most creditors can’t garnish your wages without first getting a money judgment against you. The creditor must sue you in court and then either win its case or else get a default judgment (which it gets if you don’t respond to the lawsuit). After the creditor obtains the money judgment, it must get a court order directing your employer to deduct a percentage of your wages. Not all creditors have to get a money judgment before garnishing your wages though. For instance, a streamlined process is available for creditors collecting tax, student loan, and child support debt. Federal wage garnishment law typically allows a creditor to deduct 25% of your after-tax income, depending on the type of debt. State law can limit the garnishment amount further. The creditor can garnish all of your wages above the protected amount.
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