What are the responsibilities of an inheritance?

Get Legal Help Today

 Secured with SHA-256 Encryption

What are the responsibilities of an inheritance?

I had a relative who lived in FL that passed away. I received a notice from the attorney’s office that I am named as beneficiary in the Will. Do I need to do something to claim this money or just wait? Do I need to pay taxes on it? How are the funds distributed if there is not enough money to pay all that has been left to the beneficiaries in the Will?

Asked on January 28, 2011 under Estate Planning, Colorado

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You need to talk to the estate's attorney about the amount of the gift, if it is a cash gift or item and if there is going to be accounting. Bottom line, your questions are quite valid and astute. If the administrator of the estate has to settle outstanding amounts owed or there is a possibility your gift will fail for whatever reason (you won't get it), you need to know.  You also need to know if it is something that you need to place directly into a trust to gain tax advantages.  The only way to claim it is by calling the attorney or emailing or somehow communicating to him or her in writing about it.  Otherwise, the attorney will assume you have denied the gift.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption