If you're going to be inheriting money, there are some things you should know. When someone leaves you assets in their estate plan, it probably won't be as easy as giving your bank details and collecting funds. Instead, you'll have to go through a series of steps to make sure that the inheritance is processed correctly and to minimize potential delays and legal consequences.
Often an inheritance can't be paid at once. The will dictates how you'll receive an inheritance. Your mother, father or other loved one may have decided that you should receive your inheritance in installments rather than in a lump sum. The will or trust dictates how it will be paid
If you're inheriting money, learn about any restrictions.
In some cases, inheritances can be legally restricted to pay for only certain things. For example, a parent who passed may have left an inheritance for use only if you complete college. Incentives may be included, too. Essentially, it may not be as simple as collecting a check. Instead, you may have to meet the terms and conditions of the inheritance in order to collect it.
Inheritances are generally positive things. However, there could be terms and conditions that you need to learn about before you can accept your inheritance and use it as intended. You can reach out to an estate planning attorney to learn more about what you need to do to have the funds released to you. Our site has more on inheritances and what you can do if your inheritance comes with a set of restrictions.