Heirs and beneficiaries stand to inherit a portion of a loved one's estate. Depending on the estate's value and the terms of the inheritance, heirs could be receiving thousands of dollars or property worth even more.
If you are going to be an heir to an estate, it's important that you know what you need to do when your loved one passes. As an heir, you may need to wait for the estate's executor to pay creditors, taxes and to locate the will before you can get what you're owed.
One question lots of people have is how to know if they're the heir of an estate. Sometimes, family members or friends may make people beneficiaries without letting them know. Heirs are not the same as beneficiaries, though.
As a potential heir, it's a good idea to sit down and think about the money or assets you're about to receive. You want to know how to handle it well so that it can go the distance toward helping you in the future.
You took the time to invest and save so that you could pass on an inheritance to your children. Today, your biggest concern may no longer be growing those assets. Instead, you may be focused on making sure they're protected against taxes and other losses.
A person's will outlines what they want to happen with their assets when they pass away. This is often done in conjunction with trusts to ensure that things get to the correct beneficiary in a timely manner. Many people who are creating a will choose to discuss the terms of the plan with the heirs. Sometimes, there are changes that will be necessary due to changes in the person's wishes or changes in circumstances.
Putting together your estate plan is never easy. Naturally, one of the most difficult things in creating an estate plan is dolling out the inheritance to your beneficiaries.
Many children have expectations regarding what they will get from their parents when they pass away. One major cause of estate disputes between heirs and beneficiaries is when these expectations are not met.
The singer, Aretha Franklin, did not leave a will behind as a guide to distribute her estate assets. The singer's $80 million estate, which will probably be divided among her four sons will need to be probated according to intestate laws of her home state of Michigan. Her four sons have already filed the appropriate legal paperwork to lay claim to their late mother's estate.
As we discussed in a recent post, three children of country music legend Glen Campbell filed a lawsuit to invalidate the singer's two most recent wills. Their claim was, essentially, that their father was not of sound mind due to Alzheimer's disease when he drafted the wills.