When your parents pass on, the last thing you really want to think about is their estate, dealing with paperwork, or somehow getting a handle on their taxes and debts. The first thing that you want to do is grieve, but unless you are fine with the government handling your parent’s estate, or you were not named executor, this won’t work for long. You have a time window to deal with your parent’s assets, debts, and will, which is why you need to follow this guide to know your rights.
What is a Will?
A will is the Last Will and Testament for the deceased. It’s where they have outlined who they want to name in their will, and what they should receive. It doesn’t mean that what they have written always goes through. Debts are paid first; then the rest goes on to the family. In some cases, the executor might have to make a decision. If the will names a cash sum to be passed on, but cash reserves were depleted, the executor can decide to sell physical assets to liquidate them.
What Usually Occurs After Death in the Family
Steps that occur after a death include:
- Funeral
- Executor proves the validity of the will, known as “probate”
- Debts are paid
- Will is carried through
While probate is being carried out, you will have a limited time window to contest the will if you believe fraudulent activity has occurred.
What Happens If There is an Issue With the Will?
If you believe fraud has occurred, you will then need to prove it. Hiring inheritance specialists from the-inheritance-experts.co.uk is the best place to start. Only certain people can contest including family members, those named in previous versions of the will, and any named beneficiaries. Creditors can also make a claim, as they have debts to settle with the deceased. Pulling together proof that a will is fraudulent is difficult, and having legal representation can help you see your parent’s true wishes through.
What Happens if There is No Will?
If there is no will, then your parent’s assets will be divided up by the governing bodies rules. This often means either all or the majority of their assets will pass on to the surviving spouse, and if there is no spouse, then on to children equally. The reason why this is not the best situation for anyone is that it is an impartial means of passing on the assets of your loved one. Your parent might have wanted you to have something specific, because it always means so much to you, for example. If there is no spouse or children, then it will go to siblings, parents, and to further extended family.
Dealing with Inheritance or Estate Tax
Inheritance of estate tax can essentially take away a considerable amount of your willed assets from you, but there are many ways you can avoid or reduce the amount that is taken in tax, from giving money away while you are still alive to setting up trusts. If your parent did create these preliminary measures, then you will need to be on board ASAP, whereas if they did not, you will need to go along with the tax rules. Selling their home to you for $1 is possible, but there are other considerations to make beforehand. Hiring an Estate Planning Attorney can be beneficial for you in guiding you through your particular states probate laws.
Check will your local Clerk’s office they can direct you to the Probate office and others that can aid you in this process.
This is just a guide and not legal advice. For legal advice seek a local attorney that specializes in Estate Planning and Probate Law.
