How Does Inheritance Work and What Should You Expect?

Many of us are will have expected inheritances when our loved ones pass away. In fact, depending on our individual financial circumstances, we may be counting on those inheritances to pay expenses. Inheritances can be life-changing, allowing people to pay off bills, invest in businesses, go to school, or simply continue with a certain standard of living.

Inheritance When There’s a Will

When someone dies and there is no living spouse, survivors receive the estate through inheritance. This is usually a cash endowment given to children or grandchildren, but an inheritance may also include assets like stocks and real estate. Asset distribution is determined during the estate planning process, when wills are written and heirs or beneficiaries are designated.

The will specifies who will receive what. To distribute everything evenly, one can simply list beneficiaries. If certain items are to be left to certain people, that must be spelled out in the will.

For the inheritance process to begin, a will must be submitted to probate. The probate court reviews the will, authorizes an executor and legally transfers assets to beneficiaries as outlined. Before the transfer, the executor will settle any of the deceased’s remaining debts.

Inheritance When There Isn’t a Will

Inheritance becomes more complicated if the deceased did not outline asset distribution before death. In that case, a probate court must determine the wishes of the deceased as best it can. The probate court will check to see if the deceased named beneficiaries on stocks, bank accounts, brokerage accounts and retirement plans. Real estate, jewelry, heirlooms and other property can be more difficult to allocate.

Once the plan is established, the court will appoint an administrator to act as executor and disseminate the assets. This process can take months or years to settle.

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