Inheriting Money ? 4 Things To Do When Receiving an Inheritance - Retirement Planning Tips
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- Опубліковано 30 чер 2024
- If there’s a chance that you may receive an inheritance in the near or distant future, knowing these 4 things will be helpful. Watch this video and bookmark or save it to come back to if or when the time comes that you receive an inheritance.
Dave Zoller, CFP®
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I inherited (then adopted) an amazing work ethic from my dad … that was priceless. Best gift
Solid advice. My mom did a fairly good job setting up her estate and how it would be distributed. The one thing she either forgot or just never got around to changing was her beneficiary on an account. Myself and my siblings were on there, but not equal shares. We are fairly sure she meant it to be a third to each, but it was 40 percent to each of my sisters and 20 to me. This caused some hurt feelings and not understanding why. So, be sure to have all the details communicated to those managing the distribution, especially if it is not equal between children.
I would just add - be prepared to write checks for thousands of dollars to lawyers and accountants, pay thousands in fees to the probate court, and travel from bank to brokerage house to bank with your executor certificate. Don't even ask me about estate trusts and probate courts.
In my wife's case for her inheritance being 1 of 12 was/is very mis-managed. Her parents trust specifically stated " immediate dispersal" in the trust instructions. BUT here in Illinois the law states all the beneficiaries must be notified with a copy of the trust and an accounting of the trust within 90 days after the trust becomes irrevocable. I did not find out about this law till 5 months after the 90 days were up. A demand letter was sent to the attorney for the trust. The paper work did not show up till 170 day late. The immediate dispersal happened at day 375.
Only one type of attorney that's as horrible as a divorce attorney and that's a probate attorney. They will extract as much wealth from you and future generations to enrich themselves as possible. The best plan is to have POD accounts at banks. The more things that stay out of probate and aren't required to go through the court; the better. Like divorce attorneys in the situation where all of you families' finances are forced to be out on the table, they're rubbing their hands together eagerly counting the ways they can charge you and tie you up legally to drain as much money from you as possible.