The answer to when you will receive your inheritance money depends on several factors, including the type of inheritance, the size of the estate, and the complexity of the estate plan.
If the estate goes through probate, the process can take several months to several years, depending on the state laws and the size and complexity of the estate.
Probate is the legal process that takes place after someone dies, and it involves validating the will, identifying the assets, paying off debts and taxes, and distributing the remaining assets to the beneficiaries.
If the estate is small, it may be possible to avoid probate or expedite the process through simplified procedures.
However, if the estate is large or complex, it may require more time and resources to settle.
If you are named as a beneficiary in a will, you may need to wait until the probate process is complete before you can receive your inheritance money.
During probate, the executor of the estate will manage the assets, pay off debts and taxes, and distribute the remaining assets to the beneficiaries.
The executor may also need to obtain court approval for certain actions, which can add to the delay. If you are named as a beneficiary in a trust, the process may be faster and more straightforward.
A trust is a legal entity that holds and manages assets on behalf of the beneficiaries, and it can be designed to avoid probate or simplify the process.