If they used a Will, then it is the executor who should be notifying you, generally within a few months of the death. If they used a Trust, then it is the trustee who should be notifying you. The timeline is much shorter. California laws, for example, require that beneficiaries are notified within 60 days of the death.
Use a Free Unclaimed Inheritance Search
You simply enter your name and the deceased's name. The service will then see if the deceased owned any property that went to a government agency. You can also perform a search through the unclaimed property office in the state where your loved one lived.
A typical timeline
While there is no strict deadline, beneficiaries are usually notified within a few weeks to a few months after someone's death.
Inheritance checks are generally not reported to the IRS unless they involve cash or cash equivalents exceeding $10,000. Banks and financial institutions are required to report such transactions using Form 8300. Most inheritances are paid by regular check, wire transfer, or other means that don't qualify for reporting.
If you received a gift or inheritance, do not include it in your income. However, if the gift or inheritance later produces income, you will need to pay tax on that income. Example: You inherit and deposit cash that earns interest income. Include only the interest earned in your gross income, not the inherited cash.
An heir can claim their inheritance anywhere from six months to three years after a decedent passes away, depending on where they live. Every state and county jurisdiction sets different rules about an heir's ability to claim their inheritance.
A Beneficiary need not know about a trust of which he or she is a Beneficiary, and neither the Settlor nor the Trustee (if the Settlor waived the requirement for the Trustee to keep the beneficiaries informed) needs to inform the Beneficiary of the existence of the trust; but if the beneficiary finds out about it and ...
For instance, California probate code provides that beneficiaries of a trust must be notified by the trustee within 60 days of the trustor's death. California law provides less-specific deadlines for filing a Last Will and Testament for probate.
Contacting beneficiaries
The executor or personal representative will contact each beneficiary. That is often done through written communication, such as a letter or email, providing details about the deceased's passing, their role as executor, and the beneficiary's rights and entitlements.
The best place to begin your search is www.Unclaimed.org, the website of the National Association of Unclaimed Property Administrators (NAUPA). This free website contains information about unclaimed property held by each state. You can search every state where your loved one lived or worked to see if anything shows up.
The Executor must submit the Will and other important documents to the probate court, and then pay any outstanding bills and taxes. Once that's done, you can expect to receive a disbursement of financial assets and transfer of ownership of any tangible assets.
Your first step, if you believe you may have inherited through someone's will or by intestacy, is to examine the records of their probate case, which you can do through the Probate Court of the county in which they lived at the time of their death.
If you are the designated beneficiary on a deceased person's bank account, you typically can go to the bank immediately following their death to claim the asset. In general, there is no waiting period for beneficiaries to access the money; however, keep in mind that laws can vary by state and by bank.
Typically it will take around 6 to 12 months for beneficiaries to start receiving their inheritance, but this varies depending on the complexity of the estate and possible delays at the Probate Registry, which have been widely reported in the media.
Under California Probate Code 16061.7, trustees are obligated to notify all beneficiaries and heirs within 60 days after the trust creator passes away in order to ensure all parties involved can take appropriate actions regarding their inheritance.
At the beginning of estate administration: Executors often inform beneficiaries at the outset of the estate administration process that they should expect to inherit from the estate.
Under the Probate Code, “The trustee has a duty to keep the beneficiaries of the trust reasonably informed of the trust and its administration.” Probate Code Section 16060.
Typically, you might receive a certified letter from the personal representative notifying you that you are a beneficiary. However, you can always contact the estate attorney to explain the will to you.
If the executor is not informing beneficiaries about the estate or is withholding certain documents, an experienced probate lawyer can help beneficiaries bring a claim to try to force the executor to provide them with the information they're seeking.
An insurance company usually takes several days to a month to process and pay out a life insurance claim. This is because the insurer must ensure the claim is valid, verify the death certificate, and confirm the beneficiaries' identities.
Writing a will and naming beneficiaries are best practices that give you control over your estate. If you don't have a will, however, it's essential to understand what happens to your estate. Generally, the decedent's next of kin, or closest family member related by blood, is first in line to inherit property.
According to the U.S. Securities and Exchange Commission, the time limit on claiming your inheritance varies from state to state. California's Unclaimed Property Law, for example, states that a financial asset is considered abandoned after three years.