In fact, beneficiaries might not receive anything until several months after they’ve been notified of their place in the will. While an executor is obligated to notify beneficiaries and then move things along at a reasonable pace, he or she isn’t required to distribute inheritances at the time of notification. So it’s in everyone’s best interests to distribute assets in a timely manner to avoid losing money to these expenses. Additionally, there are a handful of expenses that come with the probate process, including taxes.
It’s in place to prevent any executors from filing the will in probate court and then doing nothing and letting the estate just sit in limbo. This isn’t to rush an executor such that he or she doesn’t do a thorough job. Different states have different interpretations on what constitutes “a timely manner.” Some states don’t put any time frame in writing, while others stipulate one year as the deadline. Timely DistributionĪnother responsibility the executor has is to distribute assets to the beneficiaries in a timely manner. As executor, it’s a good idea to keep everyone abreast of the process as it proceeds. This means is that if beneficiaries have questions about what’s in the estate, or your plan to pay off any debts, you owe them an answer. You may not even have that information until you finish doing inventory on the estate. This doesn’t necessarily mean you need to provide beneficiaries with detailed balance sheets or dollar amounts down to the cent. This includes what assets are in the estate, how much debt the estate has and how the executor plans to pay that debt. In addition to formal notification, the beneficiary also has a right to information about the estate and the probate process. This way, each beneficiary will have the notice in writing, and there can be no ambiguity that you’ve delivered the notice. To be safe, it’s a good idea to send beneficiaries a document stating their place in the will. That way, they have a chance to contest anything they have an issue with.ĭifferent states and counties have different requirements regarding the method of giving notice. Beneficiaries have the right to know they’ve been included in a will early on in the probate process. An executor’s biggest responsibility to beneficiaries is to notify them that they are, in fact, beneficiaries.
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