When your loved one passes away, you may have questions about when you can expect to receive your inheritance if you are a beneficiary. While every case is different (and there is no set timeline for your payout), the process will likely take several months to over a year. Several factors, including the estate’s complexity and legal disputes, can affect the timeline. An estate administration attorney can answer all your questions and address your concerns about how the executor handles their duties.
What Common Factors Affect the Payment Timeline?
In Pennsylvania, several factors can affect the timeline for payment, including the following:
- The estate’s complexity – If your loved one has a larger, more complex estate with numerous assets and liabilities, it will take longer to settle, affecting the timeline for your payment. Further, if certain assets must be sold (such as real estate), the liquidation period can add to the time that will elapse before distributions are finalized.
- Legal disputes – Unfortunately, disputes among estate beneficiaries can delay the settlement process and affect when you will receive the money you are due.
- Creditor claims – Before any estate beneficiaries can be paid, the estate’s executor must pay all of the decedent’s outstanding debts, including their taxes.
What Other Circumstances Can Potentially Delay Payment?
In addition to the above circumstances that can affect the time by which the executor pays the beneficiaries, the following factors can likewise delay when you receive your payment:
- Difficulty locating assets – If the decedent’s assets are difficult to locate (or the ownership of the property is unclear or disputed), your payment may be delayed.
- Tax matters – Certain tax complications with the estate can result in delays.
- Executor negligence – If the estate executor fails to perform their duties appropriately (whether unwilling or unable), you may have to initiate litigation to receive your money.
What Is An Executor’s Year?
Though not a legal deadline per se, an “Executor’s Year” traditionally refers to the initial twelve-month period after the decedent’s death. During this time, the executor typically identifies and settles debts, files tax returns, and gathers information about the estate’s assets. The executor is generally not obligated to distribute assets to the beneficiaries within this time frame. However, the payment timeline depends on the complexity of the estate and other factors described above, and payments could reasonably be made within the year following your loved one’s death.
When Can I Expect My Distribution?
After the executor pays all the decedent’s debts and taxes, they will distribute the remaining estate assets to the beneficiaries. The executor must comply with the decedent’s wishes concerning the distribution in their will. If your loved one did not have a will, the executor distributes the assets according to Pennsylvania’s intestacy laws. The executor should provide an accounting showing how the estate’s assets and liabilities were handled. Specifically, the executor must inventory and appraise all of the estate assets, including real estate, vehicles, bank accounts, and investments, among other assets. The accurate valuation of these assets is crucial to ensure the decedent’s property is accounted for and properly distributed.
Contact Silverman, Tokarsky & Forman, L.L.C., Today
At Silverman, Tokarsky & Forman, L.L.C., we understand that it is troubling when your payment is delayed as a beneficiary. If you are experiencing such delays or a dispute has arisen among beneficiaries, we are here to help. Dealing with the grief of losing a loved one is difficult enough, and it can be even more challenging if issues with the estate are affecting your family relationships. You do not have to navigate this challenge alone. Contact us today for a confidential consultation to learn more about how we can assist.
