One common question we often encounter is: ‘how long does it take to receive inheritance from a will?’ The answer largely depends on the probate process. It’s not uncommon for the beneficiaries of a will to become impatient with estates’ executors as the probate process drags on and on. However, the executor may not be moving slowly. She must complete several tasks before she can make the decedent’s bequests to his beneficiaries. If she jumps the gun and distributes bequests too soon, the court holds her personally responsible if she runs out of money to pay the decedent’s taxes and debts. You’ll usually get the grant of probate (or letters of administration) within 8 weeks of sending in your original documents. You should not make any financial plans based on the date you expect to receive it, as it may take longer. Get access to financial assetsYou can ask for financial assets to be transferred to an agreed ‘executorships account’. This can be either: Pay debtsAs the executor or administrator you must pay off any debts or outstanding payments before distributing the estate. This could include: Money in a joint bank account automatically passes to the other owners. You still have to include this money as part of the estate when you work out Inheritance Tax. If the person who died owned the whole of the home with another person (‘joint tenancy’), ownership passes to the other owner. Otherwise, their share goes to the beneficiary named in the will. Distribute the estateOnce all debts and taxes have been paid, you can distribute the estate as detailed: The Personal Representative or Successor Trustee has to take the following steps before the estate can be closed or the trust can be terminated: • Inventory the decedent’s documents and assets. Before a Personal Representative can be appointed by the probate court or a Successor Trustee can take over the administration of a trust, all of the decedent’s estate planning documents and other important papers must be located. The decedent’s estate planning documents may include a Last Will and Testament, funeral, cremation, burial or memorial instructions, and/or a Revocable Living Trust. The decedent’s important papers may include bank and brokerage statements, stock and bond certificates, life insurance policies, corporate records, car and boat titles, and deeds; and information about the decedent’s debts, including utility bills, credit card bills, mortgages, personal loans, medical bills and the funeral bill. • Distribute what’s left to the beneficiaries. And so we come to the very last step in the process of settling an estate or trust – write the inheritance checks to the beneficiaries. This is the very last step because if the Personal Representative or Successor Trustee fails to take care of all five of the prior steps and simply gives the beneficiaries their share of the estate or trust, then the Personal Representative or Successor Trustee will be held personally liable for all of the decedent’s unpaid bills, the administrative expenses, and all unpaid taxes. Receiving an inheritanceYou may have been left money, property, investments or other things by the person who died. The inheritance tax on the person’s estate is paid before you get this money or other items. The executor or administrator (the person in charge of distributing the estate of the person who’s died) has to pay off any debts before they can pass over money and items to the people inheriting them. If you’ve been left an asset (e.g. a property) in the Will, but there isn’t enough money in the estate to pay the person’s debts, the item you’re due to inherit may need to be sold. You can get advice from a solicitor on this. Sometimes, when you’ve been left money, the executor or administrator may ask if you’d like to accept some assets instead. It could be jewellery, or some antiques, depending on what’s in the estate. You don’t have to agree to this. You don’t have to accept an inheritance at all if you don’t want to. If you refuse it, the executor or administrator decides who gets it instead. It’s possible to change the Will of a person after they’ve died as long as anyone who’s inheriting and would be made worse off by the changes agrees to it. To do this, you need a deed of variation. This can be complex, so it’s best to get advice from a solicitor. The variation must be made within two years of the death. Inventory and ValuationsAfter an executor takes office, she has a period of time in which to prepare an inventory of the decedent’s assets for the court. This includes a list of all his property, as well as values. Values of significant assets, such as real estate, require appraisals, and a professional appraisal can take more than a month to complete. In Utah, an executor’s deadline for accomplishing all this is three months, but she can ask for an extension. Three months is a typical time frame for this step. Therefore, you can expect that probate of the will won’t reach this point until approximately four months have passed. After the oath swearing, the grant of probate usually takes between 3-4 weeks to be received. The remaining probate process usually takes up to 6 months to complete but can easily go past 12 months. The revenue and customs authority can take up to five months to process capital gains tax and the inheritance tax. You should pay inheritance tax to make sure the process takes the shortest time possible to complete. Therefore the probate cost will vary depending on the deceased person’s assets and property value. Generally, as you can see, the higher the value of the asset, the more the probate costs. Consequences of revocationIf the grant is revoked, a new grant of probate should be applied for according to the terms of the new will. If the estate has been distributed already the new personal representatives should seek specialist professional advice on recovering the incorrectly distributed parts of the estate in order to correctly distribute the assets. The recipient of any cash gifts (who would not be entitled to the legacy under the new will) may be liable for the full sum. If the existing grant of probate or letters of administration is revoked, the personal representatives may be concerned about their liability for incorrectly distributing the deceased’s estate. The personal representatives may be protected from liability provided the court is satisfied that they acted in good faith and believed there was no will or the original will was valid at the time of making the distribution. Provided the court is satisfied, the personal representatives may retain or reimburse themselves in respect of any payments and/or dispositions made under the original grant. Probate Lawyer in Utah Free ConsultationWhen you need to receive your inheritance, please call Ascent Law LLC for your free consultation (801) 676-5506. We can help you with: Estate Planning. Probates. Intestacy. Will Administration. Trust Administration. Trust Preparation. Trust Accounting. Reading of the Will. Drafting Powers of Attorney. And much more. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
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Should I Get A Prenuptial Before I Get Married? Do All Wills Have To Be Probated? What Should You Do If You Get Pulled Over For A DUI? The post How Long Does it Take to Receive Inheritance from a Will After Probate is Granted appeared first on Ascent Law. source https://ascentlawfirm.com/how-long-after-probate-is-granted-does-it-take-to-receive-inheritance/ Via https://divorcelawyerlehiutah.blogspot.com/2023/05/how-long-does-it-take-to-receive.html
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It is illegal to withdraw money from an open account of someone who has died unless you are actually named on the account before you have informed the bank of the death and been granted an order of probate from a court of competent jurisdiction. Typically, when someone dies banks and building societies freeze their accounts until the person dealing with their estate has applied for an official document known as a Grant of Probate. An executor is named in the Will and is the person entitled to apply for probate. If the deceased died leaving no will then the law state that is entitled to apply for probate, known as an administrator. The executor or administrator also called personal representatives takes responsibility for dealing with the estate. What is the Punishment for Taking Money From a Deceased Account?The punishment for illegally withdrawing money from a deceased person’s account can vary significantly depending on the specifics of the crime and jurisdiction in question. In general, this action is regarded as theft, and the penalties can include fines, restitution, and potential imprisonment. The severity of these penalties is typically proportional to the amount of money that was taken. If the deceased account was a part of the estate going through probate, this action can complicate the process and potentially delay the rightful distribution of assets to the heirs. Moreover, taking money from a deceased’s account without proper authorization can lead to a charge of fraud, especially if the act was intended to avoid inheritance taxes or debts owed by the deceased. Fraud penalties also often include fines and imprisonment, as well as potential civil lawsuits from other affected parties. In summary, it is crucial to abide by the legal processes associated with deceased individuals’ accounts to avoid such penalties. • The person who presents themselves at the bank with the death certificate may be the personal representative but it is possible they are not the person entitled to benefit from the estate. • There have been many instances where the person who provides the death certificate to the bank is not the personal representative, nor are they entitled to receive a share in the estate. The personal representatives then have to rely on this individual to pay this sum to the estate so that it can be correctly distributed. This could result in matters becoming contentious if relations between the parties involved are not harmonious. • When the personal representative files the inheritance tax account they might believe that because the bank has already released the funds without probate that they do not have to be included. The personal representatives are therefore not delivering a true account and potentially not paying the correct inheritance tax. Contact banks, utility companies and insurersNow you have the official will, death certificate and grant of probate (or letters of administration if there was no will), you can inform any banks, building societies, utility companies and insurers of the death. Current and savings accountsBank accounts remain open until all the money is retrieved and the account formally closed. However, direct debits and standing orders will be cancelled. Remember, it is illegal to withdraw money from an open account of someone who has died unless you are the other person named on a joint account before you have informed the bank of the death and been granted probate. This is the case even if you need to access some of the money to pay for the funeral. As the executor, it is down to you withdraw any money and distribute it to the beneficiaries according to the will. A solicitor will be able to help you with the process. If someone died without leaving a will, rules of intestacy apply. There is, of course, the real possibility you do not know the details of all the deceased’s bank accounts or that some details have been lost. In that case, there are online tools that can help you discover lost accounts. DebtsDebts such as mortgages, loans or credit cards are not passed on to the inheritors, but must be paid off before the remainder of the estate is distributed as per the instructions laid out in the will. If you are unsure of what or how much money is owed, you’ll need to place a notice in the official public record of deceased estates. If you fail to do this and a creditor later comes forward with a claim against the estate, you might personally be liable for the unidentified debt. Two months and one day after the notice is published and provided no other creditors have come forward, you can distribute the remaining estate amongst the beneficiaries. Any debts taken out in a joint name become the sole responsibility of the survivor when one of you dies. Jointly Owned AccountsIf you own an account jointly with someone else, then after one of you dies, in most cases the surviving co-owner will automatically become the account’s sole owner. The account will not need to go through probate before it can be transferred to the survivor. Accounts With the Right of SurvivorshipMost bank accounts that are held in the names of two people carry with them what’s called the right of survivorship. This means that after one co-owner dies, the surviving owner automatically becomes the sole owner of all the funds. Sometimes it’s very clear that the account has the right of survivorship. If your account registration document at the bank simply lists your names, and doesn’t mention joint tenancy or the right of survivorship, it might be a joint tenancy account, but it might not. If you’re in doubt, check with the bank and make sure the right of survivorship is spelled out if that’s what you want. If you and your spouse open a joint bank account together, it’s very unlikely that anyone would argue that the two of you didn’t intend for the survivor to own the funds in the account. But if you have a solely owned account and add someone else as a co-owner, it may not be so clear what you want to happen to the funds in the account after your death. Some people add another person’s name to an account just for convenience for example, perhaps you want your grown daughter to be able to write check on the account, to help you out when you’re busy, traveling, or not feeling well. or you might want to give a family member easy access to the funds in an account after your death, with the understanding that the money will be used for your funeral expenses or some other purpose you’ve identified. Bank Accounts Held in TrustIf you’ve set up a living trust to avoid probate proceedings after your death, you can hold a bank account in the name of the trust. After your death, when the person you chose to be your successor trustee takes over, the funds will be transferred to the beneficiary you named in your trust document. No probate will be necessary. To transfer the account to your trust, tell the bank what you want to do. It may have some forms for you to fill out. Then the bank should adjust its records, and your account statements will show that the account is held in trust. The Executor’s RoleWhen money is left to a payable-on-death beneficiary, it doesn’t pass under the terms of the deceased person’s will. That means the money is not part of the deceased person’s probate estate, and it isn’t under the control of the executor. So if you’re the executor (or administrator appointed by the court), it’s not really your job to help transfer the funds to the payable-on-death {POD) beneficiary who inherits them. You may also be the one to notify payable-on-death (POD) beneficiaries that they have in fact entitled to some money. Otherwise, unless the deceased person told them, beneficiaries may not know. You’ll be able to see that there’s a payable-on-death beneficiary when you look at the deceased person’s bank statements; just look for the term payable-on-death in the account name. How to Claim the FundsTo collect funds in a payable-on-death( POD)bank account, all the beneficiary needs to do is go to the bank and present ID and a certified copy of the death certificate (if the bank doesn’t already have one on file). The bank will have the paperwork, signed by the deceased owner, which authorized the beneficiary to inherit the funds. The beneficiary can withdraw the money or open a new account. With a time deposit, such as a certificate of deposit (CD), the beneficiary has a few options: • Leave the funds in the certificate of deposit until its maturation date. This would make sense if the beneficiary doesn’t need the money right now and the interest rate being earned by the money is higher than what’s available in other investments. • Withdraw the funds. There is usually a penalty for withdrawing money from a certificate of deposit before its maturation date, but when the certificate of deposit is inherited, the new owner generally does not have to pay an early-withdrawal fee. • Re-title the certificate of deposit in the beneficiary’s name. If the beneficiary wants to transfer the funds into his or her own name, the bank will probably need to rewrite the certificate of deposit at whatever interest rate is currently being offered. So if rates have gone up since the original certificate of deposit was bought, this could make sense. Potential ComplicationsPayable-on-death designations are widely used because they’re simple both for the person who sets them up and the beneficiaries who inherit. Sometimes, however, circumstances can make for complications. If there’s a disagreement over who inherits the funds in an account, consult a local attorney who’s knowledgeable about state probate law. DivorceIf someone names his or her spouse as a payable-on-death beneficiary, and then the couple divorces, the payable-on-death designation may or may not be automatically canceled. Just like the effect on the will, it depends on state law. Any former spouse who wants to claim a payable-on-death account should check the law to make sure the designation is still in effect. Multiple BeneficiariesIt doesn’t have to be a problem when more than one person is named as a payable-on-death beneficiary of a single account commonly, the beneficiaries simply split the money evenly. Problems arise only if the beneficiaries can’t agree on what to do about money tied up in a certificate of deposit, or if they’ve inherited an asset that isn’t easily divided. As always, compromise offers the best solution both for everyone’s pocketbook and for long-term family relations. Ineligible BeneficiariesIt’s uncommon, but some state laws still restrict who can be named as a Payable-on-death beneficiary. It’s never a problem to name a natural person, but there may be prohibitions against designating a charity or other organization to inherit in this way. Contradictory Will ProvisionsAlmost always, the Payable-on-death designation wins it’s a contract with the bank, and can’t be changed by will. There are exceptions, however. Some states allow people to revoke Payable-on-death designations in their wills if the will specifically identifies the account. Free Initial Consultation with Probate LawyerWhen you need legal help with an estate, probate or trust administration, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Divorce and Medical Practice Owners in Utah Salt Lake City Lawyer Talks About Innocent Shooting Contempt of Court in Utah Custody Parenting and Visitation Cases Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Is It Illegal To Withdraw Money From A Deceased Person’s Account? appeared first on Ascent Law. source https://ascentlawfirm.com/is-it-illegal-to-withdraw-money-from-a-deceased-persons-account/ Via https://divorcelawyerlehiutah.blogspot.com/2023/05/is-it-illegal-to-withdraw-money-from.html Divorce is never an easy decision to make, and the legal process that comes with it can be just as daunting. At Ascent Law, we have seen countless clients facing the complexities of divorce and the many questions that arise during this challenging time. One of the most common questions is: “Do you need a divorce lawyer?” In this comprehensive blog post, we will explore this question in-depth, providing you with the information you need to make an informed decision. So, let’s dive in! Understanding Divorce: The BasicsBefore we answer the central question of this post, let’s first understand what divorce is and how it works in Utah. Divorce, also known as the dissolution of marriage, is the legal process that terminates a marriage or marital union. It involves the reorganizing or canceling of the legal duties and responsibilities of marriage, thus dissolving the bonds of matrimony between a married couple under the rule of law. In the state of Utah, the grounds for divorce include irreconcilable differences, adultery, impotency, desertion, and more. What Does a Divorce Lawyer Do?A divorce lawyer is a legal professional who specializes in family law, with a focus on issues related to divorce, including property division, child custody, child support, and spousal support. They provide guidance, advice, and representation throughout the divorce process to protect their clients’ rights and interests. Here are some of the primary responsibilities of a divorce lawyer:
The Pros and Cons of Hiring a Divorce LawyerNow that we have a basic understanding of what divorce entails, let’s dive into the benefits and drawbacks of hiring a divorce lawyer. Benefits of Hiring a Divorce Lawyer
Drawbacks of Hiring a Divorce Lawyer
When You Should Consider Hiring a Divorce LawyerWhile there are both benefits and drawbacks to hiring a divorce lawyer, there are specific situations where having legal representation is crucial. These include:
IV. When You May Not Need a Divorce LawyerThere are situations where you might not need to hire a divorce lawyer. These include:
V. Alternative Options to Hiring a Divorce LawyerIf you decide not to hire a divorce lawyer, there are alternative options to help you through the process:
ConclusionSo, do you need a divorce lawyer? Deciding whether or not to hire a divorce lawyer depends on your specific situation, needs, and resources. It is essential to consider the complexity of your case, the level of conflict with your spouse, and your ability to navigate the legal system on your own. If you find yourself in a situation where hiring a divorce lawyer is necessary, Ascent Law, based in West Jordan, Utah, is here to help guide you through the process and protect your interests. If you are unsure about your need for a divorce lawyer, consider scheduling a consultation to discuss your options. The post Do You Need a Divorce Lawyer? appeared first on Ascent Law. source https://ascentlawfirm.com/do-you-need-a-divorce-lawyer/ Via https://divorcelawyerlehiutah.blogspot.com/2023/05/do-you-need-divorce-lawyer.html |
ABOUTHello i am Scott Taul, If you are looking for divorce attorney in Lehi, UT who knows the Law inside and out, who is 100% committed to your case and will go above and beyond for you, then look no more, you found him, Call 801-676-5506 for the top divorce attorney in Lehi UT now. I highly recommend them. They are very intelligent and had a very calm, confident presence. Archives
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