How Long Does an Heir Have to Claim Their Inheritance?

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. States may also offer varying exceptions to these rules based on individual circumstances, such as if the decedent created a valid will or if an heir was unaware of their inheritance.

The executor of the decedent’s estate is required to notify you if you are named in the will, so in most cases, you will be notified in time about your inheritance. If you are expecting to receive an inheritance, check out these other common questions to be prepared.

How Do You Claim Your Inheritance?

To claim your inheritance, you must first wait for the decedent’s estate to go through probate. Probate is an organized way to distribute a deceased person’s assets, though some assets can go directly to an inheritor without entering probate, such as jointly owned property and retirement accounts.

A court will supervise the probate process, which can include:

• Reviewing the will if the decedent created one.
• Inventorying property.
• Determining asset values.
• Paying off creditors and remaining taxes with assets.
• Appraising property.

After the extensive and lengthy probate process is complete, the executor of the decedent’s estate can distribute the remaining assets to the rightful inheritors.

Do You Have to Claim Your Inheritance?

You can choose to disclaim, or refuse, your inheritance. You must make your disclaimer in writing, specifically stating that you refuse to accept all or part of the assets and that your refusal is irrevocable, or unchangeable. The assets will then pass on to the contingent beneficiary set by the decedent as if you were never named a beneficiary in the first place.

There are many reasons you may choose to disclaim your inheritance, such as:

• You may end up with unwanted tax planning complications if your inheritance significantly expands your estate.
• You may be pushed into a higher tax bracket by accepting certain assets.
• You don’t need the inheritance and would like someone else to benefit from it.

When Does Your Inheritance Become Available?

Your inheritance’s availability will depend on the probate process, which is often long and complicated. Other factors may delay the process further, such as state laws about probate, the number of heirs or outstanding taxes or debt. You could wait months or even years to receive your money.

With Inheritance Funding, you can claim your inheritance early before the estate is settled. We offer inheritance advances that allow heirs to access their inheritance fast instead of needing to wait for probate to end.

Get an Inheritance Advance at IFC

IFC has helped thousands of heirs get access to their inheritance with our straightforward process, low prices and fast turnaround. Apply now to get your inheritance cash today! Our experts are also available to chat online to help you with your inheritance questions.