QUESTION
Do I legally have to accept an inheritance and why?
Asked on Aug 11th, 2015 on Estate Planning - Nevada
More details to this question:
Is there a legal obligation to act upon a notification of an inheritance i.e. either to claim or to renounce it? In other words, can there be legal penalties for not replying at all to inheritance notifications and if so, what is the time frame for that?
10 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
Update Your Profile
If you fail to renounce, you will receive the inheritance.
Answered on Sep 14th, 2015 at 12:11 AM
No, you can disclaim if within applicable time limits. Contact an attorney specializing in estates.
Answered on Sep 03rd, 2015 at 3:21 PM
Trusts Attorney serving Sacramento, CA
at
Law Office of Victor Waid
Update Your Profile
Sounds like an heir finder is looking to make some money by obtaining an assignment of your share an estate. No you don't have to accept a share of an estate, but may want to seek the assistance of a probate attorney to draft the necessary declination documents to protect you.
Answered on Sep 03rd, 2015 at 3:21 PM
Probate Attorney serving New Orleans, LA
at
James G. Maguire
Update Your Profile
You can renounce an inheritance, but you will have to sign documents stating that this is your wish. Contact the attorney who is handling the succession.
Answered on Sep 03rd, 2015 at 3:21 PM
Commercial Attorney serving Chicago, IL
at
Ashcraft & Ashcraft, Ltd.
Update Your Profile
In Illinois you have the right to disclaim an inheritance provided you have not accepted any benefit therefrom. You should consult an attorney for the proper means to make a disclaimer. There are no time limits in Illinois on filing a disclaimer but there are federal tax consequences if a disclaimer is not filed within 9 months. If you do not respond to notifications regarding the opening of an estate then you may lose or waive an opportunity to challenge the validity of a Will or Trust, the progress of proceedings, and/or the actions of the estate representative or trustee.
Answered on Sep 03rd, 2015 at 3:21 PM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
See counseling, more details are necessary to form an opinion.
Answered on Sep 03rd, 2015 at 3:21 PM
3 Awards
If you do not disclaim it in a timely manner, it will be yours. If you do not accept it, it will go to unclaimed property division or a similar such division of the county or state. Disclaimers must be timely per state law and IRS regulations. Sounds like you should seek legal advice on the specifics of your case. This is opinion is solely based upon the facts presented in the inquiry. Additional facts may be important and may change the analysis. If you are uncertain, seek legal counsel. We are not your attorneys. This answer is being offered to assist you in determining if you need to retain legal counsel to assist you, not to resolve your issue through an email inquiry.
Answered on Sep 03rd, 2015 at 3:21 PM
Taxation Law Attorney serving Glendale, CA
at
Irsfeld, Irsfeld & Younger LLP
Update Your Profile
You do not need to accept an inheritance. You can ignore it, disclaim it, assign it, or accept it.
Answered on Sep 03rd, 2015 at 3:21 PM
Probate Attorney serving Newport, OR
at
Minor, Bandonis & Haggerty P.C.
Update Your Profile
If you want to disclaim an inheritance, you should do that within nine months of the decedent's death that way, it is not a taxable gift. If you simply don't respond, the estate will have to spend a lot of money trying to figure out what to do about you; they may have to turn your share over to the Division of State Lands; it will be a headache. Why be a headache? Take your share and donate it to charity, if you don't want the money.
Answered on Sep 03rd, 2015 at 3:21 PM
Yes, you need to notify the executor of the estate about what you want to do. If you don't want the inheritance, submit the paperwork to renounce it. And do it ASAP so the executor of the estate can determine who is next in line to receive the assets. Otherwise, you could end up explaining to the probate judge why you're acting like a surly child.
Answered on Sep 03rd, 2015 at 3:21 PM