4 Tips on How-to Access Your Inheritance
The process of accessing your inheritance can somewhat be a daunting experience. An overwhelming one if you are the executor of the estate. Being the executor comes with its responsibilities that require immediate attention in the wake of a family members demise. If the family member in question left loads of money for you, it’s your mandate to follow up on it. Doing so will ensure that you keep the inheritance safe and in the family.
Let’s also keep in mind that, your family might be wrangling over who is to take what or that the deceased probably, had debts he/ she had to pay. It will require that you, as the executor solve the rising problems that may occur. Here are the four tips geared to help you in accessing the inheritance faster.
1. Find the Trust/ Will
The deceased person lawyer most likely informed you on the news of being the executor of the estate. They are likely to know where the documents are. Reach out to them and ask for the materials and documents needed to access the inheritance. The documents showing that you are indeed the executor is one step closer to gaining access to it. Also, working hand in hand with the lawyers will help you in case anything arises. For example; court cases from a family member contesting that he/she should be the executor of the will.
2. Seek Advice from Financial Advisers
Seeking advice is the crucial bit. The financial adviser helps you know what the will is about in regard to financial matters. It helps one understand how much has been left behind to you and members of the family. It also helps in highlighting problems or loopholes in the will or trust. The financial advisers can help you plan on the way forward on things concerning; spending, paying loans or debts, or potentially starting a business or company. They will help you map out a plan in a legal manner.
3. Protect the Assets
Asset protection is necessary because it helps you keep track of all the possessions inherited from the deceased family member. Protecting assets enables you as the executor of the will to give or not to give to other family members par the wishes of the deceased person. The lawyer knows what the list of the assets are and will give them to you on request. If the list is well organized and planned, the work for you will be easy. With the organized will or trust, you will be able to protect the assets. If not well organized, it’s the executor’s job to know the way forward.
4. Pay Bills and Taxes
If the deceased had bills and taxes not paid. It is imperative that the executor pay them right away to avoid problems with the government or any other governing body. Paying the arrears helps you as the executor move forward without worrying of any looming danger.
As the sole heir of the inheritance, you have to take into consideration what is to be paid and do your research carefully to avoid being duped. You are therefore advised to open an account to make the work of paying bills and taxes easier to lift off the burden. After opening the account, use, for instance, the checkbook or any other records left behind and used by the deceased person. This will help to know what was paid and what has remained to be paid. Additionally, go through emails or anything else that could be of help such as tax returns to know more and not leave anything unturned.
The inheritance left behind should then be used carefully after accessing it. As the executor of the will, give yourself time before you plunge and use it all on unnecessary things. Map out a plan first and organize the way forward. Also, include the family members in your plans to avoid any disputes.
Most important of all, use it wisely. For instance; you can start a company or invest in stocks. Start something that will work for you and bring in cash flow. It is imperative that you move ahead because it can become overwhelming while trying to figure out what to do with the funds.
