It's an understatement to say the inheritance process can cause confusion. Not only is this an emotionally painful time, but now you have to deal with hard-to-decipher legal terms and processes. Don't go into this blind--here's a guide to the inheritance process.
Work with your attorney
The inheritance process is a legal endeavor, so you want a trustworthy attorney by your side. While a decision may not seem that complicated on the surface, a good attorney can point out how an inheritance can have long-reaching effects on your finances. Let them guide you, and you'll surely get an outcome you're happy with.
Handling the appointment of an executor
For the probate process to continue, an executor will need to be appointed. This is the go-to person when it comes to the probate process. This person is often appointed in the will. They receive the legal documents that permit them to make transactions for the estate.
Understanding the probate process
In essence, the probate process involves authenticating the will and testament in court. It's the executor's duty to collect the deceased person's assets, pay anything outstanding on that person's estate, and distribute assets to the beneficiaries. The probate process encompasses most of the inheritance process, and several steps are accomplished within it.
The last will and testament
The will is essential to the probate process, so you will need to handle this almost immediately. The court may also need a death certificate to move forward, but the particulars will vary on a case-by-case basis. A judge will then hold a court hearing to validate the will, and all inheritors should come. That way, any disputes or contentions can be handled then and there.
Refusing what you don't want to inherit
If you find yourself in possession of a timeshare that you really don't want, you don't have to grin and bear it. Legally, you have the right to refuse a timeshare property you inherited. The same goes for anything you inherit. While your loved one may have put it in your name, you don't have to remain responsible for it. At the end of the day, it's your decision--don't take it lightly, though, and weigh all the options and the possible long-standing consequences.