What are the responsibilities of an inheritance?
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What are the responsibilities of an inheritance?
I had a relative who lived in FL that passed away. I received a notice from the attorney’s office that I am named as beneficiary in the Will. Do I need to do something to claim this money or just wait? Do I need to pay taxes on it? How are the funds distributed if there is not enough money to pay all that has been left to the beneficiaries in the Will?
Asked on January 28, 2011 under Estate Planning, Colorado
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
You need to talk to the estate's attorney about the amount of the gift, if it is a cash gift or item and if there is going to be accounting. Bottom line, your questions are quite valid and astute. If the administrator of the estate has to settle outstanding amounts owed or there is a possibility your gift will fail for whatever reason (you won't get it), you need to know. You also need to know if it is something that you need to place directly into a trust to gain tax advantages. The only way to claim it is by calling the attorney or emailing or somehow communicating to him or her in writing about it. Otherwise, the attorney will assume you have denied the gift.
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