For Heirs and Beneficiaries of an Estate or Trust
There are many sources of estate planning information for people who want to make a will, avoid probate or reduce estate taxes. But what if you are an heir to a deceased person's estate or the beneficiary of a trust?
Heirs and beneficiaries view estate planning, probate, and trust administration from an entirely different perspective. For most people, inheriting property is not a positive experience. It usually accompanies the loss of someone very important to you and you may be grief stricken. Inheritances are a common source of animosity among siblings or members of a stepfamily. Heirs and beneficiaries often have to deal with costly legal issues or hire an attorney. At the very least, inherited property may create tax issues or financial planning concerns.
The issues affecting heirs and beneficiaries are no less significant than those affecting testators and grantors, yet the answers to their most important questions are often hard to find. This page provides information on the most common issues of concern to heirs and beneficiaries. A more comprehensive guide for heirs and beneficiaries is also available. See The Inheritors Handbook: A Definitive Guide For Beneficiaries (Bloomberg Personal Bookshelf). If you may inherit a substantial amount of money or property, consult a financial planner and see Sudden Money: Managing a Financial Windfall.
If you have a question about the rights and obligations of heirs and beneficiaries not shown on this page, refer to our estate planning index.
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The Inheritor's Handbook: A Definitive Guide for Beneficiaries by Dan Rottenberg. This book is highly recommended for individuals who may receive an inheritance in the future or recently inherited property from a decedent. It covers the full range of legal, financial, and emotional issues that can make inherited wealth both a blessing and a curse.
1. For information about who inherits property if the deceased person did not have a will, also known as dying intestate, see dying without a will.
2. If you have questions about inheritances, such as how to determine your basis in inherited property and what happens if you do not claim your inheritance, see inheritances.
3. If you wish to dispute a decedent's will or living trust and want to know what constitutes grounds to challenge a testamentary document or how to file a will contest, see will and trust disputes. For information on grounds for contesting a will, such as undue influence, see contesting a will.
4. If you are adopted and want to know your inheritance rights with regard to your adoptive parents and your biological parents, see adopted children.
5. If your parents were not married when you were born and you want to know your inheritance rights under the laws of intestate succession, see nonmarital children.
6. For information on whether inheritance tax may be due on property or other assets you inherit, including applicable state laws, see inheritance tax.
7. When you inherit an IRA, there are several important rules that apply. For information on what to do when you inherit an individual retirement account, see inherited IRAs.
8. During trust administration, beneficiaries are generally entitled to receive certain types of information about the trust, such as how trust assets are being managed and what fees and expenses are being paid by the trustee. For information on the type of information the trustee must provide, see trust accounting.
9. If you are concerned about what types of taxes are due and who is responsible to pay taxes when you inherit property from an estate or trust, see tax returns due.
10. Spouses have certain inheritance rights under the law. To learn about the rights of a spouse as heir, see spousal share.
11. Unpaid loans owed by heirs and beneficiaries must be dealt with at the time of estate or trust administration. If you received a loan from the deceased that is outstanding, see debts owed to deceased.
. If you may inherit a substantial amount of money or property, consult a financial planner and see 
.
