“Before you make any decisions about your inheritance, make sure you understand what you will be getting,” Sandra Block, writing in Kiplinger.com, says. Interestingly, while offering to help heirs manage their own inheritance “like a pro”, she tells them to “assemble a team of professionals”, including a fee-only planner, a tax professional, and an attorney.
While inheritances are becoming more common, the author explains, “we’ve all heard stories about Individuals who passed away quietly, after keeping their estate plan a secret.” What’s more, many estate plans contain a “smorgasbord” of items, and it could take months to simply track down those assets and divide them among the heirs. Inheritances that include traditional or Roth IRAs will each be subject to different tax rules. When the legacy includes a residence, the mortgage payments, taxes, insurance, and utilities will all need to be paid until that home is sold.
Having represented clients throughout central Indiana for more than a quarter century, the team at Rebecca W. Geyer & Associates P.C. understands how complicated estate administration can be. Serving as the executor of an estate can be time consuming and stressful, and we can assume these responsibilities for heirs. Most estates undergo probate as part of the estate administration process, we explain. The will is presented to the court, and the court ensures the property is divided according to the deceased’s wishes. While, in most cases, probate is uncontested, there are many detailed processes to follow. Our aim is to help heirs avoid mistakes and make the transition as smooth and efficient as possible.
Under “inheriting dos”, Block tellingly lists “Talk to a professional.” At Geyer Law, while we believe such “talks” are best conducted long before the benefactor’s passing, we agree with Sandra Block’s counsel to after-the-fact heirs: “If you don’t have an estate plan of your own, use some of the inheritance money to create one, including powers of attorney, healthcare directives, a will, and, if necessary, a living trust.” “Your heirs” (she tells recent heirs) “will thank you.”
– by Cara Chittenden, Attorney with Rebecca W. Geyer & Associates
