So you just found out you’ve been named in someone’s will First off, don’t start shopping for that yacht just yet! As someone who’s helped dozens of folks through this process, I can tell you that inheriting isn’t exactly like what you see in the movies. There’s no dramatic “reading of the will” where you suddenly walk away with a briefcase full of cash.
The reality? Being named in a will is just the beginning of what can be a long and sometimes complicated journey. Let’s break down what actually happens and what you should expect.
The Notification: How You’ll Find Out
If someone names you in their will, you won’t know about it until after the fact. Typically, you’ll be notified in one of these ways:
- Formal notification from the executor – This person (often a family member or lawyer) is responsible for carrying out the wishes in the will
- Letter or email from the executor or their attorney
- Phone call from a family member
- Face-to-face meeting to discuss the will’s provisions
It usually takes between a few weeks and three months for beneficiaries to get notice after the will is filed with the probate court. However, this process can take longer if there are problems with the estate.
What to Do When You Get “The Call”
When you find out you’re named in a will here’s what you should do first
- Stay calm and be patient – This is a process that takes time
- Get the executor’s contact information – This person will be your main point of contact
- Ask for a copy of the will – You have a right to see the portions that pertain to you
- Maintain a cordial relationship with the executor – Trust me, arguing and threats won’t speed things up!
- Consider consulting with an attorney – Especially if large sums or complex assets are involved
The Probate Process: Why You Won’t Get Your Inheritance Tomorrow
Here’s where the waiting game begins. The legal process of probate makes sure that the will is valid and oversees the distribution of assets. It’s meant to make sure that everything is done right, that debts are paid, and that property goes to the right people.
The probate process typically involves:
- Filing the will with the probate court – This officially starts the process
- Validating the will – The court confirms the will is legally valid
- Identifying and valuing assets – The executor creates an inventory of everything in the estate
- Paying debts and taxes – Creditors, funeral expenses, and taxes must be paid before heirs receive anything
- Liquidating assets – Some property, like real estate, may need to be sold
- Distributing the inheritance – Finally, what’s left goes to the beneficiaries
Based on how complicated the estate is, this whole process can take anywhere from a few months to over a year. So don’t quit your day job just yet!.
Why Probate Takes So Darn Long
If you’re wondering why you can’t just get your inheritance right away, here are some common factors that slow things down:
- Will contests – If someone challenges the validity of the will
- No will exists – These “intestate” estates follow state law instead
- Multiple beneficiaries – More people means more potential for complications
- Outstanding debts – Creditors get paid before beneficiaries
- Complex assets – Businesses or investment properties take time to value and sell
- Court backlogs – Some probate courts are just overwhelmed with cases
Your Rights as a Beneficiary
Being named in a will does give you certain rights during this process:
- Right to information – You should receive updates about the estate’s progress
- Right to a copy of the will – At least the parts relevant to your inheritance
- Right to receive your inheritance – As specified in the will, within a reasonable timeframe
- Right to challenge the executor – If you believe they’re mismanaging things
What About Assets Outside the Will?
Not everything goes through probate! Some assets transfer directly to beneficiaries:
- Retirement accounts (401ks, IRAs)
- Life insurance policies
- Bank accounts with “payable on death” designations
- Jointly owned property
If you’re named as a beneficiary on these types of accounts, you’ll work directly with the financial institution rather than waiting for the probate process.
The Final Distribution: Getting Your Inheritance
After all debts are paid and the estate is settled, you’ll finally receive your inheritance. This might come as:
- A check or direct deposit for monetary bequests
- Transfer of property titles for real estate or vehicles
- Physical items or family heirlooms
The executor will provide a final accounting of all the estate’s transactions, and once everything is distributed, the estate is formally closed.
When Things Go Wrong: Red Flags to Watch For
While most executors do their job properly, sometimes problems arise. Watch for these warning signs:
- No communication – If the executor won’t return calls or provide updates
- Excessive delays – If the process seems to be taking much longer than necessary
- Suspicious activity – If you suspect assets are being misused
- Refusal to provide information – If the executor won’t share basic details about the estate
If you encounter these issues, it might be time to consult with an estate attorney.
Can You Get Money Sooner?
If you’re facing financial challenges while waiting for your inheritance, there are options to consider:
- Inheritance advances – Companies like Probate Advance offer cash advances against your expected inheritance
- Partial distributions – In some cases, the executor may be able to distribute some assets early
Just be careful with inheritance advances – they typically come with fees that reduce your total inheritance.
My Personal Take: Patience Is Your Best Friend
I’ve seen beneficiaries drive themselves crazy checking in daily with executors or threatening legal action when things move slowly. In my experience, this rarely speeds things up and often creates unnecessary tension.
Instead, set reasonable expectations, stay informed about the process, and focus on maintaining good relationships with everyone involved. Your inheritance will come in due time.
Final Thoughts
Being named in a will is ultimately a gift – someone cared enough about you to leave you something of value. The process might be slower and more complex than you expected, but understanding how it works can help you navigate it with less stress.
Remember that the executor has legal obligations to follow, and they’re usually doing their best to settle the estate properly. A little patience and understanding goes a long way.
Executor or trustee: Carrying out a plan
If your loved one left a will and named you the executor, you have a broad but well-defined set of responsibilities to fall back on. Learn about these duties; depending on the state where your loved one lived, some will need to be done in the first month after they died.
The most important thing you need to do right now is protect your loved one’s assets until the will is looked over by a probate court. Sure, there are times when you can skip the whole probate process, but you’ll still need to get ready the same way. After probate is complete, you’ll pay all your loved one’s debts before distributing what’s left to beneficiaries. “.
The key difference between acting as executor of a will and as trustee of a trust is whether it is subject to probate.
All of this might feel like too much right now. Seek out allies to help you manage some of the complexity. This could mean a lawyer, but it may also mean a trusted friend, a senior member of the family, or a financial advisor.
If your loved one created a trust and named you the trustee, your job is to manage its assets for the beneficiaries as laid out in the trust. If you’re not sure what’s expected of you, if there’s a will executor as well, or if you simply need support carrying out these tasks, don’t hesitate to speak with a lawyer.
The key difference between acting as executor of a will and as trustee of a trust is whether it is subject to probate. All wills must be filed with a probate court, which begins the process of confirming the validity of the will, sorting out open questions, managing competing claims by family members, and processing claims by creditors. Debts are paid from the estate before any beneficiaries named in the will receive bequests.
With trusts, on the other hand, assets can remain in the trust or go directly to beneficiaries. Because most trusts are not subject to probate, there is less opportunity for their validity to be contested. Bequeathed property has already been placed in the trust itself by your loved one, almost always in consultation with an attorney.
Differences between a will and a trust
Wills and trusts are essentially two different ways your loved one could have made their wishes known in a legally binding way. Often, the documents are complementary.
The biggest practical difference between the two is what each covers. A will is a set of general instructions that takes effect and is subject to legal scrutiny only after your loved one’s passing. A trust is a financial entity that was established to hold assets with instructions on how those assets will be distributed both during and after your loved one’s lifetime.
Equally important distinctions: Only a will can plan for things outside the transfer of property, like specific funeral plans or naming a guardian for a minor. Plus, wills can cover any property that trusts have left out.
Take a moment to get familiar with what each document may mean to you.
6 Ways To Ensure Your Will Is INVALID
FAQ
What does it mean if you are named in a will?
If you are named a beneficiary in a will, the executor will transfer the assets that are being passed to you during probate, minus your loved one’s debts and any probate-related legal fees. You can request an accounting of any fees that were deducted throughout the process.
What is the biggest mistake with wills?
The biggest mistake people make with wills is putting them off and not having one at all. The next biggest mistake is not updating their will after big events in their lives, like getting married, divorced, or having a child.
How are beneficiaries paid from a will?
Estate distributions usually come in the form of lump-sum payments. To make them, the personal representative will need to file a petition for final distribution with the court to obtain permission to distribute whatever assets are remaining in the estate to beneficiaries or heirs.
Does a named beneficiary override a will?
Yes, a named beneficiary designation generally overrides a will for specific assets like life insurance policies, retirement accounts, and certain bank accounts, ensuring those assets are transferred directly to the named person, bypassing the will and the probate process. Personal property or real estate that isn’t titled as a beneficiary deed, on the other hand, is not controlled by beneficiary designations. Instead, the will decides how to distribute these assets.
What happens if someone is named as a beneficiary in a will?
If someone has been named as a Beneficiary in a Will under their previous name, then this doesn’t automatically invalidate their entitlement to that gift, however it will need to be absolutely clear that they are the intended Beneficiary.
What happens if someone dies in a will?
When someone dies, the executor named in the will is responsible for filing the will in probate court. The court will designate the person named as the executor to administer the estate.
What happens if you change your name in a will?
This could be because they want a new name or because they want a name that fits their gender identity. For whatever reason, a person who has had a name change does not lose their ability to inherit even if the Will lists them by a different name.
How do I know if I am named in a will?
You will know you are named in a will because the executor will provide you with a copy of the will when the decedent dies. However, this will only happen after the decedent dies and the executor files the will with the probate court. Until that time, you will not know if you are named in a will unless the testator tells you so.
What happens if a spouse is not named in a will?
In Maryland, if a spouse is not named in a will that was signed before the marriage, she has limited rights upon your death. Furthermore, any provisions leaving property to a former spouse are revoked by subsequent divorce. So, if you still planned to leave her something, she will not be entitled to inherit.
How do you identify a person in a will?
However, that address is another way to identify you as the person mentioned in the Will. This is especially important if you have a very common name. John Smith, Mary Jones, etc. What if your old name and your old address are listed? Again, see above. This is not the end of the world.