Address your questions about unclaimed inheritance with the Millman Law Group.
One of the primary benefits of estate planning with The Millman Law Group attorneys is avoiding any confusion after your death. Creating a Will and preparing all assets for your heirs can help you avoid situations such as unclaimed inheritances. If you are worried about the possibility of unclaimed inheritances, we have answered a few common questions.
How Can Inheritance Go Unclaimed?
How can inheritance go unclaimed? There are a couple of primary scenarios in which this may happen.
A Person Dies Intestate
Dying intestate means a person has passed away without an existing Will in place. This means there are no legal documents stating how a person’s property and assets should be distributed. When the estate enters probate, inheritors may file petitions to claim their stake. However, multiple people may file petitions for the same assets. The court will be the one to decide on distribution based on the state’s intestacy laws.
Unaware of Unclaimed Property
There are also cases in which a family member or loved one passes away, and their heirs are unaware that they have unclaimed property. This might happen if the deceased had poor recordkeeping or was unaware of a particular asset or property owned by the family.
What Happens to Unclaimed Inheritance?
When a person dies intestate, the court will then follow the intestate succession laws established by their state. These rules are designed to pass the decedent’s assets onto their next of kin as fairly as possible. The first heir is typically the surviving spouse, followed by any surviving children.
When a court cannot identify an heir or an inheritance goes unclaimed because no one is aware of it, the property is forfeited to the state. The legal term for this is “escheat.” Every state has different rules for when an escheat is triggered.
Is There a Time Limit for Claiming Inheritance?
The time limit for claiming an inheritance varies from state to state. In Florida, all claims against an estate must be filed within two years of the person’s death. And although the state will hold escheated assets for a limited time, they will eventually liquidate them. Your Millman Law Group attorney can help you understand the timeline needed to receive any unclaimed inheritance.
How Can I Get My Unclaimed Inheritance Back?
First, see if you can determine who holds the unclaimed asset. If the asset has not yet been turned over to your state, you can claim the asset directly from the company holding it. These holders are required to make attempts to contact owners regarding their property. You may also discover some unclaimed property by checking the decedent’s mail.
You may also search for unclaimed inheritance by visiting unclaimed.org, a site managed by the National Association of Unclaimed Property Administrators. This can be a helpful tool if you suspect you may have an unclaimed inheritance or are not sure if an inheritance has already been turned over to the state.
Can You Refuse an Inheritance?
If your inheritance is unclaimed because you do not want it, you can refuse an inheritance. This is called a “disclaimer of inheritance,” and if you take this action, the probate court will identify the next-of-kin for the asset and deliver it to them.
If you want to avoid the confusion that can come with unclaimed inheritances, create a detailed, thorough Will with your Millman Law Group attorney. We can help you locate all assets and determine the best beneficiaries for each. When your estate is well organized, your heirs can enjoy a more seamless inheritance process.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.