Navigating the grieving process after the death of a loved one can be incredibly difficult. However, when you are responsible for handling their estate, this can become overwhelming. If you are named the Executor of an estate, you may wonder when you must notify the Beneficiaries of their estate about their inheritance. The following blog explores the timeframe you must adhere to, as well as the importance of working with a Medina County, Ohio Probate lawyer to help you navigate these complex matters.
When Should I Notify Beneficiaries About an Inheritance?
If you are appointed as the Executor of an estate, whether the deceased had a Will or not, it’s critical to understand what is expected of you. First and foremost, you have what’s known as a Fiduciary Duty. This essentially means that by accepting the role of the Executor, you will act in the best interest of the estate above all else. You are legally required to adhere to the terms and conditions of any Will or Trust in the estate.
As the Executor of an estate, one of your primary responsibilities is to inform beneficiaries of the passing of the estate owner. However, you must ensure you communicate this information on time. In Ohio, you are legally required to inform the Beneficiaries of the passing as soon as Probate is opened, taking no longer than two weeks as per Ohio law.
It’s necessary to understand that you are not just responsible for informing the Beneficiaries of an estate about the inheritance. You must also inform any creditors and heirs to the estate, even if the heirs are not named in the Will. Once a creditor has been informed about the passing, they have six months to file a claim for the funds they are entitled to. If they do not file this claim within the timeframe, they relinquish the right to collect funds from the estate. If the creditor submits a claim, you must validate the claim and pay creditors before assets are distributed to Beneficiaries.
Once you have informed the necessary parties of the passing of the Estate owner, you must submit a certificate to the court that notice has been provided to the correct parties. Failure to do so can result in penalties.
What Should I Do If I Need Help?
Navigating Probate can be an incredibly complicated process. As such, it’s in your best interest to connect with an experienced attorney who can assist you in administering the estate. Not only are you responsible for ensuring the estate is distributed in accordance with the documents left by the head of the estate, but you must also ensure you keep open communication with beneficiaries, which can become overwhelming. However, working with an experienced Probate attorney during this process can help ensure this process goes as smoothly as possible.
At Krause Law, our dedicated team understands how complicated Probate can be. If you have been named the Executor of an estate in Ohio, our firm can help you through this difficult process. Contact us today to learn how our dedicated team can help you if you are named as the Executor of an estate.
