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How long it takes to receive your inheritance after death usually depends on the size of the estate and any legal and financial complexities that come with it. However, as a general rule, most estates in New York are distributed after the seven-month period for creditors to file a claim has lapsed.
Seven-Month Period for Creditors
Under SCPA § 1802, creditors in New York have seven months from the time letters are issued to file their claims. Letters are issued to either executors or administrators. These letters grant executors or administrators with the authority to manage the estate of the deceased and are proof that such person has been appointed by the court.
Under this provision, the seven-month period is counted from the date letters are first issued to any fiduciary, including a temporary or preliminary one. After the lapse of the seven-month period, the executor or administration shall not be liable for any distribution or payment claim made in good faith.
Other Issues That Can Delay the Receipt of Inheritance
Aside from the seven-month notice period for creditors, other issues in the estate settling process can delay the receipt of inheritance.
For example, even before letters are issued, there could be contests regarding the genuineness of the will or two relatives petitioning to be administrator, which could further delay the distribution of net estate assets to the beneficiaries or heirs.
Ina addition, the estate settlement process usually comprises of the following:
- Inventory and appraisal;
- Payment of debts and taxes;
- Accounting; and
- Distribution to heirs or beneficiaries.
In each step of the process, there may be additional issues that could further delay your receipt of the inheritance.
Under inventory and appraisal, if there are missing items in the inventory, the executor or administrator might have to file a petition for discovery and turnover to ensure that all the decedent’s assets before or after his death are turned over to the estate.
Under accounting, the beneficiaries or heirs might have objections about the accounting, which could additionally delay the final distribution of the estate assets.
Because settlement of estate assets can be a complex matter, it’s important to first talk to the executor or administrator to discuss the reasons for the delay. Open communication with the fiduciary is important so that you can understand whether the delay is necessary or unnecessary. If you do not agree with actions of the executor or administrator, seek consultation with an estate litigation attorney to get advice.
Should you need assistance in legal issues regarding the receipt of your inheritance, we at the Law Offices of Albert Goodwin are here for you. We have offices in New York City, Brooklyn, NY and Queens, NY. You can call us at 212-233-1233 or send us an email at [email protected].
About the Author
Albert Goodwin Esq. is a licenced New York attorney with over 17 years of courtroom experience. His extensive knowledge and expertise make him well-qualified to write authoritative articles on a wide range of legal topics. He can be reached at 212-233-1233 or [email protected].
