When Will My Heirs Receive Their Inheritances? www.myestateplan.com 1

“You should gain an understanding of the estate administration process when you are devising your estate

plan. There are certain tasks that must be completed to bring your final wishes to fruition, so there is a human

element that is an important part of the equation.”

WHEN WILL MY HEIRS

RECEIVE THEIR

INHERITANCES?

MARK S. EGHRARI NEW YORK ESTATE PLANNING ATTORNEY

When Will My Heirs Receive Their Inheritances? www.myestateplan.com 2

If you are like most people, you want your heirs to receive their inheritances in a

timely manner after you are gone. Though a last will can seem like the simplest

and most efficient asset transfer device to utilize, there is a time lag that will enter

the picture if you use a will as your vehicle of asset transfer.

After you die, the executor that you name in the document would be required to

admit the will to probate. Probate is a legal process, and in New York, it takes

place under the supervision of the Surrogate's Court.

This process is not an inherently negative, and the state of New York does

everything possible to do things in an efficient manner. At the same time, the

process is inherently time-consuming. Complicated cases can take longer, but a

When Will My Heirs Receive Their Inheritances? www.myestateplan.com 3

relatively straightforward case will be stalled in probate for around nine months

to a year.

The heirs do not receive anything while the estate is being probated, so this delay

can be an inconvenience at best, and at worst, it can cause genuine hardships.

REVOCABLE LIVING TRUSTS

People sometimes shy away from trusts because they are under the impression

that you surrender control of assets that you convey into any type of trust. They

are concerned that they may need resources that they would like to pass along to

their loved ones in a perfect world.

You do not surrender

control of assets that you

convey into a revocable

living trust, and you do

not have to be extremely

wealthy to realize the

benefits. With this type

of trust, you can act as

the trustee while you are

living, so you direct the

actions of the trust.

There is no loss of control on this level.

Once you create the trust, you can make changes along the way, and you can add

or subtract property at any time.

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In the trust declaration, you name a successor trustee to handle the business of

the estate after you are gone. Many people use a corporate trustee like a trust

company, but you could name someone that you know personally to act as the

successor trustee if you choose to do so.

You name beneficiaries who

will receive monetary

distributions from the trust

after your passing. One

benefit that you gain from the

creation of a living trust

would be the ability to

include spendthrift

protections. If you have

concerns about the money

management abilities of the beneficiaries, you could instruct the trustee to

distribute limited assets over an extended period of time.

After you are gone, the trustee would be able to distribute assets to the

beneficiaries in accordance with your wishes outside of probate. As a result, if

there is adequate liquidity, the beneficiaries could start to receive distributions

shortly after your passing.

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OTHER OPTIONS

There are other types of trusts that can satisfy more advanced estate planning

objectives. Plus, in addition to trusts and wills, there are other asset transfer

methods that some people utilize.

Exactly when your heirs receive their inheritances will depend upon the unique

structure of your estate plan.

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SUMMARY

In the field of estate planning, there are numerous different asset transfer

methods that can be utilized.

If you act in a fully informed manner, you can make sure that the estate

administration process goes smoothly after you pass away. Timely asset transfers

can be facilitated if this is a priority for you.

Since every situation is different, there is no one-size-fits-all estate plan. The plan

that is right for you will depend upon your family dynamic, your financial

situation, and your personal objectives.

Personalize planning is the key to a properly constructed estate plan. You should

explore all of your options with the benefit of professional guidance so that you

can make fully informed decisions.

Many estate planning attorneys will offer free, no obligation initial consultations.

When you are ready to take action, you can reach out to an estate planning

attorney and set the wheels in motion without making any firm commitments.

REFERENCES

American Bar Association http://www.americanbar.org/groups/real_property_trust_estate/resources/estate_planning/estate_planning_faq.html AARP http://www.aarp.org/money/estate-planning/

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About the Author

Mark S. Eghrari

Mark S. Eghrari is an attorney in private practice in Smithtown, New

York. He has been in practice since 1988. Mark S. Eghrari provides

extensive estate and tax planning services to individuals and

businesses. Mr. Eghrari’s primary focus is helping clients avoid

probate, minimize or eliminate Federal and State Estate taxes and

protect their assets from the high cost of nursing care, if they become

ill. Mr. Eghrari’s expertise is in providing unique and innovative

estate planning solutions that create a secure future for his clients and their loved ones. Mr.

Eghrari is a member of the American Bar Association and New York State Bar Association as

well as the National Academy of Elder Law Attorneys and the American Academy of Estate

Planning Attorneys.

Mr. Eghrari completed his undergraduate work at Lafayette College in Easton, Pennsylvania

and received his MBA in banking and finance from Hofstra University on Long Island. He

earned his Juris Doctorate from the Hofstra University School of Law, where he was a member

of the Law Review. While in law school, Mr. Eghrari gained practical experience in the

corporate tax department of Citicorp in New York city.

Mark S. Eghrari and Associates PLLC www.myestateplan.com 50 Karl Avenue, Suite 202 Smithtown, NY 11787 Phone: (631) 265-0599 Fax: (631) 265-0754