Why Heirs Have to Wait to Get their Inheritance
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Kemp & Associates is an international probate research firm that locates missing heirs of estates and fights for their right to inherit. However, the journey to inheritance is not simple and it usually takes a long time for the heirs to get the inheritance. Kemp & Associates stands by these heirs, doing everything in its power to safeguard their rights to inheritance.
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Why Heirs Have to Wait to Get their Inheritance
- 1. WHY HEIRS HAVETO WAITTO GET THEIR INHERITANCE Kemp and Associates
- 2. Introduction â– Kemp & Associates is an international probate research firm that locates missing heirs of estates and fights for their right to inherit. However, the journey to inheritance is not simple and it usually takes a long time for the heirs to get the inheritance. Kemp & Associates stands by these heirs, doing everything in its power to safeguard their rights to inheritance. Even after an heir is located, it will take a long time before he or she gets an inheritance. On average, it takes between 18 and 24 months before an inheritance is distributed.The long delay is attributable to several factors. One of them is the state itself. Sometimes, states actively pursue funds in estates with missing heirs. Even when heirs are found, these states place a huge burden on the heirs to prove their relation to the deceased.This significantly delays inheritance.
- 3. Inheritance ■Intestacy is another factor. When a deceased leaves no will, the court takes a more active role in the estate’s administration. Because the court has to appoint an executor and monitor actions such as taking inventory, valuing inventory, and paying off creditors, judicial bureaucracies can drag out these processes, delaying inheritance. Another factor that delays inheritance is tax dues. Estates liable to pay federal estate tax cannot be closed without a closing letter issued by the IRS and it can take up to eight months after filing estate tax returns to get a response from the federal agency. Some states also impose estate taxes so if the deceased had property there, filing processes will delay inheritance. Overall, more complex estates take longer to close.