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When Your Heirs Can Expect To Get Their Money Or Other Asset

Assets That Pass Automatically

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Assets that transfer automatically should in theory be immediately available to the person to whom they pass, but this is often not the case.

Assets that pass to a joint owner upon death can be held up pending court appointment of the Personal Representative/Executor and his or her obtaining tax waivers from the state.

Life Insurance and Retirement Plan Account Funds: Assets such as life insurance proceeds or retirement plan account funds, can also take a few months to receive. Life insurance proceeds are likely to be paid within 30 days of the filing of the claim. However, if there are circumstances that make an insurer sit up and take notice, such as a policy that was in existence for less than two years, it can be many months before the benefit is paid.

With a retirement plan, the plan sponsor can hold up retirement plan distributions.


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