Popular searches:
probate probate attorney write a will
Talk to a Lawyer
Enter a zip code to speak to a Lawyer that serves your area.
Select the type of Lawyer you need
Do I have to accept the inheritance? and if I do, will I have to pay inheritance tax?
My grandmother is planning to leave me property jointly with my cousins in her will even though I have told her I do not want the property because I know it is going to be a source of family conflict. What are my inheritance rights? do I have to accept the inheritance? and if I do, will I have to pay inheritance tax?
All Inheritance Questions & Advice
Do I have to accept the inheritance? and if I do, will I have to pay inheritance tax?
My grandmother is planning to leave me property jointly with my cousins in her will even though I have told her I do not want the property becau...How do I go about proving my inheritance?
I received a letter from a law firm telling me I have an inheritance from a Great Aunt, I didn’t know I had. Is there a special probate cour...This site does not provide legal advice and users of this site should not interpret any of the information presented here as legal advice. The information provided merely conveys general information related to commonly asked legal questions. We are not a law firm and the employees responding to questions are not acting as your legal attorney. You should ultimately consult with a Lawyer for your case.
Answers (1)
Inheritance rights do allow for the renunciation of a legacy from a will or from intestate succession. It usually has to be in writing and within a certain time after the death of the person leaving the legacy. The average time is usually nine months. The procedure varies from state to state. There are several reasons why people renounce a legacy from a will; some people wish to avoid tax consequences of the inheritance. There are also circumstances where it is more advantageous for a spouse to renounce a will and claim their share of an estate under the laws of intestate succession. If you decide to keep a bequest from the will or intestate succession if there is no will, you will probably have to pay inheritance tax. How much inheritance tax you will have to pay depends upon where you live and your relationship to the deceased person. Generally, the closer you are to the deceased the less tax you pay.
Contact an attorney experienced in estate and probate matters to find out what the procedures are in your jurisdiction.
References:
Posted by Edith Hull on 16 Feb 2010
0people found this useful
(2 Votes)