My grandfather is in hospice and will likely pass in the next few days. I know he is leaving me some things but have never been through this process before. He has a house and a car and a lot of belongings which I assume will have to be sorted through and sold (the house and the car especially). I’m in Mississippi and it looks like there’s no taxes on inheritances here but is there anything I need to do? Or just let the process work. My dad is the only child so I assume he will be the executor.
Losing a close family member, not sure how the whole process of inheritances works
byu/ra_laidgp inpersonalfinance
Posted by ra_laidgp
13 Comments
If you’re not the executor, there is nothing for you to do
You don’t need to do anything. It usually takes a long time (a year, give or take, if it’s not complicated) to settle an estate so it could be a long time until anything really happens, assuming your dad will be the executor. If you need to do something, someone will tell you.
Sorry you’re dealing with that. Usually the executor handles most steps through probate. I’d make sure documents and beneficiaries are clear. Tip, keep records early. Main issue is delays if paperwork is missing.
Essentially anything that doesn’t require a title transfer doesn’t really exist as far as the government is likely to be concerned over. The executor has to pay all the bills of the estate and once complete can then distribute the assets, if he has a will he should follow that. For the most part if its a family heirloom or something short of a vehicle it will just become yours without much ceremony once the estate can close.
Nothing to do technically if you’re not the executor.
He has a will yes?
Him telling you he is leaving you something and there being a will that leaves you something specific are two very different things. A will only states intent, if he has any debt, creditors get paid first beneficiaries get paid last (there are some exceptions). If debt outweighs assets its possible that there may be nothing left to distribute beneficiaries.
I’m very sorry for your situation. Assuming he has a will and you’re named as an heir, your dad will work with you to transfer assets.
If the property is set up as a transfer on death, once you have the death certificate (the funeral home should help with this process) the county clerk would likely be the one to help transfer the property into your name.
If your father is the executor and especially if you have a good relationship it might be beneficial for you to offer to help. Closing his own father’s estate can take a toll in all forms.
You could offer to help with cleanup of the house, maintenance while it is unoccupied, sorting through belongings.
First and foremost do not count on anything before the process it totally complete.
You need to ask him these questions if he is able to talk
You need to know if there’s a will and where the wheel is at and who the executor is
You may have to go through probate Court and you probably should talk to a lawyer
it really depends on what the laws are in your state and how much the estate is worth but your dad should be able to handle it. you can google info on what does and executor do or how to handle assets after a passing. Sorry for your soon to be loss
Also, double check that you dad has the will. If your grandfather is still cognitive and in good spirits, it would be good to double check all his major assets (not for you to do, but as appropriate by you dad).
You should check the PF wiki: [https://www.reddit.com/r/personalfinance/wiki/death_of_loved_one/](https://www.reddit.com/r/personalfinance/wiki/death_of_loved_one/)
I’m sorry you’re going through this.
A few basic things:
First, find out whether there is a will, whether there is a trust, and who is actually in charge. If your dad is the only child, he may end up handling things, but that does not automatically make him the executor unless the will names him or the court appoints him.
Second, if there is an attorney who prepared the will or estate documents, that is probably the best first call. They can explain what needs to happen and who has authority to act.
Third, do not start selling the house, car, or other belongings until the person in charge of the estate says it is time. Usually the executor or trustee handles that.
Also, an important point a lot of people do not realize: estate debts are paid from estate assets. If there is not enough money in the estate to cover everything, that does NOT usually mean you or your dad have to pay those debts out of pocket just because you are family.
So really the first steps are:
– find out if there is a will
– find out if there is a trust
– find out who the executor is
– contact the attorney who prepared the documents if there is one
– do not start moving or selling major assets until the right person has legal authority
For now, I’d focus less on “what do I need to do” and more on “who is legally in charge of this.”