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As a rule, gifts of a set amount of money in a will should be paid out within a year of death. If the executor isn't able to pay the legacy within that time, the beneficiaries will be entitled to claim interest.

When a loved one dies, the heirs may be unaware that there are forgotten funds sitting out there in the deceased's name. If family members don't make an effort to claim this money, an unclaimed property becomes the property of the state, which can be a tragic loss if someone in the family really needed the cash.

For the inheritance process to begin, a will must be submitted to probate. The probate court reviews the will, authorizes an executor and legally transfers assets to beneficiaries as outlined. Before the transfer, the executor will settle any of the deceased's remaining debts.

Typically, the estate will pay any estate tax owed, with the beneficiaries receiving assets from the estate free of income taxes (see exception for retirement assets in the chart below). As a beneficiary, if you later sell or earn income from inherited assets, there may be income tax consequences.

It will include their full name, their relationship to you and clearly state that they should not receive any of your Estate, to ensure there can be no doubt that the exclusion is any other than deliberate and not a mistaken omission.

Bank accounts, retirement accounts, and life insurance will automatically transfer an inheritance if beneficiaries are designated. Listing beneficiaries on these accounts can be the easiest and quickest way to transfer those assets outside probate court.

A discretionary trust can be set up in a Will to hold money that is to be spent for the benefit of loved ones, usually children and grandchildren.

Seeking Legal Recourse If you believe that the executor is not living up to their duties, you have two legal options: petition the court or file a civil lawsuit.

However, there are some exceptional circumstances where an Executor can withhold money from the Beneficiaries: If unknown debtors come out of the woodwork the Executor can delay settlement with Beneficiaries for up to six months until any debt is settled.

Simply put, an executor cannot override a beneficiary. The executor's role is to administer the estate and ensure the will's directives are carried out, not alter them.