The time it takes to receive an inheritance can vary. Generally, heirs can only dispose of the estate on their own after the division of the estate has been finalized. However, with a certificate of inheritance, it may be possible to access bank accounts and other assets sooner under certain circumstances.
The amount of time it takes for heirs to gain access to the money they have inherited varies depending on their personal and financial circumstances. As a general rule, the more heirs there are in a community of heirs and the more assets there are to distribute in the estate, the longer it takes for the assets to be distributed.
In straightforward cases, it takes a few weeks to a few months; in complicated cases, it can sometimes take several years for all assets to be divided and released.
It is also important to note that an inheritance usually consists of more than just cash or liquid assets (e.g., bank accounts or savings accounts). As a rule, the assets of the estate are to be distributed in kind. Selling the assets and distributing the proceeds is the exception and is often associated with a loss in value.
In principle, a community of heirs can act only by unanimous decision. This means that, until the probate process is concluded, no single heir among multiple heirs may dispose of the inherited assets on their own; sole heirs, however, may do so. However, any heir may request the division of the estate at any time, provided there is no statutory or contractual obligation to wait. The process of dividing the estate is initiated by a request for division or a lawsuit seeking division.
As mentioned earlier, a certificate of inheritance may, under certain circumstances, allow you to access inherited assets—such as bank accounts, securities, or real estate—at an earlier stage. The certificate of inheritance is a provisional document attesting to the right to inherit. It is issued by the competent cantonal authority and is often required by banks or trustees when statutory or appointed heirs wish to access the estate’s assets.
Appointing an executor or a representative for the heirs can also ensure that the community of heirs is able to act and expedite the probate process. This speeds up the settlement process , and the funds can be distributed more quickly, if necessary.
More about the Subject: