The Waiting Game: How Long Does It Take to Receive an Inheritance

When you’re expecting an inheritance, it’s natural to wonder, “How long is this going to take?” Whether you’re in Canada or the U.S., the process can feel like it drags on, but understanding what’s involved can help set your expectations. So let’s take a look at how long it usually takes to receive an inheritance, what can slow things down, and how to make the process smoother.

How Long Does It Really Take to Get Your Inheritance?

In Canada and the U.S., the wait to receive an inheritance can range from a few months to a couple of years. On average in Canada, you’re looking at about 12 to 18 months, and it takes an average of 20 months in the U.S. But why does it take so long? Here’s what can impact the timeline:

• The Probate Process: This is the legal step where the will gets validated and assets are distributed. Depending on where you are and how complicated the estate is, probate can be quick or drag on for ages.
• Estate Complexity: If the deceased had multiple properties, investments, or a lot of debt, it’s going to take longer to sort everything out. The executor needs to handle all of this before distributing the inheritance.
• Where You Live Matters: In Canada, each province has its own rules, and in the U.S., it varies by state. Some places have streamlined processes, while others might have more red tape.
• Family Dynamics: If someone contests the will or there’s a dispute among heirs, things can get messy fast. Legal battles over who gets what can add years to the process.

What Can Go Wrong?

Even if everything seems straightforward, a few common issues can throw a wrench in the works:

• Messy or Outdated Wills: If the will is unclear or hasn’t been updated in years, it can lead to confusion and, often, disputes. This can mean more time in court before anyone sees a dime.
• No Will: This happens more often than you might think.  Some statistics report that over 50% of all people in Canada and the U.S. do not have a will.  Without a will, the courts step in, adding time, difficulty and cost to the process.  At the end of the process there may be little to nothing left for your intended beneficiaries.
• Hidden Assets or Debts: Sometimes, there are assets or debts that weren’t clearly identified. Finding and dealing with these can add months to the timeline.
• Taxes, Taxes, Taxes: While Canada doesn’t have an inheritance tax, there are probate fees and the estate might still owe capital gains taxes. In the U.S., there could be estate taxes, depending on how big the estate is. Sorting out taxes can cause delays.
• Executor Issues: The executor is in charge of managing the estate, so if they’re not up to the task, things can slow down. This is especially true if they live far away or aren’t familiar with the process. And, in some cases, the executor doesn’t even know they are named until the person passes away, and may be unwilling to accept the role and the responsibility.

How to Speed Things Up (Or at Least Avoid Delays)

While you can’t always control how long the inheritance process takes, here are some tips to keep things moving as smoothly as possible:

• Make a Will and Keep it Updated: An up-to-date will that clearly spells out who gets what can prevent a lot of headaches. Encourage your loved ones to revisit their will regularly, especially after major life changes.
• Pick the Right Executor: Choosing a trustworthy and organized executor is key. If no one fits the bill, consider a professional executor like a lawyer or trust company.
• Talk to the Family: Clear communication can prevent misunderstandings and help everyone stay on the same page. The more everyone knows about what’s happening, the less likely disputes are to arise.
• Use Estate Planning Tools: Structure your estate wisely.  Living trusts and insurance policies with named beneficiaries for example, can help bypass probate altogether, speeding up the process. But be sure to get professional advice to make sure it’s the right choice for you.
• Get Professional Help: Navigating inheritance laws and taxes can be tricky. A lawyer or financial advisor can guide you through the process, helping to avoid common pitfalls and delays.

Final Thoughts

Waiting for an inheritance can be frustrating, especially when it feels like the process is dragging on forever. But understanding what’s involved and taking proactive steps can make a big difference. By keeping things clear, choosing the right executor, and getting the right advice, you can help ensure that when the time comes, the process is as smooth as possible.  And, when appropriate, never hesitate to ask for guidance.  As a Certified Executor Advisor, I can help.

Be sure to visit our online store for programs and guides. 

Watch our video here, or watch on our YouTube channel:

Prefer a podcast?  Listen here!

Your questions and comments are always welcome! Contact us to learn more.