Should a loved one have passed away recently and you believe you might be included in their will, you might be unsure of what to do next.
A person who will inherit property upon the death of another is known as a beneficiary of a will. Information about their inheritance is contained in the will.
If you’re a beneficiary, you might be wondering, “When will the will be read to me after death?” In the past, legal experts like solicitors would read out a will to beneficiaries shortly after a person passed away. Having a will read is a thing of the past, even though you might still see things like this on TV and in movies.
Losing a loved one is never easy, and dealing with their estate can be a complex and emotional process. If you’ve been named as a beneficiary in a will, you may be wondering what to expect and what steps you need to take. This guide will provide you with the information you need to understand your rights and responsibilities as a beneficiary and navigate the probate process smoothly.
What Does It Mean to Be Named in a Will?
When someone passes away, their will outlines how they wish their assets to be distributed. If you are named as a beneficiary in the will, it means you are entitled to receive a specific gift or share of the estate. This could include anything from cash and property to personal belongings and investments.
What Happens After Someone Dies?
After someone dies, the executor of their will is responsible for managing the estate and distributing the assets to the beneficiaries. The executor will need to gather all of the deceased person’s assets, pay off any debts, and file the necessary paperwork with the probate court. Once the estate is settled, the executor will distribute the remaining assets to the beneficiaries according to the instructions in the will.
What to Do If You’re Named in a Will:
- Contact the executor: The executor will be able to provide you with information about the estate and your inheritance. They will also be able to answer any questions you have about the probate process.
- Get a copy of the will: You have the right to request a copy of the will from the executor. This will allow you to see exactly what you have been left and how the estate will be distributed.
- Be patient: Settling an estate can take time, so be patient and understanding with the executor. They are working to ensure that the estate is settled properly and that all beneficiaries receive what they are entitled to.
What to Expect as a Beneficiary:
- Notification: The executor is required to notify all beneficiaries of the will within a certain timeframe. This notification will typically include information about the deceased person, the executor, and the contents of the will.
- Distribution of assets: Once the estate is settled, the executor will distribute the assets to the beneficiaries according to the instructions in the will. This may happen in one lump sum or in installments.
- Taxes: Depending on the size of your inheritance, you may be responsible for paying taxes on it. The executor can provide you with information about your tax obligations.
What to Do If You Have Questions or Concerns:
If you have any questions or concerns about the estate or your inheritance, it is important to speak to an attorney. An attorney can help you understand your rights and responsibilities as a beneficiary and can advise you on any legal issues that may arise.
Additional Resources:
- The National Association of Estate Planners & Councils: https://www.naepc.org/
- The American Bar Association: https://www.americanbar.org/groups/real_property_trust_estate/
- The National Probate Court Association: https://www.npca.org/
Frequently Asked Questions:
- How long does it take to settle an estate?
The time it takes to settle an estate can vary depending on the size and complexity of the estate. It can take anywhere from a few months to a year or more. - What happens if there are not enough assets to cover all of the debts and bequests?
If there are not enough assets to cover all of the debts and bequests, the beneficiaries will receive a pro rata share of the remaining assets. This means that each beneficiary will receive a percentage of their inheritance based on the total value of the estate. - What happens if I disagree with the terms of the will?
If you disagree with the terms of the will, you have the right to contest it. However, it is important to note that contesting a will can be a lengthy and expensive process. - What happens if I am not named in the will?
If you are not named in the will, you are not entitled to receive any of the deceased person’s assets. However, you may be able to inherit assets through intestacy laws, which dictate how assets are distributed when someone dies without a will.
Being named in a will is a significant event, and it is important to understand your rights and responsibilities as a beneficiary. By following the steps outlined in this guide and seeking professional advice when needed, you can ensure that you receive your inheritance smoothly and efficiently.
There are different categories of beneficiary in a will
Will beneficiaries aren’t all the same. They can be split up into the below categories:
- Specific: In a will, you may be left a specific item that can be recognized and differentiated from other items, such as a particular piece of jewelry. You wouldn’t be able to get this item back and you wouldn’t be eligible for a replacement from your loved one’s estate if it had been sold or given away prior to their passing.
- General: a sum of money or an item that cannot be precisely identified that is left to you A general beneficiary’s inheritance will come from the estate’s general pool of assets. For instance, you might have received £5,000 in a will. Any assets in the estate that haven’t already been designated as gifts in the will may be used to cover this sum, including bank accounts, premium bonds, investments, and so forth.
- Demonstrative: in situations where you have received a specific gift from a particular source Say you are eligible to receive “£5,000 from the National Savings and Investments account,” for instance. In the event that the individual leaves behind insufficient funds from that particular source, you would be eligible to receive the remaining estate funds. This means you would then be considered a general beneficiary.
- Residuary: the portion of the ultimate estate that remains after all obligations and debts have been settled.
The different categories of beneficiary can be important.
The law stipulates that certain beneficiaries should forfeit their inheritance first in the event that the estate is insufficient to cover all of the gifts specified in the will:
- The beneficiaries of the residue would forfeit their inheritance first.
- Then the general beneficiaries
- And then the specific and demonstrative beneficiaries.
In the event that the executors are unable to handle the estate administration, a predetermined procedure is also followed. For example, the residuary beneficiaries would be the first to be eligible to apply for probate in place of the executors if they had all predeceased, or passed away before the person who passed away.
Wills can be tricky to find
We frequently talk to friends and family who are positive that a loved one left a will before passing away but are unable to locate it. You can create a will at Farewill right now.
Here are some things you could try if you find yourself in this circumstance:
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A thorough search of your loved one’s property
In addition to going through all the documents and filing cabinets, people occasionally keep their wills in odd locations like the basement or loft, under the floorboards, or under the bed mattress.
- Consult your neighbors, relatives, other acquaintances, and the will’s witnesses.
They may remember from a previous conversation the location of the will’s storage.
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Check with the bank
Even though banks don’t often provide their storage services to clients these days, it’s still a good idea to inquire about the possibility that they may have safe custody of any personal documents.
Certain banks do provide will writing and executor services; if they are named executors or wrote the will, they may have retained the original document.