If a loved one has recently passed away, you may wonder what to expect as a beneficiary in a will. While you cannot immediately assume you will be in receipt of inheritance, you may want to know how their estate will be distributed, if you are to receive anything, and how it would work.
What is a beneficiary?
A will beneficiary is a person or organisation who is named in the will as someone who will receive a benefit or gift from the person who has died. A properly written will should make clear what each beneficiary is to receive.
As a beneficiary, you do not automatically gain the right to read the will of the deceased nor can you administer the estate assets or settle debts. This right belongs to the executor; they have the responsibility of administering the estate and ensuring the written wishes of the deceased are followed. We have provided separate guidance for those who have been appointed as an executor of someone’s estate.
Can I see the will?
Despite the many depictions of dramatic will readings in TV and film, the reading of a will is a rather outdated practice. Beneficiaries can request a copy from the executor, or, if the executor has applied for probate, the will shall be released as a public document.
If a grant of probate is not issued by the court, it is up to the executor to decide if and when the will is shared.
If the executor refuses to release a copy of the will to you as a beneficiary, you should contact a solicitor for legal advice. This may be particularly important if you feel that something is not quite right and you are considering contesting a will.
You may be able to apply to courts to make the executor apply for probate – thus making the document public. This is a rare and tricky legal process, however, so reaching a resolution with the executor privately is the most effective option, and our solicitors can help you with this process.
When does a beneficiary receive their inheritance?
Depending on the complexity of the deceased’s estate, the process of administration can take anywhere from one month to over a year. If the administration simply consists of closing bank accounts and paying off outstanding utility bills, beneficiaries can generally expect to receive a payment in 1-3 months.
Selling or transferring ownership of property or a business can be much more complex and take over a year in some cases, particularly if any assets are located overseas.
In instances where outstanding debts and taxes need to be considered relating to property or business, entitlements require calculation and payments cannot be made until this is done.
Furthermore, the executor has a one-year grace period (called the executor’s year) in which they cannot be forced to pay out to beneficiaries after the date of death.
If you believe you are a beneficiary in a will and the executor has refused to pay out, contact a solicitor for legal advice as soon as possible regarding contesting a will.
Can I change a will?
Generally speaking, after an individual has passed, the will cannot be altered in any way to preserve the wishes of the deceased. However, a Deed of Variation can be completed under certain conditions:
- Must be dated within 2 years of the date of death;
- Must be signed and agreed upon by all parties adversely affected;
- Contain a statement as to the intended effect of Capital Gains Tax and/or Inheritance Tax.
Even with these three criteria met, the process can be lengthy and complicated so we recommend having a solicitor guide you through it.
If you would like to speak to one of our solicitors contact us on 0161 969 3131 or fill in the contact form below and we’ll be in touch as soon as possible.