We understand that losing a loved one is never easy, and if you have been name as a beneficiary on a Will, you might have questions about what it means.
As part of our pledge to support the Essex community, we want you to understand what your rights are, what to expect, and what to do next.
Being a beneficiary means that you have been selected by a deceased person to receive money, property, personal belongings, or other assets from their estate.
Being a beneficiary is not the same as being an executor.
An executor is one responsible for ensuring that the estate is distributed in accordance with the wishes outlined in the Will.
What are the different types of beneficiary?
There are three main types of beneficiary.
The one most often thought of is a specific beneficiary.
This is a person who is named in a Will and who will receive a particular item or sum of money.
Organisations like charities would also be considered specific beneficiaries as it is clear that the deceased wished for these places to receive a specific donation.
The next type of beneficiary is a residuary beneficiary.
A residuary beneficiary is likely someone not as close to the deceased as they are set to receive a share of what is left after debts, funeral costs, and specific gifts have been paid.
If a person is unsure of how to fully divide their estate when writing a Will, they may have divided most of it before splitting the rest between numerous people without being concerned that they receive a specific amount.
Lastly, there are contingent beneficiaries.
Contingent beneficiaries only receive an allotment of the estate once certain conditions are met.
What are the rights of a beneficiary?
If you have been named as a beneficiary, then you have a legal right to know that.
You should also be told roughly what you are entitled to as soon as the estate has been valued and debts are settled.
There also should not be a delay in you receiving your inheritance.
You cannot interfere with the executor’s role if you are only a beneficiary, and you cannot demand immediate payment.
Once probate is granted, you are allowed to see the Will.
You can request a copy for yourself as Wills become public documents after probate.
If you decide you do not need or want the inheritance given to you, you can try to pass it on to someone else or refuse it.
A Deed of Variation can be gained to redirect your inheritance to another person.
It must be signed within two years of the person’s death and can have tax advantages in some cases.
Meanwhile, a Deed of Disclaimer can be used to refuse the inheritance.
This will cause your part of the inheritance to go back into the estate and be dealt with in accordance to what is outlined in the Will.
Being a beneficiary is an emotional role, and we are on hand to support you.
At Palmers, we believe in supporting the community through legal advice and letting you know your rights.
Our friendly team of Wills and Probate specialists can help you cut through the noise guide you every step of the way to understand your position as a beneficiary.
If you want any support or guidance, speak to our team today!
