You may be wondering if you are a beneficiary of a will. It is up to the executor of the estate to inform you that you are a beneficiary. There is no formal will registry that will allow you to check the details of wills. You can only request information about a will if you are a beneficiary of that will.
Beneficiary of a Will
If you're not sure you were named as a beneficiary in someone's Will, check with the probate court in the county where the decedent lived. Since it is a public record, you can request to see the Will's filing. If you find your name as a beneficiary, contact the executor.
There is no such event as a 'reading of the Will', instead you will be notified by email, phone or letter. If you wish to have a full copy of the Will, the Executor is legally obliged to provide you with it upon your request.
The firm that prepared the will often retain the original signed document, or may keep a record of where the original was sent. If you can't find a copy, then contacting the law firm that acted for the deceased is the best starting point.
If an executor did not properly notify a beneficiary or heir about a decedent's will, the beneficiary may have a right to bring a will contest to revoke admission of the will to probate. A will contest lawyer can assist beneficiaries with determining whether sufficient grounds exist for contesting the will.
This is commonly referred to as 'the six-month rule'. During this six-month period, the executor may continue to deal with the estate, as per their role. However, it is important to note the potential legal risks they may be exposed to.
An executor must notify the beneficiaries of the Will: All beneficiaries must be located and contacted (including those who are overseas). Debts and liabilities must be dealt with:Debts must be paid, or passed on. If you are an Executor, you'll need to establish a complete picture of the deceased's finances.
If you believe your inheritance has been stolen, the first step is to contact an experienced probate litigation attorney. They can help you understand your legal options and what type of proof you will need to recover your stolen inheritance successfully.
Individuals can receive inheritance money in different ways including through a trust and from a will, which can come with restrictions, or as a beneficiary on a bank or retirement account.
A named beneficiary refers to an individual, decreed by a written legal document, who is entitled to collect assets from a trust, insurance policy, pension plan account, or IRA. There are various types of beneficiaries, such as primary beneficiaries who stand first in line to receive benefits.
There is no specific amount of commission an Executor is entitled to. However, the court will typically award a commission in a lump sum or percentage of the estate. Here is an estimate of the ranges: 0.25% to 1.25% of the value of transferred assets.
Although there is no official ceremony for the reading of a will in Australia, wills should be read and dealt with within 12 months of the date of the deceased.
Depending on the type of policy, it can take as little as three to five days to receive a death benefit payment once you've filed a life insurance claim if you're a named beneficiary.
While you can name anyone as a beneficiary, just make sure to notify them and provide them with a copy of your life insurance policy. Otherwise, they may not know to or be able to file a claim when the time comes.
A primary beneficiary is the person (or people or organizations) you name to receive your stuff when you die. A contingent beneficiary is second in line to receive your assets in case the primary beneficiary passes away. And a residuary beneficiary gets any property that isn't specifically left to another beneficiary.
The trustee can transfer real estate to the beneficiary by having a new deed written up or selling the property and giving them the money, writing them a check or giving them cash.
That said, an inheritance of $100,000 or more is generally considered large. This is a considerable sum of money, and receiving such a windfall can be intimidating, especially if you have limited experience managing excess funds.
If your brother cheated you out of your inheritance, the courts will first remove him from the executor role then compel him to pay back stolen assets. The courts may also force your brother to pay your lawyer fees for the case. Also, have in mind that your brother may be criminally prosecuted.
If an executor is found to be acting fraudulently, they will have personal liability for the financial losses. The Supreme Courts also have the power to revoke probate from the executor in question. A deliberate, egregious act of fraud may result in criminal charges.
Executor Withholding Inheritance
First, remember that there are instances when an executor can rightfully not disperse money. For instance, debts and taxes must be paid before the estate can be dispersed. If there isn't anything left over, beneficiaries may not receive what they expected.
If an executor fails to realise and distribute any estate assets within the executor's year, the onus is on the executor to establish some valid reason for the delay. In the absence of a valid reason the executor may become liable to pay compensation to the beneficiaries for the delay.
Straightforward estates are often wound up in less than 6 months. Others can take more than a year. It depends on: the complexity of the Will.