What Is A Beneficiary?

A beneficiary is someone who is nominated to inherit something from the estate of someone who has deceased. Properties, stocks, valuables, assets, income and general belongings can all be inherited by a beneficiary.

Can a beneficiary of a will also be an executor or trustee?

The short answer is Yes. It’s common for a will executor, i.e. the person responsible for ensuring that the terms of a will are followed, to also be a key beneficiary.  A trustee who manages an estate on behalf of someone else can also be a beneficiary.

Who cannot be a beneficiary of a will?

• Someone who is witness to the signing of a will.
• Someone found to be criminally responsible for the death of the person who has the will.
• A pet. Pets are considered property under UK law. However, the person drawing up the will could consider appointing a guardian to care for the pet under terms of the will.

What can a will beneficiary expect?

If someone dies and makes you a beneficiary of their will, this is how the process will work more or less.

1. The executor will send you a letter explaining the terms of the will and what you are inheriting from the estate.

1. You will also be notified of when you can expect to receive the inheritance. This depends on the complexity of the estate.
2. You should be sure to ask for regular updates from the executor on you’ll be receiving the inheritance.
3. The will should be logged by the Probate Office, and become public by law. Then you can read it in full.
4. The waiting game begins! Estate administration normally takes from nine to twelve months.
5. You will probably have to read through and sign documents for the estate accounts, as well as a receipt upon receiving your inheritance from the estate.
6. Chances are high that you’ll have to pay income tax on your inheritance.

What happens if the beneficiary of a will has died?

If the beneficiary dies before the estate is resolved, there is often a clause in the will specifying what should happen. Example: the will may state that the beneficiary inheritance should pass on to a certain person if the beneficiary dies. 

Thinking about writing a will?

You can make a simple legally-binding will with Brighton Wills online will service. It takes just minutes to record your wishes.