Executors are saddled with several responsibilities and obligations when it comes to beneficiaries of an estate. They keep beneficiaries informed about estate assets and administration. However, it is not every information or decision an executor will disclose to beneficiaries. Here, we will look at the necessary information that an executor should inform beneficiaries about.
General Information About The Assets
The beneficiaries of a will have the right to ensure that the affairs of an estate are properly handled. Executors must provide beneficiaries with adequate information to enforce their fundamental rights. They should be informed about the assets of an estate promptly.
Requests to See The Will
If a beneficiary demands to see the will, an executor should present it promptly, without any delay. As long as the will is already deposited with the court, it has become a public record and should be made available to anyone that wishes or demands to see it. To reduce disputes, the executor can decide to send a copy of the document directly to the beneficiaries.
Receive an Accounting
An executor should provide beneficiaries with a detailed report of all distributions, expenses, and income from the estate. This should be done within a reasonable amount of time. Beneficiaries have the right to review, approve, or reject any compensation demanded by the executor.
Usually, beneficiaries would have to agree with the executor’s accounting first before each individual receives their share of the estate. In situations where beneficiaries do not agree with the executor’s accounting, they can tell the executor to pass everything over to the court.
3 Things You Should Know as a Beneficiary of a Will
Now that you know information an executor should disclose to beneficiaries, the next thing we will look at is the things a beneficiary of a will should know.
Different Categories of a Beneficiary in a Will
The beneficiaries of a will are not all the same. They might sometimes be sorted into different categories, like;
General
This is when a beneficiary has been left with an amount of money or item that can’t be specifically identified. For example, a beneficiary may be left with £10,000 in a will. This money can be paid from the general pool of assets, such as bank accounts, investments, bonds, and more.
Specific
This is when the beneficiary of a will has been left with an inheritance that can be easily identified from other things. For example, a specific electronic device or a piece of jewellery.
Demonstrative
This is when a beneficiary has been left with an inheritance from a specific source. For example, a beneficiary might be left with £10,000 from the National Savings account of the deceased.
The Time it Takes For a Will to be Executed Varies
It’s very important for beneficiaries to know when the will would be executed, but sometimes, the timing can be quite complicated. For example, some wills may have complicated assets, such as overseas properties, business assets, and more. Valuing these sorts of assets can be quite complex and take a lot of time.
On the other hand, the assets of some wills can be very straightforward. Such assets can be easily valued and will make the execution of the will faster. It is also important to check that the property insurance is still valid , this applies to all property types log cabins , park homes and residential.
Executors Have Duties and Obligations to Carry Out
The role of an executor is very significant and comes with lots of responsibilities. An executor has to ensure that the wishes of the deceased are followed. Also, they must ensure that the estate is properly administered at all times. Furthermore, they have to keep a detailed account of all the income, expenses, and distributions associated with the estate.
Bottom Line
In all, a good executor should communicate regularly with the beneficiaries of a will. Doing that will help minimize disputes. We hope you’ve been able to learn a few things in this article regarding the beneficiaries of a will and executors.