Along with mourning your loss, if you've been designated as a beneficiary in a close one's will, you could also be confused about how the estate will be administered. I had a friend who went through a very similar situation where he lost his father who made him the beneficiary too. But a level of financial anxiety emerged within him because he was not aware that he would get his portion of the inheritance, especially if the conditions of the will include provisions for the property or source of income. When they believe the executor is mishandling the estate or is simply not working quickly enough, many beneficiaries are unsure of what to do. So, I am going to tell you how I explained to him his beneficiary rights and I am hopeful that it will help you with your query too.
Opt for the legal services offered by NoBroker to understand more such legal aspects related to property and real estate.As a beneficiary of a will what are my rights?
You just have legal claims to your portion of the estate as a beneficiary once the property has been divided. You do, however, have a right to receive information prior to that time so you can stay informed about the estate's administration. The executor is the individual in charge of handling the estate's administration. Although they are free to choose what details they provide to beneficiaries, it is wise to be as open and honest as possible.
They should establish a regular update schedule with you at the outset and adhere to it during the administration process. The executor, or executors, if there are more than one, must keep records of the estate and be prepared to demonstrate these if requested. Once a Grant of Probate has indeed been obtained and the administration has begun, you can take the help of specialist lawyers in requesting access to the accounts if you are concerned that an executor isn't being as transparent as they should be. You also have the right to file a formal lawsuit against the executors if you believe they are mismanaging the estate.
Beneficiaries may have further rights, including
The right to be notified of the anticipated date of transfer and any potential delays;
The right to receive any legacies that are owed to them in under twelve months of the decedent's passing or, if paid later, the right to receive their legacy along with the legal interest required; and
The right to be notified of any legal actions taken against the property that may impact their eligibility underneath the will or intestate succession.
Knowing clearly about your beneficiary rights will help you act strategically when you are facing such circumstances.
Read More: Registration of Will: Can Will be Registered in Anywhere in India Can A Will Be Challenged After Death? Can A Joint Owner Of A Particular Property Make A Will In Favour Of His Daughter Of His Share In The Said Property?Your Feedback Matters! How was this Answer?
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As a Beneficiary of a Will What Are My Rights?
Jay Shaw
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3 Year
2022-09-08T18:44:29+00:00 2022-09-08T18:44:30+00:00Comment
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