Beneficiary of a Will

When a loved one passes away, whether expectedly or unexpectedly, the last thing on your mind may be concerning yourself with the physical belongings and assets of your deceased family member or partner. However, it helps to know your rights as a beneficiary so that distributions of the deceased’s estate can be carried out smoothly and with as few complications as possible.

What is a Beneficiary?

A beneficiary is a person who is listed on the Will as being entitled to inherit something from an estate when someone else dies. This might be money, possessions, property or stocks and shares – anything that the person who has died left behind.

What a Beneficiary Should Know?

As a beneficiary, it is important that you understand the role of the executor in distributing the deceased estate.

The executor has the legal responsibility for looking after and distributing the estate with due diligence. All assets in a deceased estate must be protected and preserved by the executor after your loved one’s death. It is the role of the executor to carry out the following tasks:

• Locate the latest, valid will
• Organise and pay for the funeral according to the wishes set out in the will
• Arrange for the death certificate
• Provide a copy of the will to any eligible party upon request

• Provide death notifications to all relevant bodies and parties including the Australian Tax Office, Centrelink, banks and superannuation funds
• Apply for a Grant of Probate
• Lodge tax returns for the deceased and their estate
• Arrange for any utility services to be transferred or cancelled
• Identify the guardian of children of the deceased
• Protect the assets of the estate
• Assist in mediating and resolving any disputes that arise between beneficiaries

If you are a Beneficiary to a Will and would like to find out more about your rights and obligations, Straits Lawyers are here to help. Simply send us an email at info@straitslawyers.com or give us a call on 8410 9069 to arrange an appointment for an interview.

Alternatively if you would like your Will to be drafted, Straits Lawyers are now offering online Will services. To access these services, simply click on the link – https://straits-lawyers.square.site/product/online-will-/1?cs=true

Please note that this article does not constitute legal advice and Straits Lawyers will not be legally responsible for any actions you take based on this article.