How Do You Receive Money From a Will in the UK?
A will is a legal document that states how a person’s estate should be distributed upon their death. It is a legally binding document and should be properly drafted and executed to ensure that it is valid. If you have been named as a beneficiary in a will, you may be due to receive money from the deceased’s estate. In this article, we will discuss how you do receive money from a will in the UK and take a look at the inheritance process.
Understanding the process
Before you can receive your inheritance, the will must go through the probate process. This is the process of administering a deceased person’s estate. The executor of the will is responsible for obtaining a Grant of Probate from the Probate Registry which is a branch of the UK courts. The Grant of Probate is a document that confirms the executor’s authority to deal with the deceased’s estate. It is the licence to call in, sell and distribute the estate assets.
Once the executor has obtained the Grant of Probate, they can then begin to pay out any debts, taxes, and other liabilities of the deceased. The executor will then contact the beneficiaries of the estate to inform them of their entitlement. The executor may then provide a copy of the will and any other relevant documents.
How do you receive money from a will in the UK?
The executor is responsible for distributing the deceased’s assets and funds to the beneficiaries. This may be done through a bank transfer, cheque, or cash. The beneficiary should receive details of the payment, including the amount and payment method, from the executor.
How do you receive money from a will in the UK?
The executor is responsible for distributing the deceased’s assets and funds to the beneficiaries. This may be done through a bank transfer, cheque, or cash. The beneficiary should receive details of the payment, including the amount and payment method, from the executor.
In some cases, the deceased may have left a trust in their will. This means that the beneficiary will not receive their inheritance directly from the executor, but instead from the trust. The trust will be managed by trustees (albeit often the executor is named as trustee as well), and the beneficiary will receive their inheritance at the discretion of the trustees but as per the terms of the trust.
Tax implications
Inheritance tax may be payable on some estates. This will depend on the total value of the estate, and whether or not the deceased had a valid will in place. The executor will be responsible for ensuring that any inheritance tax is paid prior to distributing the assets to the beneficiaries.
In some cases, the beneficiary may be liable for inheritance tax on the inheritance they receive. This will depend on the terms of the will which may require a particular share or part of the estate to bear all of the inheritance tax which is due.
Where to get help
If you have been named as a beneficiary in a will, it is important to seek advice from a qualified solicitor, if it appears that something is not quite right. A solicitor can provide advice on the probate process and any tax implications that may apply. They can also ensure that your inheritance is distributed according to the terms of the will.
In conclusion, understanding how you receive money from a will in the UK can be complex. It is important to understand the probate process and the tax implications that may apply. If you’re named as a beneficiary in a will and there appear to be issues with the amount you should be receiving or indeed its payment at all, be sure to seek professional advice from a qualified solicitor. This will ensure you receive the proper inheritance as outlined in the will.
If you require assistance in receiving money from a will, or would like to contest the contents of a will, get in touch with our team at Will Claim today. You can use our free claim assessment form to learn more about your possible claim.