A question I am regularly asked is whether a beneficiary of the Will is entitled to see a copy of the Will. This is often because a relative is attempting to deal with the estate themselves and information has not been forthcoming to the beneficiaries which can lead to uncertainty, confusion and occasionally mistrust.
The rights to information regarding the estate are assigned to the Executors named in the Will and the Will remains confidential until it has been submitted to the Probate Registry. Once the Grant of Probate has been issued, the Will becomes a public document. A copy can be downloaded from the government website for a fee.
Although it is considered good practice for Executors to notify beneficiaries of the existence of the Will and provide regular updates, there is no legal obligation to do so until the Grant of Probate has been issued.
What Happens Once the Estate Has Been Administrated?
Once the administration of the estate has been completed, the Executor should provide the beneficiaries a set of estate accounts, which should include the following information:
• A description and value of the estate assets
• Details of the estate liabilities such as testamentary expenses, debts owing at the date of death and any overpayments following the date of death
• Details of any income received during the administration period
• Details of any losses or gains on the estate assets
• The amounts due to each of the beneficiaries
What Are The Time Frames For An Executor To Distribute The Estate?
There is no definite timeframe in which an Executor must distribute the estate. The deceased’s debts and estate liabilities must be paid off first, and there may be assets which take some time to dispose of such as the family home.
The Executor is afforded the protection of the “Executor’s Year” which means that an Executor does not have a legal obligation to distribute the estate until one year has passed since the deceased’s date of death. They may also have a longer time frame if there is a good reason to delay distributing the estate, such as not being able to sell the property for its full market value.
It is usual however for a simple estate to be fully administered in one to two years.
Occasionally beneficiaries will have concerns over the way the estate is being dealt with, or whether the Executor is acting honestly, particularly if the executor is a beneficiary themselves.
How Can Timms Help?
At Timms, we are regularly instructed to assist Executors with the administration of an estate and will provide the executors with regular updates regarding the progression of the case so that they can pass this information on to the beneficiaries of the Will.
If you are an Executor or beneficiary of a Will and require advice, then please do not hesitate to contact me at m.lovell@timms-law.com.
