“Where there’s a Will”

Brought to you byHolly Geerdes, Geerdes & Associates

Being the beneficiary of a Will has been the plot point of novels and movies since the very beginning, but what novels and movies don’t detail are the things that the beneficiary has to do in order to obtain his or her inheritance. Unsurprisingly, this isn’t as simple as the lawyer reading out a decedent’s Will. Here are three things that you need to know as a beneficiary.

1. Where is the Will? Do you know some Wills are never executed because the original copy cannot be found? That’s right - the court requires you to have the original Will document with wet signatures. If you can’t find the original Will, it doesn’t matter if you are the beneficiary. Getting your inheritance will become very difficult, especially if everyone who witnessed the signing of the Will has passed away.

2. Reading the Will is No Longer Common Practice: Just because you are the beneficiary doesn’t mean you get to read the Will. Only the Executors are able to do so, and he or she is not legally obligated to give you a copy of the Will.

3. No Time Limit for Informing the Beneficiary: The Executor does not have a deadline to inform the beneficiary about the Will. If the Executor is a bank, solicitor firm, or a professional estate planning lawyer, they will contact you as soon as the Will needs to be executed. However, if the Executor is not a professional and you are not familiar with him or her, you will want to keep an eye on whether the Executor has filed the Will with probate court yet.

There are many things that you still need to be aware of when it comes to being a beneficiary of a Will. That’s why it’s always best to speak to the attorney who drafted the Will or another estate planning attorney to know what your rights are as a beneficiary. Don’t lose your family’s legacy to an irresponsible Executor, and always stay on top of your inheritance so it is not taken from you by creditors, debtors, or the government.