When will I find out how much money I will be inheriting?
Every estate is different so it is very difficult to put time limits on when you will be told how much you will be receiving from an estate and how much it will be, the information below is offered as a guide to inform you what point in the process you should expect to receive this information, however please note that it will differ depending on the complexity of the estate.
When there is a Will:
A Last Will and Testament will state if there are any bequests or pecuniary legacies left to certain individuals and how much these will be, for example:
“I GIVE THE SUM OF TEN THOUSAND POUNDS (£10,000) to BATTERSEA DOGS HOME“
You can obtain a copy of the section of the Will that concerns you from the executor. However, if this is not possible you can obtain a copy of the Grant of Probate with the Will annexed once Probate has been granted. This is because the Will becomes a public document after Probate is granted. If you are a residuary beneficiary you will only know how much money you are due to inherit at the end of the administration period. This is when all assets have been disposed of and all debts and reimbursements have been paid.
When there is no Will:
When there is no Will the estate will be distributed under the Rules of Intestacy. This means if the deceased died leaving a spouse or civil partner and children, then the spouse will receive the first £250,000.00 plus a life interest in half of the remaining capital. The children will receive half of the remaining capital absolutely.
When the deceased leaves a spouse or civil partner and no children, the spouse receives the first £450,000.00 plus half of the remaining capital absolutely. The remaining half of the capital will go to the parent(s) of the deceased. If there are no parents then it will pass to the deceased’s siblings of whole blood and any issue of the predeceased siblings of whole blood.
If there is no spouse/civil partner or children of the deceased, the estate will be distributed equally to those who are next in line to inherit under the Rule of Intestacy.
The net amount of the estate will not be apparent until all assets have been disposed of, all debts have been paid and all reimbursements have been made. The family tree must also be traced to make sure all those entitled will benefit.
Patricia Steinfeld & Natasha Stroud.
The Probate Bureau offers a professional Probate administration service which includes distribution of estate funds. If this is something you would like to discuss further, please call Patricia directly, on 0800 028 2837 for free Probate Advice.