A beneficiary of a Deceased Estate? Don’t Worry, We Have You Covered.
Dealing with a close one’s death is difficult and finding out that you are a beneficiary of an Estate during the grieving is more complicated. It becomes challenging to think about the belongings and assets of the person who has passed away. Here’s where we come to your rescue. You might have several questions, and we here to assist you with all of them. Some of the basics that one needs to know are as under:
What Is the Meaning of a Beneficiary?
The person or an organisation that gets benefitted or gifted from a deceased person’s Will is known as a beneficiary.
What Does an Estate Mean?
The Estate is a collection of total assets and liabilities. Assets include cash, non-cash funds, property, and more, while liabilities include debts, loans, mortgages, etc.
Who Is an Executor and What Are their Responsibilities?
An Executor can be a person or a trustee (like a state trustee). The primary responsibility of an Executor is to administer the Estate. Right from organising the funeral to transferring assets to the beneficiaries. The name of the Executor is written in the person’s Will, and they are responsible for following instructions specified in the Will. They need to make sure that all the wishes of the deceased have been fulfilled.
If you are a beneficiary, you need to know the following:
As an Executor, you are entitled to inspect and make a copy of the Will if you are a beneficiary in Victoria.