Being a beneficiary of a will: What you're entitled to

• Beneficiaries are entitled to receive what has been left to them by their loved ones once the estate’s debts, taxes and expenses have been paid.
• Beneficiaries have rights to information, updates and, in some cases, estate accounts, but they cannot access their inheritance before probate is complete.
• If probate is taking too long, Provira’s Inheritance Advance can help beneficiaries access up to 50% of their inheritance within days.

Beneficiaries are entitled to receive the inheritance left to them once the estate’s debts, taxes and expenses have been paid.

Depending on the type of beneficiary you are, you may also have the right to updates, estate accounts and information about how the estate is being managed.

Being named as a beneficiary in someone’s will can bring up a lot of emotions.

On one hand, it may mean that someone you loved wanted to leave something behind for you. On the other, it usually comes at a time when you are already dealing with grief and uncertainty about what happens next.

Many beneficiaries are surprised to find out that they do not receive their inheritance straight away after a loved one passes away.

Before any money, property or items can be passed on, the executor needs to administer the estate. This means valuing all assets, applying for probate, paying debts, dealing with Inheritance Tax and making sure everything is distributed according to the wishes of the deceased. 

For some estates, this can take months. For more complicated ones, it can take a year or more.

If you are waiting for an inheritance but need the money sooner, Provira’s Inheritance Advance can help.

Our Inheritance Advance provides beneficiaries with up to 50% of their inheritance within days, so you can access the money sooner.

To find out more, read about our Inheritance Advance here. 

What is a beneficiary of a will?

A beneficiary of a Will is someone who has been left money, property, items or another gift by a person who has died.

This could be a fixed amount of money, a specific item or everything that is left in the estate once debts and expenses have been paid.

Beneficiaries can include family members, friends, charities or trusts. When writing a Will, there is no limit on how many beneficiaries a person can have. 

If there is no will, then the inheritance is handed out according to the rules of intestacy.

What are beneficiaries entitled to?

As a beneficiary, you are entitled to receive whatever has been left to you once the estate has been administered. This can be money, property, items, a business, land or stocks and shares.

Beyond that, your entitlement depends on what type of beneficiary you are.

But before you receive anything, the executor needs to follow a process. This includes:

• Valuing the estate
• Applying for probate (if needed)
• Paying funeral costs
• Paying debts owed
• Paying Inheritance Tax, if needed
• Dealing with legal and administration costs
• Preparing estate accounts
• Distributing the assets correctly

As you can see, it’s quite a lengthy process. Probate alone can take between 6-12 months. This is why the inheritance that you are owed is rarely paid straight away.

What are beneficiaries not entitled to?

Beneficiaries do have rights, but there are also some things they are not automatically entitled to.

As a beneficiary, you are not normally entitled to:

• Receive your inheritance straight away
• Make decisions about the estate
• Tell the executor how to administer the estate
• Access estate bank accounts 
• Receive money before debts, taxes and estate expenses have been paid

What are the different types of beneficiary?

Not all beneficiaries have the same entitlement. The main types include:

Residuary beneficiaries

A residuary beneficiary gets a share of what is left of the estate after debts, taxes, funeral costs, legal fees and gifts have been paid. For example, a will might say that the estate should be divided equally between three children, without noting down a specific amount.

Residuary beneficiaries usually have the strongest right to see estate accounts because their inheritance depends on what is left at the end.

Legacy or pecuniary beneficiaries

A legacy beneficiary is left a specific sum of money. For example, a will might say: “I leave £10,000 to my niece.”

This type of gift is paid from the estate once the executor is happy that there is enough money to pay it out after debts and tax have been dealt with.

Specific beneficiaries

A specific beneficiary is left a specific item. This might be jewellery, a painting, a car or something else belonging to the deceased.

Contingent beneficiaries

A contingent beneficiary only inherits if the main beneficiary is unable or unwilling to inherit. For example, if they have passed away or reject the inheritance.

Do beneficiaries have a right to information?

Yes, beneficiaries do have a right to information, although the level of information depends on the type of beneficiary they are.

In a lot of cases, executors will tell beneficiaries that they are named in the will and explain what they are expected to receive. They should also keep beneficiaries informed about how the estate administration is going.

If you are a residuary beneficiary, you are also entitled to see estate accounts. These show what assets came into the estate, what debts and expenses were paid, and what is left to distribute.

If you are only receiving a fixed gift or a specific item, you may not automatically be entitled to see the full estate accounts unless there is a reason.

However, as a beneficiary, you can still ask the executor for updates if the process is taking longer than expected.

Can beneficiaries see the will?

Before probate is granted, the will is usually a private document.

This means beneficiaries do not always have an automatic right to see it. However, many executors choose to share relevant information from the will with beneficiaries as an act of good faith.

Once probate has been granted, the will becomes a public document. At that point, anyone can usually apply for a copy from the Probate Registry.

Can a beneficiary challenge an executor?

Yes, in some cases, a beneficiary can challenge an executor. This is usually only allowed where there are serious concerns.

For example, if the executor is:

• Being dishonest with estate money
• Not administering the estate properly
• Selling estate assets for less than they are worth
• Refusing to provide reasonable information
• Paying beneficiaries before debts and tax are settled
• Acting in their own interests rather than the interests of the estate

However, if you are worried that an executor is mismanaging an estate, it is best to get legal advice before taking formal action.

Can a beneficiary access inheritance before probate is complete?

No, beneficiaries cannot access their inheritance until the estate has been administered.

This is because the executor needs to make sure all debts, taxes and expenses have been paid first. However, waiting for probate to finish can be tough, especially if you need the money now.

This is where Provira’s Inheritance Advance can help.

Our Inheritance Advance allows beneficiaries to access up to 50% of their inheritance within days, rather than waiting for the estate to be administered.

There are no monthly repayments, no early repayment fees and no personal guarantees or charges over your own home.

If you are waiting for an inheritance and need access to funds sooner, speak to the Provira team today to find out whether an Inheritance Advance could help.

How Provira can help beneficiaries waiting for inheritance

Being a beneficiary can feel emotionally complicated. You may be grieving, trying to support family members and waiting for an inheritance that is still tied up in probate.

Even when everyone is doing their best, the estate administration process can take longer than expected.

At Provira, we understand how frustrating that wait can be.

Our Inheritance Advance is designed to help beneficiaries access up to 50% of their inheritance, without waiting for probate to complete.

We offer:

• No monthly repayments
• No early repayment fees
• No personal guarantees
• No charges over your own home
• Simple interest, not compound interest

If you are a beneficiary waiting for your inheritance and need access to money sooner, get in touch with Provira today. Our compassionate team will talk you through your options and help you decide whether an Inheritance Advance is right for you.