When the representative or executor of a will receives information of the inheritance and beneficiaries, it is a process that requires a number of steps before the inheritance is handed out, which is the final part of the procedure. The process before a beneficiary will receive their inheritance involves:
Step 1 – Before the executor is even appointed, all of the necessary documents relating to the estate, trust and finances must be located alongside the will.
Step 2 – Once all the important documents are organised, a representative of the will is appointed as an executor. This person is responsible for following the instructions of the will, paying all outstanding bills and taxes, handing out the inheritance. If they do not follow the process properly, they can be held liable.
Step 3 – Then the total assets must then be valued which will include all items of worth.
Step 4 – When the whole estate has been given a value, an accountant in London and the executor must pay all outstanding debts and bills. They will also pay the ongoing administration charges.
Step 5 – As well as paying bills, the executor and accountancy firm will file any applicable tax returns and pay outstanding taxes. These will include a final income tax, inheritance tax, estate tax returns, and more depending on the descendant.
Step 6 – When all outstanding bills have been settled, the beneficiaries will receive their inheritance. It may come in the form of a cheque, property, object, etc.