Receiving an inheritance can be a complex and emotionally charged experience. While inheriting brings potential financial gain, it’s crucial to understand your rights and limitations as a beneficiary. Unfortunately, these rights are often more limited than many assume.
So, what can you expect?
- Access to the Will: You have the right to receive a copy of the will once it’s been formally admitted to probate. This document outlines the deceased’s wishes for distributing their assets.
- Transparency with Administration: You can expect the executor(s) to handle the estate responsibly and efficiently. This includes maintaining accurate records and making reasonable decisions. While you’re not entitled to constant updates or decision-making involvement, you can request basic information like accountings and proof of responsible management.
- Respectful Treatment: While the executor doesn’t need to cater to your every whim, they should still treat you with respect and fairness. Remember, they have a legal obligation to fulfill the deceased’s wishes and uphold the estate’s best interests, which may sometimes differ from your individual desires.
What don’t you have the right to?
- Dictating Decisions: The executor, ultimately, makes decisions about the estate within the legal framework of the will and probate laws. You cannot dictate how specific assets are handled or interfere with their administrative work.
- Constant Progress Reports: While basic accounting and transparency are expected, you’re not entitled to detailed progress reports or constant updates. Understand that managing an estate can be a lengthy process.
- Living in the Deceased’s Residence: Unless specifically bequeathed to you in the will, you haven’t inherited the right to reside in the deceased’s property. This decision falls under the executor’s responsibility.
Remember:
- Communication is Key: Open and honest communication with the executor can go a long way in fostering trust and understanding during the probate process.
- Seek Professional Advice: If you have concerns about the executor’s conduct or estate management, consulting with a legal professional specializing in inheritance law can be helpful.
While inheriting might seem like a straightforward matter, understanding your rights as a beneficiary is crucial for navigating the process smoothly and avoiding unnecessary conflict.
If you have questions or concerns regarding your specific situation, seeking professional legal guidance is always recommended. This can help ensure your rights are protected and the process progresses smoothly for all involved.
Get in touch with us at admin@tbalaw.com.au or call 1300 043 103 to book an appointment.
