How do beneficiaries get paid?

If funds are tied up in assets that need to be sold, then it may take longer to distribute the money as instructed by the will. However, beneficiaries may get paid in interim payments during the Probate process.

Different types of legacies can be left to beneficiaries so they may be paid or gifted with a specific legacy where a specific person is left a specific item, a pecuniary legacy where a fixed amount is left to a specific person, or a residual legacy when the rest of the Estate is left to one or more beneficiaries.

The Executor is responsible for paying the deceased’s debts and taxes from the assets in the Estate. The Executor must first pay any debts that are secured against property in the Estate, such as a mortgage. They must also pay any general unsecured debts, such as credit card debts and utility bills. After the debts are paid, the Executor can distribute the assets according to the will.

If there is not enough money in the Estate to pay all of the debts, the Executor may have to sell some of the assets. The Executor may also need to take out a loan to pay the debts.

If the deceased left a will, the Executor named in the will is responsible for distributing the assets. If the deceased did not leave a will, the administrator is responsible for distributing the assets.

The Executor or administrator will usually need to get a Grant of Probate from the court before they can start distributing the assets.