What to do when you’re named in a will

Last updated on 23rd September, 2024 at 10:28 am

So, you’re a beneficially in someone’s will. Now what? Losing a loved one is never easy, and finding out you’re named in their will can add a layer of complexity during an already tough time. Here’s a straightforward guide to help you through the process.

Reading time: 3 minutes

In this article, you’ll learn:

• The steps to take when you find out you’re a beneficiary.
• The processing time and influencing factors.
• he tax implications and legal responsibilities for beneficiaries.

Step 1: Understand the process

When a loved one passes away, their will must go through a legal process called probate. This is where the Master of the High Court authenticates the will and grants an executor the authority to distribute the deceased’s assets.

As a beneficiary, the first thing you should do is obtain a copy of the will and understand its contents. Then, contact the executor named in the will to get a clear understanding of the next steps.

Read: The Master of the High Court information on beneficiaries of wills in South Africa

Step 2: Communicate with the executor

The executor is responsible for managing the estate, which includes paying off debts and distributing assets to beneficiaries. Maintaining open communication with the executor is crucial. Ask for regular updates and provide any necessary information or documents they might need. This helps ensure a smoother process.

Step 3: Be patient

The duration of the probate can vary widely. In general, it can take 6-12 months, but it can be longer if there are roadblocks, such as disputes or difficulties in locating assets. Factors such as the size and intricacy of the estate, as well as any outstanding debts or taxes, can impact the process.

Check out: Manage your estate with Sanlam

Step 4: Prepare for taxes

As a beneficiary, you need to be aware of the potential tax implications. In South Africa, estate duty is levied on the estate of the deceased, not on the beneficiaries directly. However, depending on the nature of the inheritance, there might be other taxes, such as capital gains tax on certain assets.

It’s recommended to meet with a tax adviser to understand your liabilities and plan accordingly.

Step 5: Know your legal responsibilities

Being a beneficiary comes with certain legal responsibilities. You are entitled to your inheritance as stated in the will, but you must also adhere to any conditions laid out as well. For example, some wills include conditions about how or when you can access your inheritance.

Step 6: Keep calm

Disputes are common among multiple beneficiaries or with the executor. If there’s a disagreement, it’s important to handle it calmly and seek legal advice if necessary. Mediation can often resolve issues without the need for costly and lengthy court proceedings.
Finding out that you’re a beneficiary can be overwhelming, but understanding the process can help ease the burden. With this guide, you will be better prepared to handle the responsibilities that come with being a beneficiary.