What are your rights as a beneficiary of a will in NSW?
1. Being informed about the will
All beneficiaries must be informed whether or not the deceased left a valid will.
2. Reading of the will
It is not a legal requirement for the executor to invite all beneficiaries to read the entire will. The executor only has a duty to inform each beneficiary of the nature and extent of their entitlement from the estate under the will. This includes when the beneficiaries might expect to receive their entitlement.
3. Receiving a copy of the will
The beneficiary of a will is only entitled to receive a copy of the will in its entirety if they make a formal request to the executor to do so. The executor must then acknowledge the request and send the beneficiary a copy of the will. The beneficiary may be liable for any expenses related to producing and sending the copy.
4. Notified about liabilities
If there is a liability that attaches to the entitlement of a beneficiary, including tax and costs as a result of being a beneficiary, the executor must notify the beneficiary of these liabilities.
5. Delay in distribution
The executor must inform the beneficiary if there is going to be a delay in the distribution of assets from the estate, and provide reasoning for the delay.
6. Legal proceedings against the estate
If there are any legal proceedings or claims against the Estate (contesting a Will – challenging a Will – family provision claims – disputing a will) which may affect the entitlement of any beneficiary, the executor must make these beneficiaries aware of the claims.
7. Legal proceedings against the deceased
If there are any legal proceedings or claims against the deceased, at the date of death, which are set to continue despite the deceased’s death, the executor must inform the beneficiaries of these proceedings.
8. Receiving your entitlement
It is the right of all beneficiaries of a deceased estate located in NSW to receive their entitlement under the will within 12 months of the deceased’s death (plus any interest as prescribed by the Court, if paid outside this 12 month period). However, the will can allow the executor to delay the distribution of assets. If this occurs, the executor must inform beneficiaries of any delay and provide a new revised expected date of receiving the entitlement.
9. Receiving a statement of distribution
Each beneficiary must receive a statement of distribution from the executor which sets out exactly how their distribution was calculated.
10. Legal costs
Beneficiaries in a will are not entitled to have their legal costs related to the estate paid by the estate, unless this is ordered by the court.
Liability limited by a scheme approved under Professional Standards Legislation