In a will or estate, a beneficiary is a person, charity or organization that receives either a specific gift, a gift of legacy, or the entirety (or portion) of the residue of the estate. More than one beneficiary can be named, and it does not have to be a relative. Types of beneficiaries can be:

• A person (Or multiples)

• A charity & Educational Institutions

• A minor (Child under the age of 18)

• A mentally Incapable person

Depending on the type of beneficiary there are different procedures the executor will need to take throughout the probate and estate administration process.

In cases where someone under the age of majority (18) is to inherit from an estate, the executor’s duty is to inform the child’s parent or guardian as well as the Office for the Children’s Lawyer of the inheritance.

The Office of the Children’s lawyer is a branch of the Ministry of the Attorney General that represents children under the age of 18 for various court matters, including when they will inherit property through an estate.

A child can directly receive their inheritance once they reach age of majority. However, many wills are set up to hold the funds in trust until an age that the testator has decided upon.

When a beneficiary is declared mentally incapable the executor will need to serve notice to their Guardian or person who holds Power of Attorney for Property, alternatively if the person does not have a Guardian or person acting under Power of Attorney, then the Office of the Public Guardian and Trustee must be served with notice.

Estate Administration can take anywhere from twelve months to three years from date of death before funds are fully distributed to beneficiaries. Of course, there is a variation in the complexity of estates and the time it takes to administer. Get comfy and be sure to stay in contact with the executor for updates on the process.

When acting as an Executor, communication with beneficiaries is crucial to the role. You will not only need to communicate information about the Will, but also about the financial information and relevant time frames. The clarity of communication is often the difference between efficient estate administration and one that ends up in prolonged litigation.

Absolutely! If you find yourself in both roles, ensure that you keep meticulous details of the estate’s administration and you do not treat other beneficiaries unequally in the administration process.

To find a missing beneficiary, the estate trustee should start by asking the family and friends of the deceased to see if anyone has any knowledge of their location. If this doesn’t find them the next step would be to advertise for the missing beneficiary in a newspaper local to where the missing individual may be and possibly online as well. Depending on the length of the search, and the size of the estate, the estate trustee may choose to hire a private investigator as well.

An executor of an estate is the person appointed to administer the estate of a deceased person. The executor is appointed by the individual who makes the Will, or by a court. The executor’s main duty is to carry out the instructions in the Will and to manage the affairs and wishes of the deceased person.

If you have been named an executor and do not want the job, do not worry you have options! The first option is a renunciation. If you plan to renounce, you must do so right at the beginning before any actions are taken on behalf of the estate. When you renounce, this allows the alternate executor to step up. If there is no alternate listed, a family member or friend could then step forward with the family’s permission and apply to the court to be appointed.

• Complex Estates – Estates that contain many moving pieces such as; bank accounts, investments, property, complicated assets that require a detailed valuation, minor or disabled children, or estates with heirs in different jurisdictions are some examples.

• Family Conflict – When hiring a professional, that person can act as a middle man between family members and be an unbiased third party.

Some estates settle within a few months or even weeks. Others can take up to a year or longer. It depends on the size and complexity of the estate as well as the waiting times within the court system. The most important thing to note is that the executor should be communicating the timeline to all beneficiaries and parties involved to avoid confusion.