Step 7 - Paying the beneficiaries
Checks before paying the beneficiaries
Before the beneficiaries can be paid, you need to confirm the following:
You have identified all of the beneficiaries
You have checked to see if the Will/Intestacy needs to be varied
You have paid all of the creditors and Expenses
You have identified and understand the gifts described
There is enough money to pay all of the beneficiaries their full share
You have waited 6 months from the date of death before distributing the Assets
If there is not enough money in the estate to pay all of the beneficiaries then they will need to be paid in a specific order. If you find yourself in this position, you may prefer professional help to ensure that the Assets are distributed correctly, in the correct proportions.
Giving out the specific bequests
For more information please contact us.
Making an interim distribution to the residuary beneficiaries
Executors must be satisfied that all debts, taxes and liabilities have been, or can be, settled before making any distributions. They can consider making small interim payments to the beneficiaries if they are confident there is enough funds to settle all debts due when trying up the Estate.
Paying the beneficiaries
Once the bequests have been given and any cash legacies paid, the remaining Assets can be distributed. This is the residue. You may prefer to talk to us directly and obtain more information about the correct practice for dealing with the residue.