View random article

What Is a Probate Beneficiary?

An individual, when drafting his or her own will, may at some point wish to bequeath assets to another in the event of his or her death. An individual who is written to be an heir of another individual’s estate upon the latter’s death is known as a probate beneficiary. This person is entitled to inherit assets in terms of money or property or an estate upon the death of another and if terms are stipulated in the will, these conditions must be fulfilled before a probate beneficiary can gain complete access to his or her inheritance.

Upon the death of an individual, he or she may have left a will that determines how his or her property and assets are to be divided. The executor of the will then has the responsibility to administer the deceased’s estate under the terms and conditions of the will. This executor is named by the deceased and is usually an attorney, but may be anyone including a beneficiary. It is the executor who contacts the probate beneficiaries to inform them of whatever inheritance they may come to possess.

When the individual who created the will dies, the estate of the individual undergoes probate, which is a legal process that administers the estate of the individual and settles any debts that may have been left unresolved. This process includes a reading of the will, which names the probate beneficiaries and what they receive from the deceased’s estate. This reading is done by the executor in the presence of all probate beneficiaries.

Featured in Finance