Quizzes & Puzzles8 mins ago
Beneficiaries in a will.
If a beneficiary in a will cannot be found, does the money go to the nearest next of kin to the deceased or the nearest next of kin named in the will? Also, if a beneficiary is found but refuses the money, does the money go to the next of kin of the deceased or the government?? Thanks.
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For more on marking an answer as the "Best Answer", please visit our FAQ.If a beneficiary cannot be found, the PRs have some difficulty. It may be impossible to say whether the money goes to the deceased's next of kin on a partial intestacy (on the basis that the missing ben may have predeceased the testator) or to the family of the beneficiary on the basis that he survived the testator. For the PRs to be able to distribute, they are going to have to make exhaustive enquiries (although these should be proportionate to the amount of money at stake). If the ben cannot be found, the PRs should only consider distributing with the backing of an insurance policy and, on a belt and braces approach by application to the Court for a Benjamin Order. If the distribute incorrectly, they are personally liable if the beneficiary turns up.
As for a beneficiary who disclaims a gift he can do this in two ways. He can disclaim in favour of someone of his choosing by way of a variation of the Will. If he disclaims his interest entirely, it falls back into residue and is distributed either under the terms of the will or under the deceased's intestacy.
As for a beneficiary who disclaims a gift he can do this in two ways. He can disclaim in favour of someone of his choosing by way of a variation of the Will. If he disclaims his interest entirely, it falls back into residue and is distributed either under the terms of the will or under the deceased's intestacy.
Thanks, thats a a very knowledgeable reply, but some of it has gone over my head. Suffice to say to understand some of that I would have to be a solicitor in wich case I may already know the answer myself! I will elaborate a bit, a close member of my family chose to disown our family a long time ago. We know he is alive and which country he lives in. We used to be allowed a PO box address, but not any more. There is one member of our extended family who knows his whereabuts but is under strict instructions to keep quiet, which we respect. However there are members of our family who struggle with his decision to abandon the family and hope he will come back into the fold, and will probably leave him money. I think he will be easily traced by solicitors. Indeed if I tried really hard I could trace him myself, but I know it is pointless. I imagine if he was sent a cheque from someone's estate that he would tear it up. What would happen to that money, in layman's terms please?!