The phrase may imply exploitation or unfair advantage, so use it carefully to avoid offending someone. I wouldn't say he did well out of his uncle's will—it sounds a bit insensitive.
Pro Tip 2/3
Positive Outcome
It suggests a successful or beneficial result, often financially or in terms of personal gain. She did well out of the merger and got a promotion.
Pro Tip 3/3
Not Always Fair
Sometimes it's used to suggest that the benefit came at someone else's expense or was undeserved. It seems he did well out of the controversy, even though others suffered.