Beneficiary Rights and Accounting
According to California Probate Code section 10950, if more than a year has passed since the beginning of probate administration and an accounting has not been filed, interested parties are entitled to file a petition with the court to make the executor to complete an accounting.
Timeline for Settling Estates in California
The courts take steps to move the process along, and the executor of an estate generally has 12 months to complete the probate process and pay heirs or beneficiaries from the estate.
Beneficiaries are entitled to request bank statements from the executor by making an informal written request for them. Some executors may attach bank statements to their accountings for added transparency without beneficiaries having to ask, but it's usually not a requirement for them to do so.
It's important to remember that an executor can only access a deceased person's bank account if there is no designated beneficiary or joint owner on the account, and the account is not being disposed of by the deceased person's trust.
The bank needs to be notified of the accountholder's passing as soon as possible, as any bank accounts of the deceased remain active until the bank is notified of the death. This typically entails providing the original Death Certificate for verification purposes and the Will, if one is available.
With an estate account, you can't simply withdraw money. You need to submit a claim to the court that explains what you want to withdraw and what you're using it for. That protects the beneficiaries since you can only use this money to pay approved expenses.
Per California Probate Code Section 10950, if more than a year has passed since the beginning of probate administration and an accounting has not been filed, interested parties (i.e. beneficiaries) have the right to file a petition with the court to compel the executor to complete an accounting.
Once you have found out what bank accounts were held by the deceased and have notified the relevant banks of the death, you should be able to request copies of bank statements. This could be helpful in piecing together what assets were held by the deceased.
To access the deceased's financial institution account records, you would generally need to grant the bank with sure documentation, such as a certified copy of the loss of life certificate, proof of your appointment as executor, and any different archives required via the bank.
There are limits on what an executor can and cannot do. If you've been named an executor, a couple basic rules of thumb are that you can't do anything that disregards the provisions in the will, and you can't act against the interests of any of the beneficiaries.
If an executor is ignoring you, they are in violation of their fiduciary duties. You should hire a qualified lawyer as soon as possible to try and turn the situation around. Something else beneficiaries can do to avoid being ignored by the executor is to play an active role in administration.
If the executor fails to meet their legal obligations, a beneficiary can sue them for breach of fiduciary duty. If there are multiple beneficiaries, all must agree on whether to sue an executor.
As a beneficiary you are entitled to information regarding the trust assets and the status of the trust administration from the trustee. You are entitled to bank statements, receipts, invoices and any other information related to the trust.
Executors who violate their duty may face legal action by beneficiaries or creditors, although they cannot be held accountable for a decline in asset value unless it resulted from their unreasonable actions.
If they are not settling the deceased's estate and moving the process along, someone else should take over. An executor can also be brought to court if they do not communicate with the beneficiaries. People should be told right away if they are included in a will.
A deceased person's bank account is inaccessible unless you're a joint owner, a beneficiary of the account or the estate executor. Because joint ownership and beneficiaries can make a difference in how your bank account funds are distributed, planning is key.
Yes, that is fraud. Someone should file a probate case on the deceased person.
In conclusion, it's a crime to use a dead relative's payment cards, even if they're no longer able to use them. Anyone convicted of using a card to make fraudulent purchases will face years of imprisonment for deceit, not to mention an identity theft offense will appear on their criminal record.
Executors are bound to the terms of the will, which means they are not permitted to change beneficiaries. The beneficiaries who were named by the decedent will remain beneficiaries so long as the portions of the will in which they appear are not invalidated through a successful will contest.
If the executor of your loved one's estate does not feel able to handle the job for any reason, make sure they know they can resign. Changing executors is a common occurrence, and the procedure for choosing a new one is clear, ensuring the estate will remain in good hands.
Spending all the estate assets can also lead to fines and repercussions for the estate if there is not enough money left to pay for important expenses like estate taxes and creditor debts. Fortunately, the law provides potential recourse for beneficiaries who have experienced theft at the hands of an estate executor.
The executor or administrator must provide legal proof of their authority to the bank. Once approved, they are responsible for settling the deceased's debts, paying bills, and taking care of fees, taxes, and final expenses, such as funeral costs.
While executors have discretion in some areas, your core decision-making is bounded by: The deceased's will. You must follow their distribution wishes rather than diverging based on your own judgments.
The executor of a will can take everything only if they are the sole beneficiary of a decedent's estate and all of the decedent's debts have been paid.