Tracing is the process of identifying a new asset as the substitute for the old". Following, therefore, is simply establishing who the original owner of property is, where that property is, and returning it to the original owner.
Beneficiary monitoring, or beneficiary contact monitoring, is a specific type of impact monitoring that aims to track the perceptions of project or programme beneficiaries (IFRC 2011). It can include beneficiary feedback mechanisms and beneficiary complaints mechanisms.
Examples of Beneficiaries in Monitoring and Evaluation
Patients who receive health care services from a health facility supported by a program or project. Farmers who receive training or support from an agricultural program or project. Children who attend schools supported by a program or project.
An executor can override the wishes of these beneficiaries due to their legal duty. However, the beneficiary of a Will is very different than an individual named in a beneficiary designation of an asset held by a financial company.
A Beneficiary need not know about a trust of which he or she is a Beneficiary, and neither the Settlor nor the Trustee (if the Settlor waived the requirement for the Trustee to keep the beneficiaries informed) needs to inform the Beneficiary of the existence of the trust; but if the beneficiary finds out about it and ...
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.
A quick definition of tracing:
For example, if you want to know who owned a car before you bought it, you can trace its history. Tracing can also mean following someone's movements or actions, like when the police try to find a criminal by tracing their steps.
Tracing is primarily used for anomaly detection, fault analysis, debugging or diagnostic purposes in distributed software systems, such as microservices or serverless functions.
Tracing simply means that you're drawing over an existing image. It doesn't matter whether it's a photograph or an illustration, or whether it's something that you got from the internet or made by yourself. You can trace physical things too, like plants and textures.
If they used a Will, then it is the executor who should be notifying you, generally within a few months of the death. If they used a Trust, then it is the trustee who should be notifying you. The timeline is much shorter. California laws, for example, require that beneficiaries are notified within 60 days of the death.
The best place to begin your search is www.Unclaimed.org, the website of the National Association of Unclaimed Property Administrators (NAUPA). This free website contains information about unclaimed property held by each state. You can search every state where your loved one lived or worked to see if anything shows up.
In California, the beneficiaries typically obtain access to a copy of the Will through probate. The probate process commences at the time of death, so the Will is filed with the probate court. Afterward, the proxy appointed to oversee execution can provide all the beneficiaries and family members with a copy.
Typically it will take around 6 to 12 months for beneficiaries to start receiving their inheritance, but this varies depending on the complexity of the estate and possible delays at the Probate Registry, which have been widely reported in the media.
Ways an Executor Can Override a Beneficiary
For example, the executor may decide to sell estate property that one or more of the beneficiaries were hoping to receive as part of their inheritance.
Typically, you might receive a certified letter from the personal representative notifying you that you are a beneficiary. However, you can always contact the estate attorney to explain the will to you.
If you are the designated beneficiary on a deceased person's bank account, you typically can go to the bank immediately following their death to claim the asset. In general, there is no waiting period for beneficiaries to access the money; however, keep in mind that laws can vary by state and by bank.
Having assets held in a trust that is managed by a trustee who is hostile to the trust beneficiary is another, more subtle way, to disinherit someone. Yes, Tom is technically a trust beneficiary with an equal share. But John's hostility towards his brother effectively keeps the trust assets away from Tom.
While beneficiaries can often disagree with an executor's decisions, unless the executor clearly violates the terms of the will or breaches their fiduciary duty, there is typically nothing a beneficiary can do about it.
No, they're obligated to follow the will's directives. Beneficiaries chosen by the decedent remain unchanged. They can only be removed if parts of the will are invalidated, typically through a successful legal challenge. Executors must respect and implement the original wishes of the testator.