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.
This legal tool is an extension of one of the most important trustee duties in California for beneficiaries to understand: The duty to keep beneficiaries reasonably informed. If a trustee fails to fulfill this duty, working with a lawyer is essential to preserve your inheritance and the integrity of the trust.
(2) "Beneficiary statement" means a written statement showing: (A) The amount of the unpaid balance of the obligation secured by the mortgage or deed of trust and the interest rate, together with the total amounts, if any, of all overdue installments of either principal or interest, or both.
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.
Others may be lax about updating their designations when their personal circumstances change, or fail to consider how their beneficiary designations will fit in as part of their overall estate plan. Generally speaking, in order to contest a beneficiary designation, the individual must have a valid legal claim to do so.
As an executor, you must provide a formal accounting at least once a year, but beneficiaries can request an informal probate accounting in California at any time. When they do, you must produce it. Because of this, maintaining thorough and accurate records of the estate's finances is crucial.
So the answer is no, unless the beneficiary is changed, that is who will receive the money upon the account owner's death, regardless of a divorce.
If the trustee is not paying beneficiaries accurately or on time, legal action can be taken against them.
Under the Probate Code, “The trustee has a duty to keep the beneficiaries of the trust reasonably informed of the trust and its administration.” Probate Code Section 16060.
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.
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.
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 primary responsibility for the financial statements rests with the reporting entity's management. Responsibility for preparation of the principal statements and notes, however, may be shared with the accounting organization responsible for maintaining the financial records of the reporting entity.
Q: Can an Executor Withhold Money From a Beneficiary in California? A: Executors do not have the authority to act outside the guidelines stipulated in the will. An executor cannot withhold money from a beneficiary unless they are directed to do so through a will or another court-enforceable document.
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.
Beneficiary of a Will
If you're not sure you were named as a beneficiary in someone's Will, check with the probate court in the county where the decedent lived. Since it is a public record, you can request to see the Will's filing. If you find your name as a beneficiary, contact the executor.
Legally, only the owner has legal access to the funds, even after death. A court must grant someone else the power to withdraw money and close the account.
An heir can claim their inheritance anywhere from six months to three years after a decedent passes away, depending on where they live. Every state and county jurisdiction sets different rules about an heir's ability to claim their inheritance.
This means that an executor can override a beneficiary's wishes if those wishes contradict the expressed terms of the will, do not comply with applicable laws, and the executor acts in the best interest of the estate and its beneficiaries.
Dealing with a problem beneficiary
California executors can overrule beneficiary wishes based on the decedent's will or court orders, and align actions with legal requirements. Before making such decisions, it's wise to consult a probate attorney in order to comply with regulations and avoid potential disputes.
After your death, the beneficiary has a right to collect any money remaining in your account. They need to go to the bank with proper identification. They must also bring a certified copy of the death certificate. The bank will have a copy of the form you filled out naming them the beneficiary.