An Executor's Disclosure Responsibilities
The executor's first duty to beneficiaries of the will is to identify, locate, and contact them to advise them of their status as beneficiaries. This should be done in writing. A beneficiary of the will has the right to a copy of the will, which the executor should provide.
At the beginning of estate administration: Executors often inform beneficiaries at the outset of the estate administration process that they should expect to inherit from the estate.
California law provides less-specific deadlines for filing a Last Will and Testament for probate. Beneficiaries of a will are typically notified within three months of the probate court's receipt of the will.
Contacting beneficiaries
The executor or personal representative will contact each beneficiary. That is often done through written communication, such as a letter or email, providing details about the deceased's passing, their role as executor, and the beneficiary's rights and entitlements.
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.
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.
In short, yes, a person holding a power of attorney can also be a beneficiary in a will. However, there are important considerations and potential conflicts of interest to be aware of.
An insurance company usually takes several days to a month to process and pay out a life insurance claim. This is because the insurer must ensure the claim is valid, verify the death certificate, and confirm the beneficiaries' identities.
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 ...
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.
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.
Californian law prohibits hiding or withholding a will without lawful excuse. According to California Probate Code Section 8250(a), any person found guilty of intentionally hiding or omitting a will without legal justification is guilty of a misdemeanor.
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.
A POA can change beneficiaries if the POA instrument allows it. Make sure you're changing a beneficiary or adding one for a legitimate reason.
Yes, the executor of the estate also can be a beneficiary of the will, and often is. Many people will select one of their grown children to be their executor. Children are primarily the beneficiaries of parents' wills. In California, an executor must be at least 18 years old and of sound mind.
Two siblings can share power of attorney, allowing them to jointly manage a loved one's affairs. This arrangement requires careful consideration of various aspects to ensure efficacy and harmony.
It's important to distinguish—the estate's assets do not belong to the executor. They belong to the estate. As a fiduciary, the executor must manage the money in the estate account, but they cannot take it for themselves.
As noted in the previous section, an executor cannot change a will. This means the beneficiaries who are named in a will are there to stay. Put simply, they cannot be removed, no matter how difficult or belligerent they are being with the executor.
The executor has authority from the county probate court to act in this role, but that doesn't necessarily mean that the executor has the final say on all decisions regarding the estate. In fact, they're instead tasked with simply following the guidelines set forth by the will and other estate planning documents.
If you are the beneficiary of a trust, the California Probate Code requires trustees to notify you within 60 days of the settlor's death. Sometimes the trust settlor will also notify any disinherited heirs as well to avoid any ambiguity.
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.