Beneficiary Rights in Estates: A Guide To Understanding

When an individual passes on, leaving behind property, people say the beneficiaries are the people who have been designated to have a part of the property. You may also be overwhelmed by the experience of being a beneficiary, especially when it is perceived to be lengthy and complex. Knowing your rights can ease the situation and clarify it. This is what all the beneficiaries need to be aware of regarding estate issues.

You Have a Right to be Informed

The right to receive information is one of the most fundamental rights of a beneficiary. This implies knowing when the estate process will commence and knowing what the will or the trust contains.

In case there is a will, then it shall be subject to a legal process known as probate. The court oversees this process, and it is normally done by an executor- the individual who is mentioned in the will to administer the estate. The executor has to inform all beneficiaries that the process has begun. You are entitled to a copy of the will or a trust document so that you are aware of what has been bequeathed to you.

You Have a Right to Be Treated Fairly

Every beneficiary ought to be handled equally. This is not on equal terms. That is, some people can be left better or worse off than others, but this does not imply that the rights and interests of each person should be ignored.

The executor or trustee (in a trust) has to act in good faith for the estate. They cannot be biased or spend estate money on their personal needs. In case there are doubts regarding the way the estate is managed, beneficiaries are allowed to present their doubts to the court.

You can ask questions.

The duration of the estate process may vary and may also consume months or even more. It is only natural that, as a beneficiary, people would like to get updates. You are entitled to information on the schedule, the current state of the estate, and the possible time of distributions.

The executors and trustees should be able to keep the beneficiaries posted on major actions like paying the debts, the sale of property, and when the assets will be distributed. In case the updates are not exchanged, you can request a progress summary of the estate.

You are Entitled to a Good Accountant

The executor or trustee is required to pay the deceased’s debts before distributing the assets. This may be in the form of taxes, credit card bills, or end-of-life expenses. Then, they will be able to share the rest with the beneficiaries.

You have a right to a full accounting, a report of what the estate owns, what debts have been paid, and how the balance is going to be distributed. This is one of the steps that will help to make sure that things are done the right way.

You are Free to Protest or Complain

Beneficiaries are free to voice their concerns in case something does not appear to be right. Case in point, you may think that the will is invalid, or the executor is not executing their duties effectively. In such incidents, you are allowed to bring your grievances to the probate court.

It is necessary to do it on time. In many cases, there may be time restrictions on when you can object. In case you do not know what to do, contacting probate attorneys will also assist you in knowing your rights and what you can do.

You Have the Right to Your Inheritance

After the payment of debts and taxes, and when all is tallied, you are then allowed to enjoy what the will or the trust has presupposed. The executor should act in accordance with the estate plan, whether it is the possession of money, property, or personal belongings.

In other exceptional circumstances, the estate might not be sufficient to provide everybody with what was planned.

Conclusion

Becoming a beneficiary does not always have to be complex and stressful. Having known about your rights, it is much easier and straightforward to know, be treated fairly, and get what is yours. When something seems to be unclear or unjust, questioning and being informed are the initial steps. The process of the estate is all about respecting the last wish of an individual, and that involves ensuring the beneficiaries are respected during the process.