Can an Executor Override a Beneficiary? | Keystone Law Group (2024)

FAQs

Can an Executor Override a Beneficiary? | Keystone Law Group? ›

Executors are bound to the terms of the will, which means they are not permitted to change beneficiaries.

Executors have a fiduciary duty to the estate beneficiaries requiring them to distribute estate assets as stated in the will. This means that an executor can override a beneficiary's wishes if those wishes contradict the express terms of the will.

So, Does a beneficiary have a right to see financial statements? Yes. Not only do you have a right to see these statements, but you have the right to demand them, and a trustee must provide you with this information when you request it.

Such situations often necessitate legal advice to address such complexities effectively. Uncooperative beneficiaries can wreak havoc with the probate process and require legal intervention to help facilitate settlement. That is where a probate litigation attorney comes into their own.

While trustees may temporarily be able to delay trust distributions if a valid reason exists for them doing so, they are rarely entitled to hold trust assets indefinitely or refuse beneficiaries the gifts they were left through the trust.

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.

Executors are legally empowered to withhold money from a beneficiary if there's a legitimate and lawful reason, such as unsettled debts, taxation issues, or ongoing estate litigation.

In conclusion, beneficiaries can request get entry to bank statements from the executor. However, there are factors to consider. The executor has an obligation to truly administer the estate and can also want to assess financial institution statements to fulfill this responsibility.

Only joint owners, beneficiaries or executors can access a deceased person's bank account.

The Basics of California Trust Accountings

The trustee must also account to all current income or principal beneficiaries (1) at least annually, (2) upon the termination of a trust, or (3) upon a change in trustee.

Can a beneficiary sue for breach of trust? ›

Can a beneficiary sue a trustee if the trustee has breached their fiduciary duties, committed misconduct or harmed the trust? The short answer is yes. Trust beneficiaries can bring a claim against the trustee, so long as they have a valid reason.

If the executor is not informing beneficiaries about the estate or is withholding certain documents, an experienced probate lawyer can help beneficiaries bring a claim to try to force the executor to provide them with the information they're seeking.

Although inconceivable to some, there are people who choose to refuse an inheritance. That's a personal decision that has legal consequences. No matter your "why," however, you must carry out the process properly to ensure that your disclaimer is valid, and deal with the ramifications both for you and the estate.

A beneficiary does have the ability to sue a trustee if they are mishandling the trust. If a trustee is not abiding by the will of the trust, they are mishandling trust assets, or they are not fulfilling their fiduciary duty, legal action could be a viable option.

A trustee needs to communicate with beneficiaries about crucial matters, as required by law. Therefore, if the trustee of a trust for which you're a beneficiary fails to keep you reasonably informed, you can take legal action against them.

However, there may be certain circ*mstances where the executor or next of kin could contest the beneficiary designation. For example, if there is evidence of fraud or undue influence in the beneficiary designation process, the court may invalidate the designation and award the proceeds to the estate.

The executor/administrator of the decedent's estate or the trustee of their trust also generally can contest the designated beneficiary on their bank account, since they are fiduciaries who are responsible for representing the beneficiaries' best interests.

If one spouse purchases term life insurance coverage, the other spouse is generally the beneficiary unless another is specified. If there is a beneficiary other than the spouse, the spouse cannot override it. However, they are usually entitled to half the death benefit because the law splits community property in half.