When a person leaves a trust or inheritance to a loved one, there are certain rules and regulations that govern the trust. In fact, some cases may require estate litigation.
It is important that beneficiaries truly understand the process so that they receive the gift that was intended for them. There are a few rights and responsibilities that beneficiaries carry.
Beneficiaries technically become the owners of certain assets after the passing of the previous owner. As such, they have the right to know the details involving the specific assets. Therefore, beneficiaries have a few common rights in regard to trusts, including:
- Financial distribution
- Other relevant information
It is the duty of the trustee to provide this information to the beneficiaries, as well as assist with the distribution of the trust, if the beneficiary so desires. In understanding the various aspects of trust, it may be beneficial to review the probate court of Connecticut’s breakdown of trusts.
Unfortunately, sometimes there can be foul play when it comes to the construction of a will. Especially in the case of elderly estate holders, caregivers or others close to them may manipulate the person into altering a will, or may tamper with it themselves. If a beneficiary suspects this or other indiscretions, it is possible to challenge the will. In such cases, the probate court examines the will and any evidence to determine if it should stand.
If beneficiaries do not believe that the trustee is properly handling the distribution of the estate, they may file a dispute. Similar to the process with a challenge, the probate court oversees the trustees’ work to make sure that they are operating correctly.
This is a brief overview of a few key rights and actions that a beneficiary may take. For those with further questions or concerns, it may be beneficial to consult with a knowledgeable attorney.