Understanding Beneficiary Rights

LEGAL – US law is slightly different from UK law though both follow similar concepts. In France, Napoleon codified the law, in other words, instead of the law being developed by judges - as an example - the law is written so every possible outcome can be legislated for. Newspapers scoffed at the EU ‘bendy-bananas’ issue but this is an example of how things are done differently on the continent, where the written law seeks to cover every eventuality.

Napoleon was something of an all-round achiever and even came up with the odd’s and even’s system for numbering doors in a street. 

With common law legal systems, a precedent or authority is a legal case that establishes a principle or rule. This principle or rule is then used by the court or other judicial bodies use when deciding later cases with similar issues or facts.

For many people there only direct contact with the law might be after a death has occured. Probate is the court-supervised process of authenticating a last will and testament if the deceased made one. It includes locating and determining the value of the person's assets, paying their final bills and taxes, and distributing the remainder of the estate to their rightful beneficiaries. 

In law, a beneficiary is someone who is legally allowed to receive benefits of a contract or other agreement. A beneficiary of a will, for example, stands to inherit property or other items of value according to the instructions in the will.

In this article, for our US audience, we are going to look at Florida's beneficiary rights and try to understand them. However these concepts are worth understanding wherever you live.  

A Beneficiary Vs an Heir

A beneficiary is someone who is named in a will and might or might not be related to the owner of the will. An heir, on the other hand, is usually related to the deceased and inherits property though succession laws. Heirs usually inherit property from people who did not have a will. Both of these sets of people have different rights and can benefit differently. Because heirs and beneficiaries are usually differentiated by whether the deceased had a will or not, most people use these terms interchangeably, which we will also do.

Their Rights

Both beneficiaries and heirs have informational rights. This means that they have to be told how the administration of the estate is going and be notified when something changes. Florida laws require that a beneficiary be notified when an estate has been opened and if and when a personal representative is appointed. They must also be involved in all litigation and legal processes if there is any litigation surrounding the administration of a will.

The personal representative is also mandated to give beneficiaries an accounting of the estate. This is an inventory of all assets anywhere in the world, the value of these assets and information related to any transaction done in the name of the estate. These transactions are usually expenses and claims and any income that is collected. The beneficiary can also request an inventory of all safe deposit boxes the deceased had.

A beneficiary can launch legal proceedings if there are decisions they do not agree with. They can also ask the court for clarification in case anything in the will is not clear.

Beneficiaries must also be involved in the protection of the estate because as soon as the will is opened and they are listed in it, that property is theirs. Because of this, they can dispute any claims brought against the estate.

The beneficiaries also have the right to be treated fairly by the personal representative. If they are not, they can ask the court to remove that person. The personal representative must always act in the best interest of all beneficiaries.

Getting a Lawyer

In case something is wrong with the administration of the estate, a beneficiary has the right to hire a lawyer who will act on their behalf. If you need one, find one who understands beneficiary rights Florida very well. As you might know, laws vary from state to state and this is no different in Florida. The lawyer should also be reasonable and act in the best interest of all parties involved. The lawyer can override the personal representative on a beneficiary’s behalf.

Conclusion

Beneficiary rights ate complicated. If you do not understand anything, it would be best to talk to a lawyer or petition a judge to explain whatever you do not understand.

In law, a beneficiary is someone who is legally allowed to receive benefits of a contract or other agreement. A beneficiary of a will, for example, stands to inherit property or other items of value according to the instructions in the will. Below, we will look at Florida's beneficiary rights and try to understand them.

ABC Comment, have your say below: