As you create your estate plan, it’s important to consider the rights of your beneficiaries. These individuals have a vested interest in your assets and property, and they may have legal rights that you need to be aware of. In this article, we’ll explore the rights of beneficiaries and what you need to know to protect their interests.
Rights of Beneficiaries
The rights of beneficiaries depend on the specific circumstances and the type of assets involved. In general, beneficiaries have the following rights:
Right to Information
Beneficiaries have the right to be informed about the assets in the estate, the value of those assets, and how they are being managed or distributed.
Right to Receive Assets
Beneficiaries have the right to receive their share of the assets according to the terms of the estate plan.
Right to challenge the Estate Plan
Beneficiaries have the right to challenge the estate plan if they believe it is invalid, fraudulent, or was created under undue influence.
Right to Sue
Beneficiaries have the right to sue the executor or trustee if they breach their fiduciary duty or fail to manage the estate properly.
Right to Contest Beneficiary Designations
Beneficiaries have the right to contest beneficiary designations if they believe they were improperly named or if the named beneficiary has predeceased the testator.
Protecting the Rights of Beneficiaries
To protect the rights of your beneficiaries, it’s important to have a clear and comprehensive estate plan in place. This should include a will or trust, beneficiary designations, and other important documents that outline your wishes for the distribution of your assets.
It’s also important to choose the right executor or trustee who will manage your estate and ensure that your wishes are carried out. This individual should be someone you trust and who has the necessary skills and experience to handle the responsibilities involved.
Finally, it’s important to communicate with your beneficiaries about your wishes and to be transparent about the assets in your estate. This can help prevent disputes and ensure that your beneficiaries understand their rights and obligations.
If you have questions about the rights of beneficiaries or need help creating an estate plan that protects those rights, contact Polaris Estate Planning & Elder Law. Our experienced attorneys can help you navigate the complex legal issues involved in estate planning and ensure that your wishes are carried out.
Don’t forget to register for our upcoming workshop to learn more about how to protect the rights of your beneficiaries. Contact us today to reserve your spot.
