BENEFICIARIES ARE IMPORTANT TO THE PROBATE PROCESS
July 31, 2019
Many Florida residents want to take something from a recently deceased loved one's estate. However, according to law, individuals cannot just take what they want after a person's passing. Even if a person is named as a beneficiary, he or she may need to wait until property distribution takes place as part of the probate process.
When a person is a beneficiary, it means that an individual gave that person the ability to benefit from an account or asset. Though property distribution does typically take place as part of the probate process, if the asset is a payable or transfer on death account, the funds in the account will pass directly to the named beneficiary without needing to be probated. However, for most other property, beneficiaries will have to wait to receive their bequests.
It is also important to know that there are different types of beneficiaries. If a person is a primary beneficiary, he or she is first in line to receive the designated assets. Of course, some individuals may pass away or be otherwise unable or unwilling to accept the assets, and in that case, a contingent or secondary beneficiary could receive them. There could also be co-beneficiary situations where two individuals may share or receive a portion of certain assets.
Understanding beneficiaries and the probate process can be difficult. If Florida residents are interested in learning more about being a beneficiary or when assets are distributed during the closing of an estate, they may want to ensure that they obtain accurate information. Utilizing local legal resources could be wise for this pursuit.