Appointed to manage the closing out of a loved one’s estate? While your loved ones might be asking what this means in terms of a timeline for them to receive certain possessions, distributing to beneficiaries is the very last step of the process.
There are many different steps that must be handled in the probate process prior to distributing assets to beneficiaries. However, when a personal representative or executor reaches this part of the process, it is important for them to refer to the will and any instructions included there. If the property named is part of a specific bequest and it is no longer owned by the decedent at the time of death, this has no effect.
Unless state law provides otherwise, the party who is named in the will would not be able to take this. If a named beneficiary passed away before the decedent and the will has no provision that the beneficiary’s heirs or another person inherits unless state law provides otherwise, this means that the bequest lapses.
Make sure that any property that is distributed to a beneficiary or heir comes with written proof. Get them to state and sign a receipt for the property. Specific types of property might have unique requirements for distribution, and this can be a big reason to partner with an experienced probate administration lawyer or estate planning lawyer as you go through this process on your own.
Schedule a consultation with an estate planning lawyer today if you want to ensure that you have properly considered all of the different types of assets that you own and have crafted a compelling and clear plan for them to be passed on to your loved ones when you pass away.