A beneficiary is a person or entity who is named in a life insurance policy who is expected to receive a death benefit. A beneficiary can be:
- One person
- Two or more people
- The trustee of a trust that has been set up
- A charity
- A person’s estate
According to the Insurance Information Institute, there are two types of beneficiary: primary and contingent. A primary beneficiary would receive death benefits if he or she is able to be located after a person passes on. A contingent beneficiary is entitled to the death benefits if the primary named beneficiary can’t be found.
Are You a Beneficiary or Executor of a Will?
Are You Looking for Some Guidance to Help You Along Through the Probate Process?
If a loved one passed away and you are the heir to their estate, are you receiving everything required to guarantee the transfer of wealth has been done so correctly? If a family member of yours left you in charge of transferring their wealth to the appropriate parties by naming you the personal representative, or executor of their estate, are you positive you understand what the process entails?
Whether you are an executor or a beneficiary who has an inquiry or concern regarding the probate process, it is time you consider speaking with a probate lawyer in the state of Utah. While employing a probate lawyer isn’t always necessary, they can be quite helpful to you if something seems out of the ordinary with the decedent’s will, or you simply do not have ample time to carry out the duties that come along with serving as the personal representative of your loved one’s estate.
Responsibilities of the Executor of an Estate and Will
The executor is going to be required to complete some or all of the following duties presented below, and an experienced Utah probate lawyer can provide their legal expertise along the way.
- Assist with any problems or disputes that arise, including complex contracts and investments.
- Get all outstanding financial matters settled, including those involving taxes.
- Determine any fallacies with the wording of the will.
- You may be required to liquidate the decedent’s assets.
- Distribute the remaining inheritances according to the will or if no will is present, based on state laws.
We recognize the difficult hardship you have been confronted with. Losing a loved one is quite the challenge to overcome and having to divide the assets of someone you love may be a much bigger challenge than you are ready to handle.
Letting a probate attorney step in and help out will assure that everything is being handled properly, quickly and efficiently, and all those entitled to an inheritance receive it. No matter how much support you require to get through this process, a probate litigation lawyer in Utah is ready to begin providing you with it today.