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A beneficiary has no rights or access to your accounts. Beneficiaries can only receive the money in your accounts in the event of your passing. Beneficiaries can become joint account holders if you would like them to have access to your money before you pass.
Does the executor have to show bank statements?
As an executor, you must provide a formal accounting at least once a year, but beneficiaries can request an informal probate accounting in California at any time. When they do, you must produce it. Because of this, maintaining thorough and accurate records of the estates finances is crucial.
Does an executor have to show accounting to beneficiaries in VA?
Personal representatives (i.e., executors and administrators of the estate) are required to provide beneficiaries and other interested parties (i.e., persons or entities with a financial stake in the estate) with financial information about the estate they are overseeing.
Do I need a lawyer to set up an estate account?
An estate account for probate is typically opened with the assistance of your probate lawyer. However, any executor appointed by a probate court is authorized to do so, as well. If youre doing it yourself, its often most convenient to open the estate account at the same bank as the decedents existing account.
How do I prepare a final accounting for an estate?
Identify Assets and Liabilities: List all property, investments, and debts. Prepare an Inventory: File this with the court. Record All Transactions: Note income and expenses. Distribute Assets: Follow the will or state law.
cc 1680
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For starters, California Probate Code section 16060 provides that the trustee has a duty to keep the beneficiaries of the trust reasonably informed of the trust and its administration by providing an accounting at least once a year.
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