Who Is Considered A Beneficiary In The State Of Florida?

A beneficiary is an individual with specific rights. Going over these rights, and speaking with a lawyer, will allow you to develop an estate plan that works for you and your loved ones. 

Who Is Considered A Beneficiary In The State Of Florida? 

A beneficiary is an individual who is legally entitled to part of your estate or, in turn, some of the assets that have been listed in your estate planning documents.

Just as an example, if you want to give your granddaughter your house, and you outline this in your will, then your granddaughter would be considered a beneficiary.

The same basic definition applies to trusts and, in turn, other estate planning documents. But, the rights of particular beneficiaries is, in part, dependent on the estate planning arrangement they belong to. 

Is There A Difference Between A Beneficiary And An Heir? 

Even though the two terms are often used interchangeably, there is a difference between a “beneficiary” and an “heir.” And, these differences are as follows:

• Someone is considered a beneficiary, in the state of Florida, if they are listed in a will – or another estate planning document – and set to receive any of the assets that were outlined in that will.
• Someone is considered an heir, in the state of Florida, if they are a living descendant of the deceased and, as per Florida’s intestate succession laws, set to inherit some part of their estate.

Just as an example, if you list your granddaughter in your will, then your daughter is considered a beneficiary.

On the other hand, if you die without a will, and have a son, then that son would be considered an heir, as they would be set to inherit some part of your estate. 

What Rights Do Beneficiaries Have In The State Of Florida? 

A wealth of rights will be granted to the beneficiaries you list in your estate planning documents. And, with that in mind, these rights are as follows:

• The right to know when a personal executor has been appointed.
• The right to oppose the appointment of this personal executor.
• The right to know who the other beneficiaries are.
• The right to know what the other beneficiaries are receiving.
• The right to remove a personal representative.
• The right to see a list of the assets that are being shared.
• The right to see the value of these assets.
• The right to see the accounting expenses regarding the estate.
• The right to temporarily distribute the estate.
• The right to know if there is any ongoing litigation regarding the estate.
• The right to demand that every asset they receive is of fair market value.
• The right to contest the validity of the will.

Every single one of these rights can, and depending on the circumstances, should be exercised. But, doing so isn’t always easy and, if you want to exercise these rights, you will need legal assistance. 

Speak With A Florida Estate Planning Lawyer Today 

Your beneficiaries have a wealth of rights that they can, and should, exercise. Speak with a Florida estate planning lawyer at Millhorn Elder Law Planning Group today and we will help you develop an estate plan that works for your beneficiaries.

 Source:

 leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0731/Sections/0731.201.html

law.cornell.edu/wex/will_contest