Generally speaking, any creditors of a decedent at the time of his death can file a claim against the decedent’s estate. The executor of the estate has a duty to pay any creditors that make a legitimate claim against the estate before distributing assets to the decedent’s heirs. The process the estate goes through probate and how creditors are allowed to file claims is governed by state law.
This form is a release of claims against the estate by a creditor.
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If a beneficiary requests access to financial institution statements and the executor refuses to provide them, the beneficiary can take legal action. They can follow the court for an order compelling the executor to reveal the requested information.
If you have a trust and funded it with most of your assets during your lifetime, your successor Trustee will have comparatively more power than your Executor. ?Attorney-in-Fact,? ?Executor? and ?Trustee? are designations for distinct roles in the estate planning process, each with specific powers and limitations.
As a beneficiary you are entitled to information regarding the trust assets and the status of the trust administration from the trustee. You are entitled to bank statements, receipts, invoices and any other information related to the trust.
Whether or not the trustee can withhold funds from you depends on the terms of the trust itself. If the trust requires withholding distributions under certain circumstances, such as the beneficiary reaching a specific age, the trustee must follow those stipulations.
Executors basically are a beneficiary's only conduit of information when it comes to the estate of their loved one. As a result, they have a responsibility to keep beneficiaries reasonably informed about the activities of the estate and transactions made on its behalf.
