Utah Release and Exoneration of Executor on Distribution to Beneficiary of Will and Waiver of Citation of Final Settlement

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Multi-State
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US-03366BG
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Description

Most states have a statute that requires something to the effect that upon the filing of an account for final settlement by the executor of the estate of a decedent, a citation is required to be filed containing a statement that such final account has been filed, the time and place when it will be considered by the court, and a statement requiring interested persons that are cited to appear and contest the same if they see proper.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

A beneficiary is a person you name in your will or revocable living trust to receive property from your estate when you pass away. You can name specific beneficiaries to inherit any assets in your estate ? including real estate, financial accounts, and more.

Executors want you to sign a release to ensure that they are protected from personal liability for the work they have done executing the estate. It also ensures they won't have to claw back any assets or distribute them in some new way after they've already distributed everything there is to be distributed.

The Bottom Line If you found out relatively late that you're the beneficiary of someone's life insurance policy, rest easy?there's generally no time limit on when you can file a claim.

What is a beneficiary release? The release is a document confirming that you are satisfied with the executor's work and accounting for the estate. Get all the information before you sign because you can't bring any legal dispute against the executor once you've signed it.

By having a current beneficiary on all your accounts, you leave no doubt as to what you wish to be done with your hard-earned money or insurance proceeds. 2. It saves time. If you die and have not named a beneficiary, this will delay the transfer of whatever funds are in those accounts.

The Benefit-of-the-Beneficiary Rule provides that a ?trust and its terms must be for the benefit of its beneficiaries.?

Probate is required if: the estate includes real property (land, house, condominium, mineral rights) of any value, and/or. the estate has assets (other than land, and not including cars) whose net worth is more than $100,000.

The significance of a release A release is a binding contract, which bars the signer from suing the person that they have released. An estate trustee should require a signed release when it makes sense to be prudent and to document the acceptance of the beneficiary of the administration.

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Utah Release and Exoneration of Executor on Distribution to Beneficiary of Will and Waiver of Citation of Final Settlement