Legal Question in Wills and Trusts in California
beneficiary or trustee
Mom died intestate in CA (11/97). I reside in another state & am the sole beneficiary on her life insurance (surprise!) and her bank accounts (none are included in the probate estate assets). Estate rep is Sis, resident of CA. In Dec 97 I agreed that if all "played nice", i.e. no lawsuits, threats, etc., I would share remainder after costs and distribution of probate proceeds. Brother insists I am a constructive trustee of the ins. and that bank accounts and ins. should be distributed to siblings. Recently Brother instigated petition against Sis, violating agreement. (petition withdrawn, no basis for action). Bro told he's out, and now threatens me with civil suit, claiming fraud, breach of contract, etc. Am I entitled as beneficiary to make decisions regarding distribution of my beneficiary assets? Or am I a trustee. Classic case of Mom told me one thing, and told others something else with regard to her wishes. Am I bound by what she told me or others? Or is this under my discretion? Nothing written by Mom or me.
1 Answer from Attorneys
Re: beneficiary or trustee
The insurance and joint accounts are contracts and pass to the named beneficiary and surviving joint tenant which is you. If the will being probated and /or trust being administered names you as a beneficiary, you are entitled to a distribution from the residuary or inother words whats left after expenses and debts. Unless there are clear intentions to the contrary you do not hold what you received in trust.
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