Legal Question in Wills and Trusts in New York

Re: Can banks be challenged regarding benificiary designation for estatesregardi

IF YOU HAVE SOME PROOF OF A BENEFICIARY DESIGNATION, YOU CAN HONOR IT, BUT YOU DO SO AT YOUR RISK OF HAVING OTHER HEIRS CONTEST THE DECISION. BEST IS TO APPLY TO THE SURROGATE'S COURT FOR INSTRUCTIONS. THIS IS DONE ON AN APPLICATION TO THE COURT, STATING YOUR INFORMATION AND ASKING THE COURT TO APPROVE THE POSSIBLY CONTESTED DECISION AND DETERMINE ENTITLEMENT TO THE FUNDS. YOU CAN REQUEST APPROVAL TO FOLLOW YOUR INFORMATION. NOTICE IS GIVEN TO ALL HEIRS WHO HAVE THE RIGHT TO CONTEST AND THEY CAN PRESENT CONTRADICTORY INFORMATION. COURT DECISION PROTECTS YOU FROM FUTURE CLAIMS. IF NOONE CONTESTS, YOUR REQUEST TO DISTRIBUTE IN ACCORDANCE WITH YOUR INFORMATION IS USUALLY GRANTED UNLESS THE COURT, ITSELF, FINDS DIFFERENTLY.

Re: Can banks be challenged regarding benificiary designation for estatesregardi

There are 2 questions here. The first is that the bank has designated the account for the general estate and you feel the account should be assigned to a specific beneficiary. You may motion the surrogates court for such an alternative designation. While it is likely that the court will approve the new designation, it may be contested. Ideally, the beneficiaries of the general estate would approve that application to the court. The second question is whether you, on your own initiative, can pay out the account to a specific person. If the 'pay out' is contested, you will be required to show this was the deceased's actual intention. You will be required to show some/any documentary evidence on this point or you may be liable for the money to the general estate (you may have to write a check of your own money to the estate). Every lawyer will advise you to avoid this risk. But remember, it is a risk, not a certainty. You are welcome to a consultation at no charge at my offices at 42 west 44th st, ny,ny. Please call first for an appointment 646-591-5786.

Re: Can banks be challenged regarding benificiary designation for estatesregardi

You don't specify what type of accounts these are. If they are IRA's, a beneficiary designation is generally required when the account is opened. If you can show consistancy amoung several different IRA accounts, you might be able to prevail over the bank, especially since their records appear to be deficient.