Being an executor or administrator of an estate means you must make sure that all of the money and assets are distributed properly to the beneficiaries involved. If you are unable to find one of the beneficiaries, you should take steps to ensure you are not held liable for whatever benefits they were entitled to.
Here are the legal steps executors should take when they are unable to find a beneficiary.
Hold Onto The Assets
First, you should personally hold onto any assets that are due to the missing beneficiary. In the event that you do find him/her, you will be ready to distribute the assets as outlined in the will.
Ask Around
The next step you should take is to ask the deceased’s friends and family if they have recently been in contact with the missing beneficiary.
Distribute Assets With an Agreement
If you’ve put forth an effort to find the missing beneficiary but are unsuccessful, there are other options. You can distribute the assets meant for the missing beneficiary to the known beneficiaries. However, you should create a written agreement stating that the other beneficiaries agree to return the assets if the missing beneficiary comes forward. Keep in mind that if you choose this option, you could run into issues down the road if the other beneficiaries spend all of the missing beneficiary’s inheritance and are therefore unable to give it back.
You can also seek the direction of the court as to what should be done with the beneficiary’s assets. Although this option is more time-consuming and expensive, acting within the scope of a court order will provide the best protection.
Whichever option you choose, it is important to remember to protect yourself as the executor. You should seek help from an experienced attorney if you are in a situation where you cannot find a beneficiary to prevent complicated legal disputes from arising down the road.
On the other hand, if you are a beneficiary who has reason to believe that the will’s executor has not been following the terms, you should also seek legal advice immediately.
Gaslowitz Frankel LLC is Georgia’s premier fiduciary litigation law firm. The firm has earned a reputation for excellence across Georgia and the Southeast in providing representation to individuals, executors, trustees, investors, shareholders, and financial institutions in complex fiduciary disputes involving wills, estates, trusts, guardianships, conservatorships, businesses, and securities.
