Q: My dad’s savings plus account advised me 2 months after his death, after completing unidentified beneficiary form
They then advised me his beneficiary was changed after death. They were trying to get a hold of the listed beneficiary prior to the change. Are they allowed to do this? They basically had me fill out the form, hoping to find information on a beneficiary. I am the only heir left. My mom passed away in 2019. I have no other family members left.
A:
In California, financial institutions are not permitted to change a beneficiary designation after the account holder's death without a legal order or clear evidence of the account holder's intent made prior to death. If they informed you of a posthumous change, that raises concerns. The purpose of a beneficiary designation is to ensure the account holder's wishes are fulfilled upon their passing.
If you believe there has been an improper alteration, you may have grounds to challenge this decision. You should gather all communications and documents related to the account and the beneficiary designation. If the financial institution does not provide a satisfactory explanation or remedy, legal action might be necessary.
Consulting an attorney experienced in estate and probate matters is advisable to protect your interests and ensure the proper distribution of your father's assets. Ensure you act promptly to address any potential discrepancies or unauthorized changes.
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