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Contesting the Beneficiary Designation in the Orlando, Florida Area 

Most wealth transfers at death are made pursuant to POD or TOD designations, which are distributed outside of a probate or trust administration. Most retirement assets are held in qualified retirement plans or individual retirement accounts (IRA). Assets in qualified retirement plans or IRAs utilize beneficiary designations to distribute assets at the time of the owner’s death. 

How do you contest a Beneficiary Designation in the Orlando, Florida area? Here a few ways to contest the beneficiary designation. Beneficiary designations can be challenged and invalidated based upon undue influence. They can also be challenged for fraud, duress and overreaching. 

Beneficiary designations can also be challenged for lack of capacity. Many financial institutions permit a client to make a POD designation online. Because of this, there is the potential for undue influencers with access to the depositor’s account login and password. This makes it difficult to determine if the depositor or the person who unduly influenced the depositor was the person who made the designation. 

There are usually no witnesses to the beneficiary designations unless a financial planner helped the person fill out the beneficiary designation paperwork. There are greater opportunities for fraud or forgery due to the fact that there are no witnesses. The owner’s signature may be challenged. Further, the bank will most likely defend its position, that the beneficiary designation was done correctly and legally. This is because depending on the litigation, the financial institution could be subject to liability if it was negligent in permitting the beneficiary change to occur. 

It is important to see whether you can obtain the original beneficiary designation paperwork. You should also obtain the application for the beneficiary designation. Obtain the financial advisor’s notes regarding the beneficiary designation, if possible. Lastly, you should obtain any recorded statements between the decedent and employees of the financial institution. The decedent may have done the beneficiary designation at one financial institution then transferred the account to another financial institution. Lastly, obtaining the estate planning documents can also be helpful. 

If you have more questions regarding a Probate Administration matter, you may call Ann Marie Giordano Gilden at Ann Marie Giordano Gilden, P.A. at 407-732-7620 and set an initial consultation. You may also visit my website at: https//:www.AnnMarieGildenLaw.com

This article is for informational purposes only; and it does not form an attorney client privilege.