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Executrix wants court to change beneificiary designation

Even if an Illinois estate owner signs a last will and testament, disputes may arise when the time comes for the estate to be administered. A situation is currently unfolding in another state where an estate administrator has petitioned the court to change the beneficiary designated on a retirement account. The plaintiff has filed a lawsuit against the decedent’s sister as well as a financial services company.

The estate owner passed away in 2018. He left his residence to his spouse and a remaining portion of his estate to the plaintiff, whom he also reportedly designated as executrix. The plaintiff has claimed that the financial services company has not distributed proceeds from the decedent’s IRA in the proper manner. She apparently learned that the decedent had named his sister as beneficiary of those particular assets, but neither she nor the sister have received the funds.

Further complications have arisen regarding this estate because the decedent’s widow has filed a claim against the estate to satisfy expenses associated with the funeral. The executrix has reported that there are not enough assets to satisfy the claim. The plaintiff has requested that the court change the beneficiary from the decedent’s sister to herself.

A judge has been assigned to the case but has not yet issued a ruling. There are numerous factors to consider when the court is faced with requests to change a beneficiary designation or otherwise rule on probate issues. Readers should know that obtaining a favorable outcome in such situations can be challenging. Those in this state dealing with such issues may find it helpful to enlist support from an Illinois attorney who is well-versed in estate planning and probate laws.