Can A Beneficiary Ask to See Bank Statements?

If you are a beneficiary, you might ask to see bank statements of the deceased to see if the estate’s value is reported as correct. Can a beneficiary ask to see bank statements of the deceased? This depends on the type of beneficiary you are: beneficiary of a bank account or a beneficiary in an estate.

Beneficiary of a bank account

If you are the designated beneficiary of a bank account, whether in trust for or transfer or payable on death, you cannot see the bank statements until after the account owner’s death. Your rights as beneficiary do not vest until after the account owner’s death. Before the account owner’s death, the account owner can change the designated beneficiary at any time. The account owner does not even have to tell you that you have been designated as beneficiary of a bank account. Since you do not have rights over the bank account until the account owner’s death, a beneficiary cannot ask to see bank statements while the account owner is still alive.

After the account owner’s death, the beneficiary can see the bank statements after presenting to the bank the required documents, which usually includes a copy of the death certificate and an affidavit from the beneficiary.

Beneficiary of an estate

If you are a beneficiary of an estate, you cannot ask to see bank statements directly from the bank. The bank will only release bank statements to the estate’s personal representative, which is usually the executor or administrator. The bank will request to see letters testamentary or letters of administration issued by the court before it will release bank statements to you. If you are the nominated executor in a will or the decedent’s closest living relative (in case there is no will), we can help you obtain these letters from the court. You can call us at 212-233-1233 or send us an email at [email protected].

As a beneficiary of the estate however, you may request for the bank statements from the personal representative (executor or administrator).

Specific beneficiary

If you are a beneficiary of a specific item, such as personal or tangible property, you can request the executor or administrator to see the bank statements, but this request may be denied, especially when you have already received your legacy or bequest. As a specific beneficiary, your interest is limited to receiving a specific item. If you have already received this item, your request to see bank statements does not have basis. Thus, as beneficiary, you may be able to request the executor or administrator, but the discretion to show you these bank statements rests upon the personal representative. Your request may or may not be denied.

If you are specific beneficiary and you have not received the specific bequest or legacy, your request to see the deceased person’s bank statements may have basis. If you have not received the specific bequest or legacy for a period of time after the appointment of the personal representative (usually after the period for creditors to file a claim have lapsed), you can demand an explanation from the personal representative, which may include a request to see the bank statements.

Even if you request the personal representative to see the bank statements, the personal representative may still deny this request. This time, however, depending on the facts and circumstances of your case, you may have basis to petition the court to compel the personal representative to submit an accounting, to remove the personal representative, and to nominate a successor.

Residuary beneficiary

If you are a residuary beneficiary entitled to the remainder of the estate, you can request to see the bank statements from the personal representative, but not from the bank. Although the personal representative has discretion to deny your request, you can compel the personal representative to submit a formal accounting. The submission of the formal accounting may include supporting documents, such as bank statements. You can also file a petition to remove the personal representative and to nominate a successor. You can also file a motion to restrain the personal representative from performing certain acts if you suspect the personal representative is in

If you’d like to see the inventory, most state laws require the personal representative to submit an inventory together with its corresponding value within 90 days from decedent’s death. If the inventory includes real property, an appraisal is also required so a stepped-up basis or value can be attributed to the real property.

If you are a beneficiary who would like to see the bank statements, identify first what kind of beneficiary you are: whether a beneficiary of the bank account or a beneficiary of the estate. For estate beneficiaries, only the personal representative can ask to see the bank statements from the bank. As estate beneficiary, you can request to see the bank statements from the personal representative. The personal representative has discretion to decide whether to show you the bank statements. However, you have remedies in case the personal representative does not show you the bank statements, especially if you suspect that there is mismanagement or wastage of estate assets.

Should you need assistance or legal representation in your claim to see bank statements from the personal representative or if you are a personal representative who wants to know whether to show the bank statements to beneficiaries, we at the law offices of Albert Goodwin are here for you. We have offices in New York City, Brooklyn, NY and Queens, NY. You can call us at 212-233-1233 or send us an email at [email protected].