What are a few responsibilties of being some ones benificiary ?

Question

i believe its a social security, maybe insurance, not alt of assests to my knowledge.

i want to help, but i also want to make sure i can help.

is it following thru with a persons will request ?

Answer 1

I generally agree with another poster that the trustee and the executor have large legal responsibilities, but the beneficiary does not.  Unless there are conditions spelled out in the will prior to receiving benefits (i.e. get married, finish college, or reach age 30), the beneficiary only has moral responsibilities of proper management considering the wishes of the benefactor.  An example would be to preserve the best pictures, family Bible, and other family heirlooms and land that has stayed in the family for generations, and donating or selling extra stuff rather than offering everything for sale on eBay and throwing away what does not sell.

When someone dies, their financial accounts (i.e. CD, stocks, life insurance, 401K, IRA) have beneficiaries.  The only Social Security beneficiary I know of is a lump sum death benefit of $255 to the surviving spouse.

Answer 2

I believe that you have been requested to be someone's payee...this person is going (or already has) social security benefits and the court does not believe that they can manage the money so that person needs help to do so and this is where you come in......

I believe that you will be known as a payee.....so you will be responsible for helping the person manage bills and giving them spending money. Before you agree to this, be sure to call the social securtiy office and have them send you a form....

You must submit an application, form SSA-11-BK (Request to be selected as payee) and documents to prove your identity. SSA requires that the payee application must be completed in a face-to-face interview (with certain exceptions).

Individual payees cannot collect fees.

In addition to managing the money, the social security office wants you to

Help the beneficiary get medical treatment when necessary;

Notify SSA of any changes in your (the payee's) circumstances that would affect your performance or continuing as payee;

Complete written reports accounting for the use of funds and Keep records of all payments received and how they are spent and/or saved!

Not quite a full time job but unless this is a loved one, I would pass on this.  Seems like a huge pain in the r****m because you KNOW that that person is going to have a problem with how the money is spent and your relationship with that person is going to have withstand that.

Is this stress worth it to you?

Answer 3

There's no responsibiltiy at all.  All the beneficiary is, is the person who gets the money.  

Social security is NOT inheritable.  

Carrying out the will requests is the duty of the EXECUTOR.  As is paying the debts of the estate, etc.

Answer 4

the beneficiary will hire an inheritance lawyer to make it right with the government. They will tell you all you need to do.

Answer 5

Hi, I'm someones beneficiary now and been in the past for two other people, I always feels good to help someone when they need help. It can be a big responsibility and just make sure your ready for the commandment, as it can get heavy at times depending on the circumcision's. I recommend that you keep a note book of EVERYTHING you do and Always write down Everything you spend money on and always get a receipt even if the business or person sells you something, log them in a book and keep all receipts together for that month including the bills that you pay for the person you are responsible for. Always,always cover you self in case the State or Someone Questions your ability for any reason what so ever... the moneys should always balance out at the end of the month. remember  these three thing always, 1. Keep  it simple 2.Always cover your yourself for law purposes, 3. never barrow or take anything that is not yours. Not saying you would or anything so don't take it in the wrong way OK. and finally just do the best of your ability to keep the person happy and comfortable to live the last of he/her life to end. It's a great  feeling knowing that your doing something good for another human being as one day we may need the same help that where giving back to the community now. Feel free to e-mail me if you need more help or can't get the right answers to your question.Hope this will help you and best of luck to come your way.