0
Can a beneficiary forfeit an inheritance if they want their share to go to the other 3 beneficiaries instead?
Wiki User
∙ 15y ago
Generally a beneficiary can file a disclaimer with the court. State laws vary so you need to check the laws of your state. In some states where real estate is part of the estate assets you need to sign a deed transferring your interest to the other beneficiaries. An example is provided at the link below.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Can a beneficiary also be a testator?
The maker of a will should take every precaution so as to make the will not vulnerable to challenges. The witnesses should not be related to you, and should not be a beneficiary. You should pick objective witnesses instead of a beneficiary, spouse or other relative.Yes, in many states a witness to a will may also be a beneficiary. In some, a witness may not be a beneficiary. Depending on the state's laws, a witness-beneficiary might forfeit whatever he/she receives under the will, or, the witness-beneficiary might forfeit only so much of what he/she receives in the will that is in excess of the amount he/she would have received in absence of a will. The old rule used to be that a will witnessed by a beneficiary was completely invalid. That thinking changed over time because it is too harsh a remedy and is unfair to the decedent and to the other beneficiaries. Sometimes it is impossible to avoid having a beneficiary be a witness, such as when a person is on his/her deathbed and only a spouse or children are present to witness the will.Still it is a good idea to avoid the situation if possible as it invites will contest litigation.
Can I have the payout on my recently deceased husbands life insurance policy go directly to our adult children who are the secondary beneficiaries instead of to me who is the primary beneficiary?
Yes, you can decline the benefit. Speak to the insurance company about how.
Can your spouse witness your will if he isn't a beneficiary?
The witnesses should not be related to you, and should not be beneficiaries. Your spouse has a statutory right to inherit from your estate whether or not he is mentioned in your will. You should pick objective witnesses instead of a spouse or other relative.
Who is at fault if bank gives money to executor instead of beneficiary?
No one is at fault as the bank followed the law. The Executor is the person who should get the money. They are responsible to collect and value the estate and its holdings. Once inventoried and debts cleared, they can distribute the remaining assets to the beneficiaries.
Is a revocable trust made in one marriage valid in a subsequent marriage?
A trust stands apart as an entity holding property and remains valid after a divorce. The trustee of a trust holds title to the trust property for the benefit of the beneficiaries named in the trust document. If a former spouse is named as a beneficiary the trust should be amended if the trustor wishes to make the present spouse a beneficiary instead.
If the person that dies listed a beneficiary instead of a son do the benefits go to the beneficiary or the son?
For an insurance policy and/or retirement benefits it goes to the beneficiary designated. For a will, there could be grounds to contest it.
Is life insurance part of an estate?
If the life insurance policy designates that payment is to be made to a beneficiary other than the deceased or to his/her estate, the proceeds pass outside of the estate and do not become an asset of it. Instead, all other things being equal, proceeds are payable to named beneficiaries. Note, though, that in order to collect, the beneficiaries must file a proof of claim and otherwise provide documentation that the insurer requires (such as a death certificate).
What could be the main advantage of inheritance concept of object orientation?
Code Reuse and avoiding redundancy is the main advantage of inheritance concept. Using inheritance, instead of rewriting a piece of code again in a class, we inherit the features from the parent class and use it instead
Are there ways to get an advance on an inheritance?
There are no banks that offer advances on inheritance loans. You'll have to wait until the person dies. There is a way to get an advance on your inheritance. Advance Inheritance, LLC is a company that will give you part of your inheritance in advance instead of waiting months. You never have to make monthly payments because it is repaid from the estate or trust.
When do you use grantee instead of beneficiary?
A grantee is one to whom property is conveyed. A beneficiary is one who is designated to receive something as the result of a legal arrangement or instrument (benefit from) such as a trust, insurance policy or will.
How can a person be a beneficiary of a life insurance policy if the spouse of the deceased is still alive?
In rare cases, a person will make a close friend or relative the beneficiary of their life insurance policy instead of their spouse.
Can the executor of an estate make a loan to one of the beneficiaries with the understanding that the loaned amount will be deducted from that beneficiary's final distribution?
The answer depends on the laws of the state of probate, because not all states have the same such laws. In general though, the executor can make such a loan, but with some limits. An executor has complete control and possession over all the assets of the estate and has the duty to invest those assets so that they earn the estate income during administration. In that sense, it is possible that an executor could make a loan to a beneficiary at an interest rate higher than what could be gotten if the funds were kept in an estate account. The loan would have to be made with a competitive rate of interest, because those monies would be in the estate account earning interest but are instead in the pocket of the beneficiary. The executor must make absolutely sure that the loan is protected from loss or he will have to pay for any losses. All states have laws which are referred to as prudent investment acts or some similar wording. They describe the types of investments that executors may make. Some states might specifically prohibit such loans. Others might allow them, but may require more security than just the anticipated inheritance. Those laws must be reviewed first. There are many dangers in making such loans so they are usually not done. Sometimes beneficiaries lose their rights to inherit or have their rights attached by creditors. If that happens, the executor cannot claim that he has given the beneficiary the inheritance ahead of time. The executor could find himself in the position of having a worthless loan with no security.
