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What is the difference between annuity life and whole life insurance?
1. annuity is paid till a person passes away whereas life insurance is paid after a person passes away to the beneficiaries 2. annuity is paid as periodic installments whereas life insurance is paid as lump-sum. 3. annuity support future income requirement. life insurance support the need of beneficiaries. 4. annuity is a retirement planning tool whereas life insurance is a product providing inheritance. 5. annuity pays back total value + gains earned. life insurance may provide benefit multiple times larger than premium paid ZEBA
Are annuities part of an estate?
With a properly named beneficiary, the death proceeds of an annuity are outside of the estate and transfer directly to the heirs avoiding probate.
Can a beneficiary stay at a property without paying rent to other beneficiaries?
They are not responsible to the other beneficiaries, they are responsible to the estate. It is up to the executor to make sure things are done fairly.
Can one beneficiary of an estate be responsible for the estate debts if the other beneficiary is the beneficiary of an annuity?
You have a very good question. If you are the cash beneficiary of the estate and the other beneficiary receives an annuity, the costs of settling the estate will come out of the cash. You should frame a motion to have the court review the matter and render a decision regrading the issue. The court may decide the other heir should pay a portion of the costs.
Can a bank provide a loan to an estate beneficiary if the will is true to what is stated within?
Yes, but only if ALL of the following are true: * The death is not contested * The will is not contested * Probate debt is clear * Beneficiaries are well defined * Beneficiaries shares are well defined The higher the amount of complexity in the estate and the will, the longer that it will take for the beneficiaries to receive their share of the estate. There are few banks that will take a risk on that complexity until there is a clear ownership of the assets and that will only be made clear during the end of the probate process.
Can an executor of a will force you to accept money from the estate?
No, you cannot be forced to accept a bequest. You can decline and the money will go to the other beneficiaries.
After death can beneficiaries liquidate annuities?
The only person who can deal with the estate is the deceased's executor.However, if the decedent arranged for an annuity to pass to a named beneficiary on death the proceeds pass directly to the beneficiary upon the death of the decedent. Those proceeds are not a probate asset and this are not part of the probate estate.
As sole executor of will can you be forced to sell house by the other beneficiaries?
As an executor, you have a duty to sell the house and distribute the proceeds. If you want to buy the house from the estate, you can make that arrangement.
If a will states that if anyone preceeds you in death their part will be left to their decendents but an annuity says their part goes to the others on the annuity which takes precedence?
Annuity death proceeds do not pass by will or state intestacy laws. Like life insurance, employer-sponsored retirement plans and IRAs, annuities pass to the beneficiaries named. If there is no named beneficiary, then proceeds, at death, will pass to the estate of the owner, (and would then pass by will).
What are the advantages for estate tax repeal?
The beneficiaries receive the full estate value
Can the executrix of an estate in the state of nc dissolve the estate without the consent of the beneficiaries?
The executrix is responsible to distribute the assets according to the will or the laws. The consent of the beneficiaries is not required.
Do family members have to pay taxes on a parent's annuity when parent deceases?
Yes the annuity payments are taxable income to the beneficiaries in the same way that they were taxed to the deceased taxpayer.
Do retirements with beneficiaries need to be included in an estate?
Yes.
Does the executor receive the estate in the UK?
No, the beneficiaries receive the estate. An executor could be a beneficiary
Can an Administrator of a deceased estate rent out the estate property without consulting the beneficiaries?
Yes.
An estate files a litigation if won does the heir receive the money or the person filing the suit?
If the suit was filed by the decedent's estate any award will be paid to the estate and will pass to the beneficiaries under the will or according to the state laws of intestacy.If the suit was filed by the decedent's estate any award will be paid to the estate and will pass to the beneficiaries under the will or according to the state laws of intestacy.If the suit was filed by the decedent's estate any award will be paid to the estate and will pass to the beneficiaries under the will or according to the state laws of intestacy.If the suit was filed by the decedent's estate any award will be paid to the estate and will pass to the beneficiaries under the will or according to the state laws of intestacy.
Are beneficiaries on a will responsible for decease's debt?
The estate must be probated and the creditors will be given notice. The decedent's debts must be paid by the estate before any property can be distributed to the beneficiaries.
