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Can merrill lynch distibute funds to someone other than beneficiary named?
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Does the beneficiary of a key man life insurance have to be the company?
The purpose of Key Man Life Insurance is to benefit the company and provide funds for them to recruit hire and train another key man should the insured die. It is the company that would suffer the loss and therefor is the beneficiary.
What happens if you find additional insurance policies where beneficary listed is absolutely excluded in trust?
In order to find a trust with life insurance proceeds the trust must be named as the beneficiary of the insurance policy. Then the trust documents specify what the funds are used for that are in the trust. If there are other life insurance policies that are still active and have other individuals named as the beneficiaries then the money from those policies cannot be placed into the trust and will be paid directly to the current beneficiary listed with the insurance company. The trust will have no claim whatsoever on these policies. It could be that these policies had their beneficiary changed when the trust was set up and the trust is the current beneficiary of them as well and he just didn't put the change form in the policy. Whatever is on record with the insurance company will be the person that the benefits are paid to no matter what.
Can someone else deposit your check into your account?
If the name on the check matches the name on the account, and if the check is signed on the back, then just about anyone can deposit the check. Withdrawing the funds requires ID, though.
Does a homeowner have to have homeowners insurance before they can rent their home out?
No, it's not required, but it's really, really important unless you have the funds in the bank for someone to sue you if they fall or if someone leaves an unattended candle lit. Renters insurance carried by just the renter will only cover the renter's belongings, it will not cover your home.
What is a non load mutual fund?
A no-load mutual fund is one that does not charge a fee to investors. Many mutual funds have a "load" or initial fee, often around 5%, that investors must pay in order to buy in to the fund. No-load mutual funds lack this fee, and earn money for their managers in different ways. Most index funds are no-load funds.
What is the difference between an annuitant and a beneficiary?
An annuitant is a person who receives regular sums of money that was earned by them. A beneficiary is a person who receives regular sums of money from someone else who has past away and selected them to receive the funds.
What is the difference between a beneficiary and a fiduciary?
recepient of funds or other benefits is called beneficiary. but a person who holds asset to be a beneficiary is called fudiciary. 1 fudiciary--------->beneficiary | | |0 | -------->loss
Do beneficiary's of a life insurance policy get to keep those funds?
YES.
When a beneficiary is designated solely to distribute funds to children?
That person is said to hold the funds IN TRUST for the children and is therefore a trustee.
Can someone collect funds from somebody's inheritance that claims to be representing that individual?
No, not unless the individual who is trying to collect the funds has some document that gives them the legal authority to act for the beneficiary. That document is most often a Power of Attorney. However, if the executor has the slightest doubt as to the authority of the person who is trying to collect the funds, she/he should insist on dealing with the beneficiary directly. Distributing funds to the wrong party would create liability on the part of the court appointed executor. You should consult with the attorney who is handling the estate.
What if individaul dies and has beneficiary on account?
If the decedent named a beneficiary on his bank account the beneficiary can obtain a certified copy of the death certificate and proper identification and visit the bank to close out the account and obtain the funds.
When claiming the death benefit from life insurance are there any fees deducted from the funds owed to the beneficiary?
If there is any outstanding premium, the same is deducted while settling the death claim, though no other fees are deducted from the funds owed to the beneficiary.
The administrator made you put your own beneficiary funds into the estate account advising it was required. Can you sue her for fraud or petition the court to remove her?
You haven't explained what the "beneficiary funds" consisted of or where you got them. If the funds came from a joint account with you and the decedent or from a "payable on death" account with you as the beneficiary the funds are not part of the probate estate. You should visit the court where the probate was filed immediately if you think you are a victim of fraud by the administrator. You can file a motion to have your question answered after a review by the court. If the administrator is mishandling the estate she can be removed and replaced by the court.You haven't explained what the "beneficiary funds" consisted of or where you got them. If the funds came from a joint account with you and the decedent or from a "payable on death" account with you as the beneficiary the funds are not part of the probate estate. You should visit the court where the probate was filed immediately if you think you are a victim of fraud by the administrator. You can file a motion to have your question answered after a review by the court. If the administrator is mishandling the estate she can be removed and replaced by the court.You haven't explained what the "beneficiary funds" consisted of or where you got them. If the funds came from a joint account with you and the decedent or from a "payable on death" account with you as the beneficiary the funds are not part of the probate estate. You should visit the court where the probate was filed immediately if you think you are a victim of fraud by the administrator. You can file a motion to have your question answered after a review by the court. If the administrator is mishandling the estate she can be removed and replaced by the court.You haven't explained what the "beneficiary funds" consisted of or where you got them. If the funds came from a joint account with you and the decedent or from a "payable on death" account with you as the beneficiary the funds are not part of the probate estate. You should visit the court where the probate was filed immediately if you think you are a victim of fraud by the administrator. You can file a motion to have your question answered after a review by the court. If the administrator is mishandling the estate she can be removed and replaced by the court.
What does it mean when someone has a savings account in their name but also has someone else's name on the account in trust?
When someone's name is on an account, it means they own the money in the account and have access to the account. When someone's name is on the account as beneficiary or "in trust for", it means they have future ownership of the funds in the case that the owner dies. Until that happens, the beneficiary has no ownership or access to the funds or information about the account. Sometimes, the trustee doesn't even know they are on the account as beneficiary. Example: "John Smith as trustee for Timmy Smith" or "John Smith in trust for Timmy Smith" John is owner, and has access. He is also known as "Trustee" Timmy is beneficiary, has no ownership or access until death of John Smith hope that helps * * * The trustee or owner of the money doesn't necessarily have to die for the beneficiary to gain access to the funds. Sometimes it is the Trustee's duty to release a little money at a time, over time. The point being the Trustee is in a position of trust having a "fiduciary duty" to the beneficiary, in this example the duty of releasing the money according to the owners wishes. The Trustee administrates the Trust, and might not be a beneficiary at all. The beneficiary has ownership under the law "in equity." The Trustee has ownership in common law until his fiduciary duties have been discharged. That said, Trust Law is a very unsettled branch of the law.
Can Inherited Roth IRA be merged with existing Roth IRA?
No, the inherited funds (beneficiary IRA) have to remain in inherited (beneficiary) form. So the account/funds can only be distributed out of the beneficary IRA as a distribution or transfer to another alike roth beneficiary account at another firm. However, the deceased account can be transferred into the surviving spouse Roth IRA (or transfer to a beneficiary IRA account). A non-spouse doesn't have this option- they can only transfer to their beneficiary IRA account that they opened.
If a person dies intestate but has nominated a beneficiary for their provident funds can the trustee decide who should receive the benefits or should the husband receive it?
If during life a person has named a beneficiary on their retirement account the account administrator is obligated to pay the balance over to the named beneficiary. No one should be able to change the beneficiary chosen by the decedent. If someone believes they have a legitimate claim they can bring a court action and ask for a judicial review of the matter.
Where can one compare mutual funds?
"There are a lot of places that can compare your mutual funds online, some of which being Scotttrade, Smartmoney, Fidelity and Merrill Edge. They all have tools available for you to use."
