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A person can name anyone they choose to be a beneficiary. This can include a friend, child, spouse, parent or other relative. Some people even name organizations or charities as a beneficiary.
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∙ 9y ago
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If a life insurance policy names a son as executor and primary beneficiary are the proceeds paid to him as an individual or as executor to the estate?
If this is a hypothetical question - that is the insured is alive - then you should get it CLARIFIED and properly name the beneficiary in the mannner the insured wants his estate handled. If not, please send a copy of the beneficiary page so we can see exactly what was written. The proceeds most likely would be paid to son as beneficiary.
What happens to money in bank when you die?
If it is your sole account you should always name a beneficiary. The bank will assist you if you visit any branch. If no beneficiary was named the funds in the account become part of the owner's estate upon death. If the account is a joint account with the right of survivorship the full ownership will pass automatically to the surviving joint owner (who should then name a beneficiary through the bank).
Am i the beneficiary of my husband's life insurance?
If he put you in as the beneficiary, then Yes. Look at the policy and find where it says beneficiary to make sure.
What kind of insurance policies are subject to executor's fees?
Insurance policies owned by the decedent that do not name a beneficiary, those made payable to the decedent or to the estate are probate assets and thus subject to the executor's fee.Insurance policies owned by the decedent that do not name a beneficiary, those made payable to the decedent or to the estate are probate assets and thus subject to the executor's fee.Insurance policies owned by the decedent that do not name a beneficiary, those made payable to the decedent or to the estate are probate assets and thus subject to the executor's fee.Insurance policies owned by the decedent that do not name a beneficiary, those made payable to the decedent or to the estate are probate assets and thus subject to the executor's fee.
What is the abbreviation 'ffc' in banking?
ffc means "For Further Credit" and is used to name a second beneficiary in wire transfers.
Can a beneficiary of an IRA name a successor beneficiary in the state of Colorado?
No. A beneficiary has no authority to name a beneficiary of another's property. Only the principal can name the beneficiary. Generally, if the primary beneficiary declines to accept the inheritance then the gift will lapse and the property will be included in the estate.
Can you name someone older than you as your beneficiary on your life insurance policy?
Yes. You should also name a contingent beneficiary in case the primary beneficiary predeceases you.
Does a couple have to be legally married to be a beneficiary for each others life insurance beneficiary for their policies?
No. You can name who you choose as your beneficiary.
Name for person that inherit a will?
A person who inherits a will is commonly referred to as a beneficiary.
Does the beneficiary have to pay bills left by the insured?
Beneficiary's obligationThe beneficiary has no legal obligation to pay the bills solely in the name of the insured.
Can i buy term life insurance on myself and make a friend the beneficiary?
Yes you can.
A friend left something in a will to your mother but your mother has died who does it go to?
There are several possibilities. The gift may have been intended for your mother only and not to be passed on to her heirs. Alternatively, the friend's will may name you as your mother's successor beneficiary . However, many wills fail to address the possibility that the named beneficiary may die before the testator. If no successor beneficiary was named then the legacy would lapse and fall into the residuary of the estate. If there is no residuary clause in the will then the legacy will pass as intestate property.
What happens when a pod beneficiary dies before the account owner dies?
The owner must name another beneficiary for the account or it will pass into the owner's estate at the time of their death.The owner must name another beneficiary for the account or it will pass into the owner's estate at the time of their death.The owner must name another beneficiary for the account or it will pass into the owner's estate at the time of their death.The owner must name another beneficiary for the account or it will pass into the owner's estate at the time of their death.
Do you need spousal consent to name another beneficiary on your IRA?
Yes, the beneficiary of an inherited IRA (AKA beneficiary IRA) can name a beneficiary to that account. In the past, this was not really allowed so some form may still practice as such.
When a beneficiary is removed on life insurance does the insurance company have to notify the deleted beneficiary?
Well, it's the duty of the Insurer to intimate the deleted benficiary in writing about deletion of his/her name from the beneficiary name of the particular policy,to avoid confusion in future.
Is an heir a blood relative or can they be a friend or fiancee of the deceased?
An heir does not have to be a blood relative. An heir, also known as a beneficiary, is whoever is listed in a will or trust as a beneficiary. So it could be a friend, or a charitable organization, or a blood relative. It is up to the person making the will or living trust.
Can a spouse change there deceased spouses beneficiary name on a life insurance policy?
The owner of the policy can change the beneficiary of the policy. If the original beneficiary has died before the insured, the owner of the policy can designate a new beneficiary at any time.
