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Do you have to pay a reactivation if there is a long time account that has been open by another person and you are the only beneficiary to it?
Wiki User
∙ 11y ago
Do you have to pay a reactivation fee when a peson had a long term account with Bank of America and they passed away and left you the beneficiary
Wiki User
∙ 11y ago
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If boyfriend dies and you are named as beneficiary and executrix in will and there is a beneficiary on bank account who may be another person can I pay the loan and keep the vehicle in Vermont?
The bank account should pass to the named beneficiary.
What is a bank account beneficiary?
A beneficiary is the person who receives the benefit (usually money) from an insurance policy or a trust.
What happens to insurance when beneficiary dies before insured person?
generally nothing. Insured person can name another beneficiary.
Can an insured person also be the beneficiary on an insurance policy?
Yes, there is no bar in the insured person being beneficiary on another insurance policy.
What does the word beneficiary mean?
The beneficiary is the person who receives the proceeds from a life insurance policy upon the death of the insured person. In law, a beneficiary is one who is designated to receive something as a result of a legal arrangement or instrument. For example, a person may be the beneficiary of a will, trust, bank account, investment account or life insurance policy. On the other hand, a church, charitable organization, school, college, cemetery association, public television, hospital, museum, etc., could also be a beneficiary of a will, trust, account or insurance policy.
What does beneficiary to a bank account mean?
A beneficiary is the person to whom the proceeds of a bank account would be paid if the primary account holder of that bank account dies. They can also be termed the nominee for a bank account. This is very important for cases wherein the account holder does not have a legal will stating to whom his account proceeds should go. In such cases the bank would choose the nominee or beneficiary and pay them the account proceeds.
Can you contest a life insurance beneficiary change?
The owner of a life insurance policy has the right to choose the beneficiary. Another person has no power to change that choice.
Can a person in another country be an heir or trust beneficiary?
If you mean a person outside the US then the answer is, yes.
Can someone remove a Payable of Death off the account if they were not the original owner?
No one other than the owner of the account can change the POD beneficiary. However, there is a conceivable possibility that a person with a sole account naming a POD beneficiary later added a joint owner to that account. Upon the death of the original owner that account would become the sole property of the surviving joint owner who could then change the POD beneficiary.
Why put a beneficiary on a joint account?
A beneficiary is the person to whom the proceeds of a bank account will be paid in case of the demise of the account holder. In case of a joint account holder, there will be legal heirs or immediate family members of both account holders. So in the case where either or both of the joint account holders are dead, the bank will be in a fix as to whose family needs to be paid the money that is held in the account. In such a situation the presence of a nominee or beneficiary will be useful to decide who gets the money.
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.
Can you reject an inheritance for your children?
No. If your child is a beneficiary under another person's Will you cannot reject that inheritance on their behalf. The court will see the inheritance is placed in trust for the child.No. If your child is a beneficiary under another person's Will you cannot reject that inheritance on their behalf. The court will see the inheritance is placed in trust for the child.No. If your child is a beneficiary under another person's Will you cannot reject that inheritance on their behalf. The court will see the inheritance is placed in trust for the child.No. If your child is a beneficiary under another person's Will you cannot reject that inheritance on their behalf. The court will see the inheritance is placed in trust for the child.
