That all depends on the provisions of the trust. You need to review the trust document to determine if there is a contingent beneficiary named who will receive the deceased beneficiary's portion. You should ask the trustee if you can have the trust reviewed by your own attorney.
If the distribution to the beneficiary was mandatory, and the trust agreement does not provide for alternative disposition on the beneficiary's death, and/or the trust agreement provides that the distribution is mandatory and not discretionary, then the distribution should be payable to the deceased beneficiary's estate, which could get the K-1 as to any portion of the distribution that constitutes income rather than principal. The distribution to the deceased beneficiary's estate could flow through to the heirs of the deceased beneficiary's estate.
If she is named on the life insurance as a beneficiary. If the insurance goes into the estate as some policies do, she could be entitled to a share. Much of it will depend on how the will is written. If there is no will, it may vary depending on the laws of the state in question.
The life insurance company holds the money without contributing interest. There is no time limit on the time you can file a death claim.
Generally yes, as long as the relationship can be proved. There are some variations in that rule. You should speak to an attorney if you would like to make such a claim.
No. She is legally bound to follow what the will says. If, however you are a minor - she may put your share in a trust until you are of legal age. She cannot keep it for herself or give it to anyone else.
Your father's estate is responsible for paying the funeral expenses from his assets. The expenses and debts of the estate must be paid before any distribution is made to any of the beneficiaries. Therefore the funeral expenses must be paid before the beneficiary receives her portion from the estate.
A beneficiary under a will is a person or other entity that receives a portion of the estate at the direction of the testator. A beneficiary can be a person, charity, trust, church, club, or any other entity that can receive property.
If your grandmother died and devised her home to her heirs then you may be entitled to inherit your father's share, whatever that may be, according to the intestate succession laws in your grandmother's state. If he had a spouse she may also receive a portion. If he had no spouse his children would share equally. However, the wording of your grandmother's will may direct who will inherit the share of a deceased child. Property may be devised to a person's children with the share of any deceased child to pass to his own sisters and brothers. Or, property may be devised to a person's children with the share of any deceased child to go to the deceased child's children (grandchildren). You need to check the wording of the will and you may need to check the laws in the state where your grandmother's will is probated.
NO. Your question is a bit confusing. First you state their is no beneficiary but then indicate the parents may be the beneficiary. Normally life insurance proceeds do not go through an heirs probate process. Life insurance goes directly to the designated beneficiary outside of any probate process unless no one has been designated or the designated beneficiaries are themselves deceased. If there is no designated beneficiary at all, the life insurance will default to the estate of the deceased for probate and apportionment to the heirs. If there are 2 equal 50 percent designated beneficiaries and one rejects their 50 percent portion, that 50 percent will be assigned to the estate of the deceased for probate and then be apportioned to the heirs of the deceased. An heir can assign his or her inheritance to another heir if they so choose. If the heirs reject the proceeds of the life insurance disbursed by the estate and then also decline to assign it to another heir, then those proceeds will default to the government.
Yes. And what a mess it would be.
If the exact language on the policy is "all her children" then no, the benefit will be split evenly between all of her living children. They will each receive a check for their portion of the benefit.
LegateeAlso known as a beneficiary, a legatee is a person or organization who is named in a will to receive a portion of the decease's estate.