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If a dad passed and had a pension from work the beneficiary was his estate but he had no estate or a will so who would get the pension?
Wiki User
∙ 10y ago
That is the reason you open an estate! The probate process will resolve the ownership under the laws of intestacy.
Wiki User
∙ 10y ago
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Is pension considered part of an estate?
Only if the beneficiary to the plan is the estate. If the beneficiary is a person and not the estate, the asset passes to the person. It may still be subject to the decedent's debts, however, unless it is exempt such as in Texas. Of course, the bank would have to know about it to pursue collection.
Is a pension considered part of the deceased estate when money is owed to bank?
Only if the beneficiary to the plan is the estate. If the beneficiary is a person and not the estate, the asset passes to the person. It may still be subject to the decedent's debts, however, unless it is exempt such as in Texas. Of course, the bank would have to know about it to pursue collection.
Is a pension paid to a beneficiary an inheritance?
Yes and the distributions from the pension plan will be taxed to the beneficiary in the same way that they would have been taxed to the deceased.
How does a beneficiary know if he has to add this money to an estate?
The only reason a beneficiary would add money to an estate would be if they owed money to the estate at the death of the deceased.
Who gets the annuity if the primary beneficiary dies after the owner dies and didn't file a claim?
The primary beneficiary's estate could file a claim and the proceeds would be distributed to their heirs at law if the estate was probated. If no claim is made, the proceeds would escheat to the state after a statutory waiting period has passed and the funds remain unclaimed.
If the beneficiary of life insurance policy dies and there was no contingent beneficiary who does the insurance go to?
The death benefit would go to the Estate of the insured. This would create a taxable event and would be part of the estate probate. In some cases as with Fraternal Companies, the death benefit would be paid to the decedents of the beneficiary.
If a beneficiary to an estate becomes deceased and that beneficiary had a distribution in that year would the heirs of the now deceased beneficiary receive a K-1 and be taxed on that distribution?
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.
Does a secondary beneficiary only receive funds from a life insurance policy if the primary beneficiary has already passed?
Yes. A secondary beneficiary only becomes beneficiary if the primary beneficiary dies before the insured. Say the insured and primary beneficiary are involved in a fatal auto accident but the insured dies an hour before the primary beneficiary. The insurance proceeds would not go to the secondary beneficiary but to the estate of the primary beneficiary. If the primary beneficiary dies an hour before the insured then the secondary beneficiary receives the proceeds. If an insured wants both to receive monies they can name more than one person as primary beneficiary and in what percentage for each person. They could also leave it to their estate and handle distribution by a will.
What would a sole beneficiary expect to receive?
A sole beneficiary should, in theory, receive the entire estate, minus the fees of the executor.
Can a parent or guardian be the wrongful death beneficiary of his or her adult child in Alabama or Nebraska if that child has no wife or children?
The estate is the beneficiary of a Wrongful Death action. The parents and/or siblings would inherit from the estate.
Is the surviving spouse the legal beneficiary of a life insurance policy if no one is named beneficiary?
The policy would default to the Estate. which in most cases the spouse would be the executor of the estate. however, it would have to go through probate court first, so you always want to have a primary beneficiary a life insurance policy.
Can a pension that is not part of the estate be subject to paying a deceased debts?
Any and all assets of a deceased can be used for the repayment of his debts. However, if the pension is making a lump sum payment to a "beneficiary" like a spouse, then it would not be considered an asset of the deceased and you could fight any claims a creditor might make, but if it just pays out to the deceases estate then its fair game for payment of any debt therein.
