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If a named beneficiary on a will dies does his share go to the other named beneficiaries or does it go to his wife?
Wiki User
∙ 11y ago
It depends on how the will was written. Either option is a possibility, but the wording of the will should specify.
Wiki User
∙ 11y ago
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Does the person who is named beneficiary on a life insurance policy have to share the money if the other two beneficiaries die but have children living?
Possibly yes. That depends on whether a tenancy was also recited. Generally, if the three who were named as beneficiaries were to take as "joint tenants" then the share of any deceased beneficiary would pass to the other beneficiaries. If the document was silent as to a tenancy then generally, the share of a deceased beneficiary would pass to their own heirs.
If there are two beneficiaries and one dies previous to the insured do proceeds go to the surviving beneficiary or half to the dead beneficiary's heirs?
There is no single answer to your question because the facts may be different in different cases. First, the insured should change the beneficiary designation if a named beneficiary dies before the insured's death. That will avoid problems later.A beneficiary designation may include additional instructions when two or more beneficiaries are named. First, the insured can name "contingent" beneficiaries who will take a deceased beneficiaries share- on any life insurance policy. Second, the beneficiaries may be named as beneficiaries "per stirpes" or as "joint with the right of survivorship" where if one dies their share passes to the survivor.You need to check the designations on the particular insurance policy, the policies of the particular insurance company and the laws in your jurisdiction.
What happens if one beneficiary does not pay their share of the real estate tax?
You should keep detailed records with copies of checks used to pay the expenses. When the property is sold, the beneficiary's share of the expenses should be deducted from his/her share of the proceeds and that amount should be added to the share of the proceeds distributed to the other beneficiaries.
What is the process of establishing Market value of a house in order for a part beneficiary to be able to buy the other beneficiaries out of their share?
Have an independent appraisal conducted. They run around $400.
In Florida concerning the payment to a beneficiary of a large account with two beneficiaries do both beneficiaries need be present together for one to withdraw their share of the funds?
No, the executor can pay them separately.
What if a beneficiary of a will dies while the will is being dealt with by the executor?
The beneficiaries' estate will get their share. The executor will continue to process things according to the will.
What does general allocation percentage mean to a beneficiary?
Depending on the jurisdiction, if we're talking wills, it most likely means the share of an estate going to each beneficiary in a class of beneficiaries.
Can a beneficiary forfeit an inheritance if they want their share to go to the other 3 beneficiaries instead?
Generally a beneficiary can file a disclaimer with the court. State laws vary so you need to check the laws of your state. In some states where real estate is part of the estate assets you need to sign a deed transferring your interest to the other beneficiaries. An example is provided at the link below.
Can the estate executor who is one of the beneficiaries decide to keep a property when the other beneficiary doesnt want to own it?
Sure, but the other person doesn't have to keep it and can sell their share either to the executor or to a third party.
Is a living widow the beneficiary of her deceased husband's IRA when no other beneficiary is named?
If the deceased has no children, yes. Otherwise the children share in his estate. This may vary by State.
Is the beneficiary of a will entitled to a share of the decedent's jointly-owned property?
It depends on what the will states. If the will states that you are the sole beneficiary of all of the decedent's property, you will receive whatever share the decedent owned of the jointly-owned property. The decedent's share of the property will become your share. If there are other beneficiaries and the division of ownership is not specified in the will, the decedent's share of the jointly-owned property will be divided equally amongst the beneficiaries. If the will states a specific division amongst beneficiaries (e.g. 1/2 interest to John Doe, 1/4 interest to Jane Doe and 1/4 interest to Bob Doe), then the decedent's share of the jointly owned property will be divided amongst the beneficiaries accordingly. But, the quick answer to your question is that just because someone else who is still alive has a share of the decedent's property doesn't mean that the entire property reverts to that alive shareholder. The decedent's interest in the property will go to his or her heirs in the same proportion that the decedent owned the property when he or she was alive.
What happens when a beneficiary of a will dies before his or her share of the inheritance can be distributed?
If there are no stipulations in the will as to what should be done in the event one of the beneficiaries should die, then the state probate succession laws apply. The executor should contact the probate court for instructions as to the manner in which the deceased beneficiary's share of the estate is to be distributed.
