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If the beneficiary of a will is deemed incompetent due to a mental disorder who can assume the position to allocate the money to them?
Wiki User
∙ 14y ago
If the testator has already died the court will supervise and the costs will come out of the inheritance. A guardian or conservator must be appointed who will act under the supervision of the court on behalf of the ward. In fact, that person may already have a legal representative since they are legally incapacitated. If they don't then one should be appointed. In any case, there must be an arrangement where a trustworthy person is appointed and the court supervises. The funds should be placed in a trust.
However, estate planning that includes a person under a disability should be done well ahead of time. When someone has an heir who is disabled estate planning is crucial. You should consult an attorney who specializes in estate planning and special needs trusts. A testator should devise the incompetent's portion to a trustee. It should never pass to the incompetent person's estate.
Any disabled person who gets extra money from friends or family to help pay for their care and other needs and who is receiving any state or federal assistance needs a special needs trust. An inheritance should go directly to the trustee. Otherwise the person may lose their benefits and the inheritance will have to be spent down until it's gone. Then the person must reapply for financial assistance. An inheritance can cause considerable damage if not arranged properly.
Wiki User
∙ 14y ago
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If the executor of a will does drugs can she be removed from that position by the beneficiary?
The beneficiary doesn't have that power, but they can petition the court to have it done.
What is the beneficiary position on a life insurance policy of someone who is dying?
The beneficiary position is that they will receive the proceeds of the life insurance policy after the death of the insured. Until the death they have no other "position". After the death they must file a claim by contacting the company and following their instructions.
Buying the beneficiary position on a life insurance policy of someone who is dying is called?
viaticle
Can a beneficuary deny appointed executor?
No. Once an executor has been appointed the beneficiary has no power to deny their authority.The beneficiary can file an objection at the time of the filing for the appointment as executor. The court will render a decision after reviewing the objection. If the court decides to appoint the named executor that person will have the legal authority to settle the estate free from the interference of the beneficiary unless they abuse their position. In that case the beneficiary can file a complaint with the court. However, frivolous complaints will not be tolerated.No. Once an executor has been appointed the beneficiary has no power to deny their authority.The beneficiary can file an objection at the time of the filing for the appointment as executor. The court will render a decision after reviewing the objection. If the court decides to appoint the named executor that person will have the legal authority to settle the estate free from the interference of the beneficiary unless they abuse their position. In that case the beneficiary can file a complaint with the court. However, frivolous complaints will not be tolerated.No. Once an executor has been appointed the beneficiary has no power to deny their authority.The beneficiary can file an objection at the time of the filing for the appointment as executor. The court will render a decision after reviewing the objection. If the court decides to appoint the named executor that person will have the legal authority to settle the estate free from the interference of the beneficiary unless they abuse their position. In that case the beneficiary can file a complaint with the court. However, frivolous complaints will not be tolerated.No. Once an executor has been appointed the beneficiary has no power to deny their authority.The beneficiary can file an objection at the time of the filing for the appointment as executor. The court will render a decision after reviewing the objection. If the court decides to appoint the named executor that person will have the legal authority to settle the estate free from the interference of the beneficiary unless they abuse their position. In that case the beneficiary can file a complaint with the court. However, frivolous complaints will not be tolerated.
Buying the beneficiary position on a life insurance policy of someone who is dying?
For the Dave Ramsey "Name That Investment" worksheet, the answer is VIATICALS. :)
Can an ex-wife be sole executor upon death of husband and in the absence of a will?
While it is possible, it is probably not the best choice. An actual beneficiary would be in the best position to serve.
What are duties of trustee?
The duties of a trustee typically include managing trust assets, making decisions in the best interest of the beneficiaries, keeping accurate records, and distributing assets as outlined in the trust agreement. Trustees have a fiduciary duty to act prudently and ethically in carrying out their responsibilities.
In the state of Florida how do you get your ex-spouse off as the beneficiary?
The Florida Probate Code In Florida, divorce does not remove the ex-spouse as beneficiary under a life insurance policy. Florida takes the position that the life insurance policy is a contract and should not be interfered with unless fraud is involved. Check your insurance policy to be sure who you have named as beneficiary. Do not rely on the numerous statutory probate codes to determine who will get the insurance proceeds. If you want to change the beneificary of your life insurance policy and the divorce decree is final, complete a new beneficiary form, keep a copy and send it to the insurance company.
Is same-sex marriage a psychological disorder?
No. Although marriage may be entered into by people with psychological disorders marriage in and of itself is not a psychological disorder. Marriage is a civil legal status in the United States.Along the same lines, and perhaps also addressing the intent of the question, the American Psychiatric Association has taken the position that homosexuality is not a psychological disorder.
How do you cure proprioception?
Proprioception is not a disease or disorder. Its basically one's own sense of the relative position of neighboring parts of their body and strength of effort being employed in movement.
What does it mean when someone has a savings account in their name but also has someone else's name on the account in trust?
When someone's name is on an account, it means they own the money in the account and have access to the account. When someone's name is on the account as beneficiary or "in trust for", it means they have future ownership of the funds in the case that the owner dies. Until that happens, the beneficiary has no ownership or access to the funds or information about the account. Sometimes, the trustee doesn't even know they are on the account as beneficiary. Example: "John Smith as trustee for Timmy Smith" or "John Smith in trust for Timmy Smith" John is owner, and has access. He is also known as "Trustee" Timmy is beneficiary, has no ownership or access until death of John Smith hope that helps * * * The trustee or owner of the money doesn't necessarily have to die for the beneficiary to gain access to the funds. Sometimes it is the Trustee's duty to release a little money at a time, over time. The point being the Trustee is in a position of trust having a "fiduciary duty" to the beneficiary, in this example the duty of releasing the money according to the owners wishes. The Trustee administrates the Trust, and might not be a beneficiary at all. The beneficiary has ownership under the law "in equity." The Trustee has ownership in common law until his fiduciary duties have been discharged. That said, Trust Law is a very unsettled branch of the law.
A minor and his legal position under Indian contract act?
agreement made by minor is void-ab-initio minor can't be declared insolvent rule of estoppel is not applicable on minor minor can be promisee or a beneficiary doctrine of restitution is not applicable on minor
