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Is the trustee of an insurance policy required to notify minors that they are named as beneficiaries on a life insurance policy?
Wiki User
∙ 12y ago
Usually yes. Most life insurance trusts have beneficiary notice requirements to comply with Tax Court decisions like the Crummry case which proded tax exclusions for predent interest gifts to the trusts where the benficiary gets notice of withdrawl rights. Its a complex area of trust law which the IRS likes to audit to see if such notices were sent out etc.
Wiki User
∙ 12y ago
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Must a person have contractual capacity to be a beneficiary of a trust?
Answer: Minors may be beneficiaries of a trust.
Are funeral expenses to be paid before the insurance proceeds are divided if the beneficiaries on the life insurance policy are minors?
Funeral Expenses and costs are determined by the funeral home providing the services not by the probate process. Funeral expenses should be paid promptly and if agreed, reimbursed later.
If two children are the beneficiaries on a life insurance policy and one is under the age of 18 who gets the money for the minor child?
No one. Each child will be able to collect their share of the money when they are 18. The money for the minor child will be kept by the insurance company until the minor turns 18. This is why it is not a good idea to name minors as beneficiaries of life insurance policies if the money would be necessary for the upbringing of the child. Either name an adult that you trust or create a life insurance trust to be named as the beneficiary.
Car insurance for minors?
Absolutely!
If you are divorced can your spouse have a life insurance policy on you?
Yes, but not without your signature. If you had life insurance in force on you prior to your divorce and he was the owner and he wishes to continue paying and remain the benficiary then there is nothing you can do. If you have kids together then you both should have life insurance and name each other as beneficiaries for the benefit and welfare of the children until they are no longer minors. 4lfieguild
What does unjutma stand for?
Taking a stab: "Under New Jersey Uniform Transfers to Minors Act" - it designates a trustee.
Are employers required to give breaks to minors?
Yes
were can i go to get cheap, valuable medical insurance?
Medical insurance for minors can be obtained free of charge through your local Department of Human Service office. There are various programs that provide partial to full aid in medical insurance costs for minors.
Is Workmans comp required for minors?
Yes - and even if your state has an exemption for you because you have less than a certain number of employees or subcontractors, you remain liable even if you don't have Workers Comp insurance.
Do licenced minors have to be listed on the parents insurance policy?
Licensed minors do not need to be listed on the parents' insurance policy in this state. Any family member is included on the primary driver's insurance. However, the insurance agent must be informed about the fact that minors will be driving the car. They must be listed as drivers on a form and have an insurance card to drive legally. There is a difference between having an insurance card and being listed on the policy. Simply because they are not listed on the policy does not mean the rates will not go up. Different regulations may apply in your area.
Can the benificaries who is under aged kick the executor out of the house?
The beneficiaries, particularly minors, do not have the authority to do so. The executor has the responsibility to take care of the estate. That includes the property and who lives there.
Under Michigan law at what hour are minors required to leave an establishment that serves alchol?
Under Michigan law at what hour are minors under the age of 21 required to leave an establishment that serves alchol?
