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What are the benefits to being a primary real estate owner and what does the secondary owner have control of?
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What happens to life insurance benefits if beneficiary refuses payments?
Most life insurance policies have a primary and secondary beneficiary. If the primary signs away all their present and future rights to the benefits then it will be left to the secondary beneficiary. If there is no secondary beneficiary or the secondary beneficiary is deceased the money would be left to the estate of the insured and subject to probate. This would place the funds subject to estate taxes if the estate is large enough. As a matter of full disclosure, I own and operate a small Independent Insurance Agency for the past 22 years and worked as an agent for direct writers for 3 years prior to that.
You are trying to find out what the law is about secondary beneficiary missing does the primary beneficiary have any rights?
If the primary is listed as receiving 100% then they get 100% no matter what. If it is a split percentage between primary and secondary and the secondary is dead or unreachable, then that percentage goes to the insuredes estate. If their is just a primary and no secondary listed, then the primary gets it all as long as they are still living. The secondary is a mute point. Primary always trumps secondary if listed as 100%
What Are The Primary and Secondary industries in Dubai?
The Primary industries in the UAE are oil extraction,tourism and the service industry while the secondary ones are the banking industry, construction and real-estate.
What happens to the car and title if primary person on car loan dies and the secondary person has survived?
The estate has to settle the title. The secondary person can be held responsible for the loan until it is resolved.
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 is the difference between a primary owner and a secondary owner of real estate property?
Just as with any assest, primary usually has to do with the persons amount of stake in it. Lets say two people buy a property, one gives 75 % of the money the other 25%, the one with more vested would be the primary.
How does it apply to a authorized user on the account and the primary dies and the card is used after the death who is responsible for the debt even if the deceased has no monies in any estate?
The authorized users who had full access to the account are both equally responsible for the debts incurred. The secondary user most likely used the card before the primary became deceased ... just because the primary account holder dies does not dismiss the responsibility of the secondary account user.
Can the Government claim back overpaid benefits from a deceased persons estate?
Yes, the government can do that. The value of the benefits is part of the estate. The assets of the estate have to be used to clear all debts before anything can be distributed.
Who receives the benefits or money from a life insurance policy upon the death of the insured?
The beneficiary designated on the policy application is the recipient. Usually, a secondary ("contingent") beneficiary is also named in the event that the primary beneficiary dies before the insured. The estate of the deceased can also be the beneficiary if it is named as such or if there are no named beneficiaries or if all of them die before the insured. In that event, the insurance proceeds become a part of the estate and are distributed according to the insured's Last Will and Testament. If the insured dies without a Will, the estate, including the insurance proceeds, pass according to state law according to the laws of intestate succession.
Do you have to pay taxes on benefits from a life insurance policy in CT?
The benefits from a life insurance policy are treated as part of the estate and subject to the estate tax. They are not subject to income tax.
What is a schedule of assets for probate?
It is a listing of all items in the estate. One of the primary duties of the executor is to inventory the estate. They also have to have the estate valued.
Does an executor have full control of how the estate is divided if there is no will?
The executor has no control over how the estate is divided. Each state has laws on how the property is divided when there is no will.
