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What happens to beneficiaries portion if one beneficiary has been deceased for many years?
Wiki User
∙ 17y ago
The life insurance company holds the money without contributing interest. There is no time limit on the time you can file a death claim.
Wiki User
∙ 17y ago
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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.
If a beneficiary passes before his deceased father will his wife and children receive his portion of fathers trust fund?
That all depends on the provisions of the trust. You need to review the trust document to determine if there is a contingent beneficiary named who will receive the deceased beneficiary's portion. You should ask the trustee if you can have the trust reviewed by your own attorney.
Can my deceased father's beneficiary who has dementia let her power of attorney not help pay for funeral expenses?
Your father's estate is responsible for paying the funeral expenses from his assets. The expenses and debts of the estate must be paid before any distribution is made to any of the beneficiaries. Therefore the funeral expenses must be paid before the beneficiary receives her portion from the estate.
Can a heir reject life insurance My brother had life insurance no beneficiary. Parent will be getting 50 percent each if one parent rejects there end will the other parent receive the full amount?
NO. Your question is a bit confusing. First you state their is no beneficiary but then indicate the parents may be the beneficiary. Normally life insurance proceeds do not go through an heirs probate process. Life insurance goes directly to the designated beneficiary outside of any probate process unless no one has been designated or the designated beneficiaries are themselves deceased. If there is no designated beneficiary at all, the life insurance will default to the estate of the deceased for probate and apportionment to the heirs. If there are 2 equal 50 percent designated beneficiaries and one rejects their 50 percent portion, that 50 percent will be assigned to the estate of the deceased for probate and then be apportioned to the heirs of the deceased. An heir can assign his or her inheritance to another heir if they so choose. If the heirs reject the proceeds of the life insurance disbursed by the estate and then also decline to assign it to another heir, then those proceeds will default to the government.
What is a residuary bequest?
A residuary bequest is a type of bequest made in a will where the testator designates that any remaining assets or property, after all specific bequests and debts have been addressed, should go to a particular beneficiary or beneficiaries. It ensures that the chosen recipient receives any remaining portion of the estate.
There are two heirs surviving an estate who's executor has died Who is next in line if not provided for in the will The birth son or the surviving son in law or both equal?
If there are no provisions in the will for alternate beneficiaries and a beneficiary has predeceased the testator then the laws of intestacy will determine who inherits. However, if a beneficiary died after the testator then the beneficiaries portion will go to their own heirs according to the provisions in their will or by the laws of intestacy. You need to be more specific in details. You can check your state laws of intestacy at the related question link below.
What happens to a beneficiaries portion if he dies before his mothers estate can be distributed and he has no wife or children?
It goes into his estate. That will then be handled per the jurisdiction's intestacy law. Siblings and parents are next in line.
What is the second important piece of information that is revealed during the reading of will?
The second important piece of information that may be revealed during the reading of a will is the distribution of assets or inheritance among beneficiaries, detailing who will receive what portion of the estate. This information helps clarify any uncertainties regarding how the deceased individual's assets will be divided among family members or other beneficiaries.
Can sister-in-law get portion of my deceased fathers life insurance?
If she is named on the life insurance as a beneficiary. If the insurance goes into the estate as some policies do, she could be entitled to a share. Much of it will depend on how the will is written. If there is no will, it may vary depending on the laws of the state in question.
If you are a beneficiary to a deceased parents estate and your sister is executor is there a way she can keep your portion from you?
No. She is legally bound to follow what the will says. If, however you are a minor - she may put your share in a trust until you are of legal age. She cannot keep it for herself or give it to anyone else.
What happens to an insurance policy if the beneficiary can't be found or will not sign the policy?
With most insurance policies, you are asked to list both primary and secondary beneficiary(ies). If your primary beneficiary(ies) dies or cannot be located, benefits are paid to your secondary beneficiary(ies) in the same manner. If there are no such beneficiaries, then typically it defaults to a widow or widower; then to a child or children; next to parents; to the executor or administrator of your estate; and finally next of kin as determined under the laws of the State where you lived. Some form of court proceedings will probably take place. It is important that you keep your designated beneficiaries' addresses current. Failure to do so could mean that your beneficiary cannot be located and therefore benefits will not be paid to that person.
What is a beneficiary under a will?
A beneficiary under a will is a person or other entity that receives a portion of the estate at the direction of the testator. A beneficiary can be a person, charity, trust, church, club, or any other entity that can receive property.
