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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.
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What if a beneficiary under a will dies?
It goes to next of kin
What is meant by beneficiary under a will?
Beneficiary means "one who benefits." In other words, it refers to a person who is being given something in the will.
Who should be the legitimate beneficiary of retirement?
The beneficiary chosen by the policy owner would be the legitimate beneficiary. If no beneficiary was named then the retirement account will be paid to the estate and will be distributed to the heirs-at-law under the state laws of intestacy. You can check your state laws at the related question link provided below.
Under what circumstances is a trust essential?
A trust is essential when the beneficiary is a minor or an incompetent,
What if the beneficiary of a life insurance is deceased?
When a life insurance policy is purchased, the purchaser (usually the insured) designates a primary beneficiary and a contingent beneficiary. The contingent beneficiary gets the proceeds if the primary beneficiary predeceases the insured. The insured can name a new primary beneficiary by contacting the insurance company or the insurance agent. THIS IS ONLY TRUE FOR PURCHASED LIFE POLICIES___ NOT POLICIES THROUGH AN EMPLOYER UNDER ERISA.
Can you reject an inheritance for your children?
No. If your child is a beneficiary under another person's Will you cannot reject that inheritance on their behalf. The court will see the inheritance is placed in trust for the child.No. If your child is a beneficiary under another person's Will you cannot reject that inheritance on their behalf. The court will see the inheritance is placed in trust for the child.No. If your child is a beneficiary under another person's Will you cannot reject that inheritance on their behalf. The court will see the inheritance is placed in trust for the child.No. If your child is a beneficiary under another person's Will you cannot reject that inheritance on their behalf. The court will see the inheritance is placed in trust for the child.
What if the property is in a trust and I am the beneficiary of that trust?
Under UK Law: The trustee's must authorise the release of the property to the beneficiary(s) The beneficiaries under certain trust law can demand the property of the trust, but the trust deed must state a legal 'absolute' entitlement to that property. If the beneficiary has an absolute right to that property and has attained the stated age at which he or she should receive that property then the trustee's must authorise the payment to the beneficiary. IF it is a discretionary trust then you are only a 'potential' beneficiary and have no legal right to demand the property
Can a funeral parlor be a beneficiary under an irrevocable trust in New Jersey?
Yes.Yes.Yes.Yes.
If someone dies and their beneficiary is dead who gets the money?
If the beneficiary predeceased the testator and there is no contingent beneficiary named in the will the property will be distributed as intestate property under the state laws of intestacy as if there was no will. You can check the laws of your state at the related question link provided below.
Is it legal to have two insurance policies for the same beneficiary under a different contract?
Yea, if you have two different contracts and the beneficiary is the same, you can have two different policies which is legal.But against same contract, you cannot take two policies when the beneficiary is the same which is illegal.
How are payable on death bank accounts handled after the account owner's death and is the executor involved in the settlement?
A payable on death account bypasses probate and is paid over directly to the beneficiary by the bank. They do not come under the control of the executor.A payable on death account bypasses probate and is paid over directly to the beneficiary by the bank. They do not come under the control of the executor.A payable on death account bypasses probate and is paid over directly to the beneficiary by the bank. They do not come under the control of the executor.A payable on death account bypasses probate and is paid over directly to the beneficiary by the bank. They do not come under the control of the executor.
If you are the beneficiary how could a friend claim the life insurance through probate?
Under normal circumstances the named beneficiary collects the proceeds from a life insurance policy without court intervention.
