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What is the person designated as the beneficiary on an annuity entitled to?
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When a person dies can creditors get to 401K if a beneficiary has been designated?
no
Who receives money from life insurance policies upon death?
Part of the process of buying life insurance involves the designation of a beneficiary-the person(s) or entity(ies) that will receive the proceeds of the policy upon the insured's death. The beneficiary(ies) can be changed during the insured's lifetime, but as of the time of death, the designated beneficiary is entitled to the proceeds. If no beneficiary has been designated in the policy, proceeds are usually paid to the estate of the insured.
Can a term-life policy be cashed out if beneficiary is still alive?
Of course. The beneficiary is the person designated to get the money, not the insured.
Who is the beneficiary for your life insurance?
The beneficiary of a life insurance policy is the person or entity designated by you when you apply for the policy and when it is issued by the insurer.
If the person that dies listed a beneficiary instead of a son do the benefits go to the beneficiary or the son?
For an insurance policy and/or retirement benefits it goes to the beneficiary designated. For a will, there could be grounds to contest it.
What is life contingency?
Life contingency refers to the probability of certain events occurring during a person's lifetime, such as death or survival to a specific age. It is often used in actuarial science and insurance to calculate the likelihood and impact of such events on financial planning and risk management.
What word means a person entitled to inherit?
Inheritor(beneficiary, heir, legatee, recipient, successor)
What is the latest date to which verification of the identity of the beneficiary of a life assurance policy can be deferred by a designated person?
There is no time limitation to verify the identity of the beneficiary. You can also change a beneficiary at any time.
What is a bank account beneficiary?
A beneficiary is the person who receives the benefit (usually money) from an insurance policy or a trust.
Is a person who was disinherited in a Will entitled to the terms of a trust as a beneficiary?
Yes, as long as the trust was not modified to exclude them also.
When a beneficiary is designated solely to distribute funds to children?
That person is said to hold the funds IN TRUST for the children and is therefore a trustee.
Can the trustee and beneficiary be the same person in case of private trust?
If there is (1) more than one trustee; and, (2) the trustee-beneficiary cannot act as trustee unilaterally; and (3) the other trustee is not a beneficiary of the trust, yes. If the the trustee is also designated the beneficiary, the trust fails as illusory.
