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What is the time limit for a beneficiary of a Trust to challenge it?
Wiki User
∙ 15y ago
Challenges to the creation of a trust usually focus on the capacity of the person creating it or whether the grantor was unduly influenced to create it. Challenges to actions of trustees focus on the trustee's fiduciary duty to the beneficiaries (the highest duty one person can have to another). These are torts. The statute of limitations for a tort will usually be two years. The period begins when the tort occurs or, under the "discovery rule," when the person complaining should have, in the exercise of due diligence, discovered the tort occurred. If the plaintiff was a minor when the tort occurred, the period might begin upon the minor attaining the age of majority, usually 18. There are exceptions, of course. There always are.
Wiki User
∙ 15y ago
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What happens when the beneficiary becomes mentally ill in a will at the time of death of the testator?
The mental status of the beneficiary has no bearing on distribution. If they have been declared mentally incompetent, the inheritance will be added to the trust for the beneficiary.
Is there a tax obligation for a trust beneficiary?
Generally, income from a trust must be reported. You should speak with a tax professional at tax time.
Is there a statute of limitations for filing for life insurance beneficiary benefits?
There is no time frame limit when a beneficiary needs to file for life insurance benefits. All you need to do is notify the life insurance company and provide copy of death certificate, and if the policy was in force at the time of death, a benefit will be paid to the beneficiary.
Does an account become part of the living trust through a pourover will if a beneficiary is named on the account?
NO. Generally, when a beneficiary is named on that account the balance will be paid over to the named beneficiary and will not become part of the owner's estate at their time of death.NO. Generally, when a beneficiary is named on that account the balance will be paid over to the named beneficiary and will not become part of the owner's estate at their time of death.NO. Generally, when a beneficiary is named on that account the balance will be paid over to the named beneficiary and will not become part of the owner's estate at their time of death.NO. Generally, when a beneficiary is named on that account the balance will be paid over to the named beneficiary and will not become part of the owner's estate at their time of death.
What is the time limit during which proceeds will be held at interest for a contingent beneficiary after the death of the insured?
Indefinitely or until the contingent is found and paid.
Can the trustor modify the deed of trust at any time?
Yes it can be done if the beneficiary agrees. The document must be executed by both the parties to be valid.
Can you be a beneficiary on a life insurance policy that you don't know about if you were a minor at the time the policy was purchased but are now of legal age to sign documents?
Yes, there is no requirement that the beneficiary be of age. A trust would be set up to manage it until they were an adult.
When an irrevocable trust is established is there a time limit of years the trust can be kept?
The timeline of an irrevocable trust depends on the way that it is structured. It could be terminated when the creator dies or it could last forever.
What time AEST do Halo Reach daily challenges reset?
Each challenge has a time limit. You can check the remaining time of your challenges at www.bungie.net6:00am Eastern Standard Time
What does it mean when someone has a savings account in their name but also has someone else's name on the account in trust?
When someone's name is on an account, it means they own the money in the account and have access to the account. When someone's name is on the account as beneficiary or "in trust for", it means they have future ownership of the funds in the case that the owner dies. Until that happens, the beneficiary has no ownership or access to the funds or information about the account. Sometimes, the trustee doesn't even know they are on the account as beneficiary. Example: "John Smith as trustee for Timmy Smith" or "John Smith in trust for Timmy Smith" John is owner, and has access. He is also known as "Trustee" Timmy is beneficiary, has no ownership or access until death of John Smith hope that helps * * * The trustee or owner of the money doesn't necessarily have to die for the beneficiary to gain access to the funds. Sometimes it is the Trustee's duty to release a little money at a time, over time. The point being the Trustee is in a position of trust having a "fiduciary duty" to the beneficiary, in this example the duty of releasing the money according to the owners wishes. The Trustee administrates the Trust, and might not be a beneficiary at all. The beneficiary has ownership under the law "in equity." The Trustee has ownership in common law until his fiduciary duties have been discharged. That said, Trust Law is a very unsettled branch of the law.
What happens to beneficiaries portion if one beneficiary has been deceased for many years?
The life insurance company holds the money without contributing interest. There is no time limit on the time you can file a death claim.
Who collects the life insurance if the policy holder and beneficiary have died?
If the beneficiary of a policy has died, the estate of the beneficiary can still collect the insurance payment, assuming that the beneficiary does have an heir or heirs of some kind (as most people do). Note that this is a fairly unusual situation, because normally when a beneficiary dies, a new beneficiary is named. There is no reason to allow the policy to have no living beneficiary, unless the insured and the beneficiary happen to die at about the same time, and there is no time to name a new beneficiary.
