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Beneficiary means the person who receives a benefit.
what information should executor give to beneficiary regarding accounts.
I think that you're refering to an "irrevocable" beneficiary. This means that the beneficiary designation can only be changed if both the policy holder (owner) AND the current beneficiary sign off on it.
A trustee and a beneficiary are essential to a trust. Without a trustee and a beneficiary there is no valid trust. They should not be the same person.
Yes. You should also name a contingent beneficiary in case the primary beneficiary predeceases you.
"Rights" may not be the appropriate term. A beneficiary has a "claim" to the estate, arising from their inclusion in the will. Anyway, to get to your question, a beneficiary should be given a copy of the will, so that they may view their entitlement, and the entitlement of all the other beneficiaries. Also, the Executor should contact you and inform you of their progress administrating the estate. As a beneficiary, you may have legal recourse if you do not think the Executor is administrating the estate correctly.
A sole beneficiary should, in theory, receive the entire estate, minus the fees of the executor.
The bank account should pass to the named beneficiary.
Generally, the proceeds will be paid to the named beneficiary. However, the survivor should discuss the situation with an attorney.
You have a very good question. If you are the cash beneficiary of the estate and the other beneficiary receives an annuity, the costs of settling the estate will come out of the cash. You should frame a motion to have the court review the matter and render a decision regrading the issue. The court may decide the other heir should pay a portion of the costs.
Yes. However, they should not be a witness to the will.
Should the beneficiary of an IRA be trust or the heirs