0
Which holds precedence a will or the beneficiary on the life insurance and the IRA's?
Wiki User
∙ 14y ago
A life insurance policy and IRA's are contract documents and are not subject to the will.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Are IRAs treated differently in wills and or revocable trusts?
First, a trust cannot hold your Individual Retirement Account.IRAs can be left to a beneficiary by will. However, it is better to designate a beneficiary with the entity that holds the IRA. The designated beneficiary could be an individual(s) or a trust. However, the rules regarding IRAs are complex and the rules for designating a trust as the beneficiary are strict. You should consult with an expert in estate planning.
If a will states that if anyone preceeds you in death their part will be left to their decendents but an annuity says their part goes to the others on the annuity which takes precedence?
Annuity death proceeds do not pass by will or state intestacy laws. Like life insurance, employer-sponsored retirement plans and IRAs, annuities pass to the beneficiaries named. If there is no named beneficiary, then proceeds, at death, will pass to the estate of the owner, (and would then pass by will).
Does your spouse have to be your beneficiary for long term disability?
Since IRA accounts are not governed by ERISA law as are 401(k) plans and other qualified retirement plans (such as 403(b) and others), the spouse is not required to be the default beneficiary. For those plans governed by ERISA, a spouse must either be the beneficiary of the plan or must have authorized any other beneficiary designation. IRAs (both traditional and Roth IRAs) do not have this restriction: you can name anyone you wish as the beneficiary of your IRA account.
Where can I find more information about starting a beneficiary iras?
You can find information regarding beneficiary IRA's by visiting http://www.schwab.com/public/schwab/investment_products/retirement/inherited_iras/faq. They are inherited IRA's that are received after the IRA owner passes away.
What if the insured of a life insurance policy does not own an estate?
Normally an insured person on a life insurance policy lists another person as his beneficiary. If that person dies first, then when the insured person dies, it goes to his estate. In that case, the term estate does not refer to a piece of land. Estate refers to all of his property: Bank accounts, Insurance policies, unused IRAs, etc. Some of them may be designated and others not. Whatever he owned when he died is his estate as far as the law is concerned.
Who should a single mom assign as beneficiary for IRAs or 401K plans?
Usually single parents assign the person they name as a caregiver for the child in the event of their death. In some cases, divorce papers may specify that the spouses name each other beneficiary until the child reaches legal age.
Which company provides the information required on how to convert traditional IRAs to Roth IRAs?
One company that provides information for converting traditional IRAs to Roth IRAs is Fidelity. Other websites that offer information for converting traditional IRAs to Roth IRAs include the RothIRA website, as well as websites such as Axa-Equitable and BankRate.
What should I look for in an endowment policy for my life insurance contract?
It should be paid weather you die or not. It should fallow legal codes similar to IRAs.
What federal agency regulates IRAs?
erisa?
When was J'irai où tu iras created?
J'irai où tu iras was created in 1996.
What is the purpose of IRAS Singapore?
The purpose of IRAS Singapore is to keep track of people's income tax. IRAS Singapore is the tax authority and they collect taxes and offer tax services to people.
What is the difference between a stretch IRA and an inherited IRA?
A stretch IRA is a strategy that allows beneficiaries to "stretch" the distributions from an inherited IRA over their life expectancy to minimize taxes, while an inherited IRA refers to an IRA that is inherited by a beneficiary upon the death of the original account holder. Inherited IRAs must be taken as distributions and cannot be contributed to, unlike traditional IRAs.
