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Who is responsible for taxes if any on life insurance payout to one beneficiary who will make payments to several relatives as specified in the decendant's unsigned will?
Wiki User
∙ 15y ago
The life insurance payout is not taxable. There may be estate taxes though. The value of the life insurance policy might be in the estate. This can be confusing as some taxes apply and some don't. The interest earned may be income taxable, etc. If there are expenses they should be deducted and then the net amount split up.
Wiki User
∙ 15y ago
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Should the person who has ownership rights in an insurance policy and the insured be relatives?
The question does not really involve "should". The direct answer is "no". Using life insurance as an example, the owner of the policy is often the person who pays the premium. The insurance contract gives the owner various rights, such as to initially designate the beneficiary, change the beneficiary, pledge the policy as security for a loan, and other acts. The insured is the person whose life is, well, insured. Stated otherwise, this means that when the insured dies, the insurance company generally pays the death benefit to the beneficiary.
What does beneficiary?
A beneficiary means one who benefits from something. The benefit may come from an estate, trust, annuity, insurance policy or some similar source.Where there is a will there is a relative. Let us say a rich Uncle likes one of his relatives he will make out his will so that when the Uncle dies the relative he likes will get his money and benefit by it. Thereby that relative becomes a "BENEFCIARY" (Beneficiary)
If you have a Ct drivers license but no insurance can you drive a relatives car in DE?
If your relatives have insurance, then yes.
Whats loans insurance and how will it benefit your life?
Loan insurance protects you in event of something happening. If you die, your relatives are not responsible for making loan payment. I highly suggest loan insurance to everyone who wishes to take out a loan.
Are relatives liable for nursing home bills?
Generally, no other relatives except for a spouse is responsible unless they agreed to be responsible in writing. A person's estate is responsible for paying their debts.Generally, no other relatives except for a spouse is responsible unless they agreed to be responsible in writing. A person's estate is responsible for paying their debts.Generally, no other relatives except for a spouse is responsible unless they agreed to be responsible in writing. A person's estate is responsible for paying their debts.Generally, no other relatives except for a spouse is responsible unless they agreed to be responsible in writing. A person's estate is responsible for paying their debts.
Who should an adult single child name as their life beneficiary?
An adult single child may name anyone they choose to be their beneficiary, if they own the life insurance policy. Some people you may want to consider would be anyone you are related to, someone who depends on you for financial support, a charity, your parents, siblings, or relatives.
Beneficiary vs next of kin?
A relative who happens to be next-of-kin is not necessarily the same thing as a beneficiary. A Beneficiary is a person who receives something tangible. For example, a person named to receive something in a will is a beneficiary under such will. Similarly, a person named to receive the proceeds under an insurance proceeds is referred to as a beneficiary. Next of kin refers to the nearest blood relatives of a person who has died, including the surviving spouse. It may also be used to refer to anyone who would inherit part of the estate by the laws of descent and distribution. See related link below:
What does beneficiary mean?
A beneficiary means one who benefits from something. The benefit may come from an estate, trust, annuity, insurance policy or some similar source.Where there is a will there is a relative. Let us say a rich Uncle likes one of his relatives he will make out his will so that when the Uncle dies the relative he likes will get his money and benefit by it. Thereby that relative becomes a "BENEFCIARY" (Beneficiary)
Can other relatives not in the immediate family change the beneficiary of a life insurance policy?
No, only the owner (generally the insured) of the insurance policy can make changes! This is not to say the he/she can not make the distant reletives beneficiaries, but the distant reletives can not change a thing, only the owner can. Where this is a legal binding contract, the named beneficiaries will be up-held if this was challenged in court. 4lifeguild
What was the modern decendants of the triceratops?
Triceratops became extinct 65.5 million years ago. They did not leave any descendants. Their closest living relatives are birds, which are considered a group of theropod dinosaurs.
Who is responsible for the loan if a person has died and when the car was purchased finance insurance was not offered?
As far as I know, in Texas, the son is not responsible for the debts of the father. In other words, no one HAS to pay it off. But, the seller has the right to repossess the car. But, they can't make relatives or anyone pay for it. !
Looking for people who want to buy life insurance?
you cant find insurance customers on net like that. You need to have links for that. Ask your friends or relatives. they can buy insurance, then their frnds/relatives and so on. u need links and sales skills
