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Typically, only the beneficiary or an authorized representative can collect money from a trust or insurance policy. In some cases, a legal guardian or power of attorney may also be able to collect on behalf of the beneficiary. However, the specific terms of the trust or policy, as well as applicable laws, will dictate who is authorized to collect the funds. It's essential to review the documentation and consult with a legal expert if there are any uncertainties.
What else can I help you with?
Does Iowa allow ex wife to collect life insurance if they are the beneficiary and the dead spouse had remarried?
Life insurance is usually governed by beneficiary information on the policy. In other words, whoever the beneficiary is on the policy will the one to collect. You may want to consult a local lawyer to confirm this.
Who is a beneficiary in an online transfer?
The beneficiary of an online transfer is the person who is going to receive the money. He is the person who is going to get the money either as cash or the money will be deposited into his bank account. Since he is going to benefit by getting the money he is called the beneficiary.
How does a player in Monopoly collect money while in jail?
In Monopoly, a player in jail can collect money by passing "Go" on their turn or by using a "Get Out of Jail Free" card. They do not collect money from other players while in jail.
What if a spouse dies and you may be a beneficiary to their 401k but you divorced 10 years ago are you still eligble?
IF you are still the beneficiary on file for your ex-spouse then you are legally entitled to that money. If there was an updated beneficiary that lists other people as the beneficiary then you are not. On caveat is if you are listed as the beneficiary and the ex-spouse has a will in place that leaves the account to someone else, then you are not entitled.
Can executor and beneficiary be the same?
Yes, that is often the case when a spouse dies. It saves the estate money.
Does estate money belong to both husband and wife?
An inheritance by either a wife or her husband is not the property of the other. An inheritance is the sole property of the beneficiary who inherited it.An inheritance by either a wife or her husband is not the property of the other. An inheritance is the sole property of the beneficiary who inherited it.An inheritance by either a wife or her husband is not the property of the other. An inheritance is the sole property of the beneficiary who inherited it.An inheritance by either a wife or her husband is not the property of the other. An inheritance is the sole property of the beneficiary who inherited it.
Who can be named a beneficiary on a life insurance policy?
If the policy is "owned" by the person whose life is insured, almost anybody can be named as a beneficiary; though once a person is named, changing the name will depend on other factors. If the policy is owned by somebody else who wants to name his-or herself, the person must usually show an "insurable interest." In other words, there has to be a good reason why money should be paid out on the person's death -- that there is some monetary consequence to the proposed beneficiary by the person dying. This, for example, could include partners in a business, or key employees in a business. This type of naming would require consent of the insured.
If the person listed beneficiary on a life insurance policy is deceased will it automatically go to the current wife?
It will go to the alternate beneficiary, if one is listed if not it will be paid to the estate to be distributed in the same way as any other money in the estate.
Can you collect unemployment if you inherit money?
Yes, you are still unemployed. Obama loves giving away money and doesn't mind if you get other money.
Does the person who is named as beneficiary on a life insurance policy have to split the money with their siblings if the benefactor dies without a will in Alabama?
Only the person named as beneficiary on the insurance policy will receive money from that policy. Any other monies or other property in the estate would be divided up between the siblings if the parent died intestate (meaning without a will).
Can husband collect life insurance if wife dies unexpectedly?
If the husband was the named beneficiary of the policy, if the policy was in force at the time of death, and if the cause of death was not excluded by the policy, the general answer is "Yes". If the beneficiary was the estate of the wife, the proceeds are paid to the estate. Then, if the husband was a beneficiary of the estate (either by virtue of a Will naming him as beneficiary, or if no Will, through the laws of intestate succession), he may be entitled to all or a part of the insurance proceeds. If the beneficiary of the life insurance policy was someone other than the husband as of the time of the wife's death, proceeds are payable to that person.
What if you owed your parents money and they die and other children want to collect?
The estate has the right to collect. If there is documentation, they may offset the loan against your inheritance.
