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Can minor be beneficiary of death insurance benefits if so is court approval required for distribution?
Ordinarily, if a minor were to be a beneficiary of a life insurance policy, the beneficiary designation would read something to the effect of: To (adult) in trust for (minor). Note further that ordinarily, life insurance proceeds pass to the beneficiary outside of the estate. Therefore, the probate court would not initially be involved.
All of that said, if the proceeds are sizable, it may be a good idea to have an attorney prepare a trust agreement. This would designate the identity of the trustee and an alternate trustee and specify permitted and prohibited powers. Doing so protects the minor child as he/she can enforce the terms of the trust agreement if there is a deviation by the trustee. It also protects the trustee as it defines the precise scope of powers.
What else can I help you with?
What is the difference between a primary and contingent beneficiary in a life insurance policy, and how does this distinction impact the distribution of benefits?
A primary beneficiary is the first person or entity who will receive the life insurance benefits upon the policyholder's death. If the primary beneficiary is unable to receive the benefits, the contingent beneficiary will receive them instead. The distinction impacts the distribution of benefits by determining who will receive the benefits if the primary beneficiary is unable to do so.
What is the difference between a primary and contingent life insurance beneficiary, and how does this distinction impact the distribution of benefits?
A primary life insurance beneficiary is the first person who will receive the benefits upon the policyholder's death, while a contingent beneficiary will receive the benefits if the primary beneficiary is unable to. The distinction impacts the distribution of benefits by determining who will receive the payout in case the primary beneficiary is deceased or unable to claim the benefits.
What does a beneficiary do?
Beneficiary = benefits from Benefits from the execution of a will / payout from an insurance policy etc.
What is a beneficiarie?
A beneficiary is someone from whom someone else knowingly benefits.
Does a beneficiary on a life insurance prevail over a will request?
Yes! The beneficiary on a life insurance policy does not have to be included in a will in order to receive the life insurance benefits.
When referring to life insurance what is the definition of a beneficiary?
When referring to life insurance, a beneficiary is a person specified by the contract holder. This beneficiary will receive the benefits if the primary beneficiary has died at the time the benefit is to be paid.
What is beneficiary?
Any one who benefits from the execution of an insurance policy.
If the person that dies listed a beneficiary instead of a son do the benefits go to the beneficiary or the son?
For an insurance policy and/or retirement benefits it goes to the beneficiary designated. For a will, there could be grounds to contest it.
What is a 2nd beneficiary of life insurance and retirement plans?
A secondary beneficiary is a person who would receive the benefits of a life insurance policy or retirement plan in the event that the insured person dies and the primary beneficiary has also passed away. Then, the secondary beneficiary would receive the benefits.
Can your beneficiary collect life-insurance benefits after your suicide in South Carolina?
No
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.
Can a beneficiary collect life insurance benefits after a suicide in NJ?
If the insurance policy is older than two years of contestability period, then a benefit will be paid to the beneficiary.
