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Ah, a Per stirpes beneficiary designation is like painting a beautiful tree with many branches. It means that if a primary beneficiary has passed away, their share goes to their descendants, like leaves on the branches. So, even if someone is no longer with us, their loved ones can still receive the gift, keeping the family tree thriving and full of love.
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What does custodial fbo mean on a beneficiary designation?
Custodial FBO stands for "Custodial For the Benefit Of." It is used in beneficiary designations to indicate that a custodian will manage the assets on behalf of a minor or individual who may not be able to manage the assets themselves. The custodian is responsible for overseeing the account until the beneficiary reaches a certain age or meets specific criteria. This designation ensures that the assets are handled appropriately in the best interest of the beneficiary.
What is a Treasury bond with a POD?
A Treasury bond with a Payable on Death (POD) designation allows the bondholder to name a beneficiary who will receive the bond's value upon the bondholder's death. This arrangement simplifies the transfer of ownership, bypassing the probate process. The bond continues to earn interest until it reaches maturity, at which point the beneficiary can redeem it for its face value. This feature is often used as part of estate planning to ensure a smooth transition of assets.
Can a spendthrift trust be used to purchase property?
Yes, a spendthrift trust can be used to purchase property. The trust holds assets for the benefit of a beneficiary while protecting those assets from the beneficiary's creditors and from the beneficiary's own financial mismanagement. The trustee can acquire property on behalf of the trust, and the property will be owned by the trust rather than the beneficiary directly, ensuring it remains protected under the terms of the spendthrift provision.
How do you find the beneficiary who purchased a foreclosure property?
The purchaser of a foreclosed property is not a beneficiary. All purchases have to be recorded in the registry of deeds for that county, or whatever system is used in your state.
What is SWIFT MT720?
When a beneficiary has requested the transfer of a documentary credit to a second beneficiary, this message is sent by the bank authorised to advise the transfer of the documentary credit, to the bank advising the second beneficiary. It is used to advise the Receiver about the terms and conditions of the transferred documentary credit, or part thereof.
What does per stirpes or per capita?
"Per stirpes" and "per capita" are terms used in inheritance law to describe how an estate is divided among beneficiaries. "Per stirpes" means that if a beneficiary predeceases the deceased, their share is passed down to their descendants. In contrast, "per capita" means that the estate is divided equally among all living beneficiaries, regardless of their familial relationship to the deceased.
What does irrevocable designation means?
Irrevocable designation refers to a type of legal arrangement in which a beneficiary or recipient of a trust, insurance policy, or financial account cannot be changed or removed without the consent of the designated beneficiary. Once established, the owner loses the ability to alter the designation, ensuring that the designated party receives the benefits as intended. This is often used to protect the interests of the beneficiary and provide certainty in estate planning.
What does custodial fbo mean on a beneficiary designation?
Custodial FBO stands for "Custodial For the Benefit Of." It is used in beneficiary designations to indicate that a custodian will manage the assets on behalf of a minor or individual who may not be able to manage the assets themselves. The custodian is responsible for overseeing the account until the beneficiary reaches a certain age or meets specific criteria. This designation ensures that the assets are handled appropriately in the best interest of the beneficiary.
How is per stirpes used in a will?
An estate of a decedent is distributed per stirpes if each branch of the family is to receive an equal share of an estate
What is the verbiage for a cattle ucc filing?
UCC filing is done to document tax information for cattle and livestock. The verbiage used is similar to legal language.
The most commonly used designation names who as the primary beneficiary?
The most commonly used designation names for a primary beneficiary typically include "spouse," "children," "parents," or "siblings." These designations are often used in wills, life insurance policies, and retirement accounts to specify who will receive assets upon the account holder's death. In some cases, individuals may also name trusts or charities as primary beneficiaries. It's essential to regularly review and update these designations to reflect any changes in personal circumstances.
Is the correct pharse beneficiary of or beneficiary to?
The correct phrase is "beneficiary of." This term is used to refer to someone who receives benefits, advantages, or payments from a specific source, such as a trust or an insurance policy. For example, you might say, "She is the beneficiary of her father's estate." The phrase "beneficiary to" is not commonly used in this context.
What is meant by per stirpes?
Per stirpes is Latin for 'by branch.' It is used in wills to indicate that testimentary gifts are to be divided by family branch, not number of individuals. It is usually done where one of the first listed beneficiaries has died and their share is to be divided between their descendants.
What is the opposite of per stirpes?
Per capita is generally held to be the opposite of per stirpes. Both are terms most commonly used in reference to the division of an estate. Per stirpes is more commonly used in estate planning since the share of a deceased beneficiary would pass to their issue, if any.Per capita means "by the head count"; in a per capita distribution each living heir in the group receives an equal share in the estate. For example, if parent left an estate to three children per capita and each survived, each would receive one-third. If one of the three was deceased at the time of death of the testator the remaining two would each take one-half. In a per capita distribution a share isn't created for a deceased member.Per stirpes means "by branch". In a per stirpesdistribution the three children above would each take one-third. Now suppose again that one had predeceased the testator. If that child had children, those children would take the deceased parent's one third share equally. In a per stirpes distribution a share is created for a deceased member if they have issue (children).
What designation is used for sail boat instead of SS?
For the United States' militarily-used boats, the designation is USS.
What is the adjective form for beneficiary?
The word beneficiary is a noun but is also used as an adjective. Examples: Noun: You are listed as the beneficiary on your Aunt Alice's life insurance. Adjective: The beneficiary result of saving your money is that you can afford that vacation.
What is a Treasury bond with a POD?
A Treasury bond with a Payable on Death (POD) designation allows the bondholder to name a beneficiary who will receive the bond's value upon the bondholder's death. This arrangement simplifies the transfer of ownership, bypassing the probate process. The bond continues to earn interest until it reaches maturity, at which point the beneficiary can redeem it for its face value. This feature is often used as part of estate planning to ensure a smooth transition of assets.
