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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.
What else can I help you with?
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 pod on savings bond mean?
It means "pay on death" and it's used to declare a beneficiary for the bond.
What is the abbreviation 'ffc' in banking?
ffc means "For Further Credit" and is used to name a second beneficiary in wire transfers.
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 designation is used for sail boat instead of SS?
For the United States' militarily-used boats, the designation is USS.
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 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 does VF mean in the fighter squadron designation?
VF stands for "Fighting Squadron" in the fighter squadron designation used by the United States Navy.
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 does ATF mean on a bank account?
ATF on a bank account typically stands for "as trustee for." It indicates that the account is held by one party in a fiduciary capacity for the benefit of another party, often used in trust or estate management contexts. This designation clarifies the relationship and responsibilities between the trustee and the beneficiary regarding the funds in the account.
What is meaning of designation in Hindi?
Designation is called as "PADANAMA" in hindi. It means the post at which a person is placed.
