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Yes, a spouse can be a grantor of an irrevocable trust while the husband is a beneficiary. In this arrangement, the grantor (spouse) creates the trust and transfers assets into it, designating the husband as a beneficiary. However, it's essential to consider the implications for taxes and control over the assets, as irrevocable trusts typically limit the grantor's ability to modify the trust once established. Consulting with a legal or financial advisor is advisable to navigate the complexities involved.
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Can a spouse change a will after her husband dies?
No, a spouse cannot change the deceased husband's will after he dies. The will becomes irrevocable upon the death of the testator. Any changes would need to go through the probate process.
Can the remaining spouse change beneficiaries in a revocable trust?
Yes, a remaining spouse can change beneficiaries in a revocable trust, as long as they are the trustee or have the authority to do so. Revocable trusts allow the grantor to modify the terms, including beneficiary designations, at any time during their lifetime. However, if the trust becomes irrevocable upon the death of one spouse, the remaining spouse's ability to change beneficiaries may be limited. It's essential to review the specific terms of the trust and consult with a legal professional for guidance.
Can an executor be listed as a beneficiary?
Yes, and they frequently are as in the case of the standard husband and wife will, where each spouse leaves the entire estate to the other spouse and names that spouse the executor.
Is surviving spouse the legal beneficiary of a life insurance policy if a different beneficiary is named?
No, the spouse is not. The beneficiary is named. There are laws that require the spouse to sign an acknowledgement that there is life insurance that she is not the beneficiary of.
Can an irrevocable trust given to one spouse by parents be the others spouse's irrevocable trust as well?
We own the house my brother and me and I would to know if you can borrow on it. Thank You
In the state of Missouri does the spouse who is not the beneficiary on an IRA have to sign acknowledging that they are not the beneficiary?
In most cases, the spouse of the owner of an IRA is the default beneficiary. Therefore, there would be a legal document that would need to be signed acknowledging that he or she is not a beneficiary.
Do I have to list my spouse as a beneficiary in Florida?
No.
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.
What is a spousal lifetime access trust?
A Spousal Lifetime Access Trust (SLAT) is an irrevocable trust designed to benefit a spouse while allowing the grantor to reduce their taxable estate. The grantor transfers assets into the trust, which can provide income or principal distributions to the spouse during their lifetime. This arrangement allows the grantor to access the trust's benefits indirectly while also utilizing gift tax exclusions and potentially shielding assets from estate taxes upon their death. SLATs are often used in estate planning to enhance flexibility and tax efficiency.
Can the spouse of a self-employed person be a beneficiary of a Health reimbursement arrangement?
Yes the spouse of someone who is self employed can be a beneficiary of a health reimbursement arrangement. You can choose whoever you want as your beneficiary.
If you take out a life insurance policy name your father as beneficiary and then get married but don't change the beneficiary to your spouse does the spouse have any rights to the policy?
No. The beneficiary is whoever is specifically named on the policy.
Does Tennessee invalidate the insurance policy of an ex spouse?
A life insurance policy is a contract and therefor no state or other entity can invalidate it. If you are the owner or irrevocable beneficiary, no one can change that but you. However, if the individual decides to stop paying on the policy it may expire.
