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The term "beneficiary's name" refers to the individual or entity designated to receive benefits, assets, or funds from a financial account, insurance policy, trust, or estate. This name is crucial for ensuring that the intended recipient receives the specified benefits upon the occurrence of certain events, such as death or incapacitation of the account holder. Accurately naming the beneficiary helps avoid legal complications and ensures a smooth transfer of assets.
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What is the executor to do if one of the beneficiarys passes away before the principal Does their portion of the inheritance then go to the deceased beneficiarys family?
First you look for directions in the will for what should happen in that case. If the will is silent then you must follow your state laws regarding intestate property.
Do all beneficiarys have to be present at the reading of the will?
There is no requirement for a reading of the will so whether all are there or not doesn't matter.
If the insured dies and the beneficiary dies a month later without collecting the money who does it go to the beneficiarys heirs or insured heirs?
In that case the benefit would be paid into the beneficiary's estate, though that doesn't necessarily mean their heirs will receive it. However, if there is a contingent (secondary) beneficiary they would receive the benefit.
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