Estates

Why would there be one.

Term life insurance has no cash value when you surrender it...you may get a refund of premium I guess if it is surrendered before it is all used. That's just a refund.

The cost of the premiums you paid is entirely used for the protection for that period of time.

I am a descendent of Engelbertha Krupp who was the banished and disinherited daughter of Alfred and Bertha Krupp from the 400-year-old steel and munitions dynasty of Essen, Germany. I am also the author of the book titled, "The Cannon King's Daughter," and I live in the American state of New Jersey.

It goes to the estate and is then distributed according to the intestacy laws for your state or country.

$12,000 per year, per donor and donee. I can give $12,000 a year to as many different people as I choose. Any amount I pay for anyone else's educational and/or medical services, is unlimited. Any amount I give a spouse who is a U.S. citizen.

That depends on the laws of intestacy in her state or country. In general it will be the spouse, followed by her descendants.

Once an insurance company (insurer) receives a valid proof of loss (claim form), the insurer will begin the process of contacting beneficiaries of any life insurance. The insurer will first contact the primary beneficiary. If unable to locate the primary beneficiary, or if the primary beneficiary is dead, the insurer will then move to the contingent beneficiary (second beneficiary). If the insurer has no response to the contingent beneficiary, the insurer then moves to the tertiary beneficiary (third beneficiary). Failure here will force the insurer to pay any life proceeds to the estate of the decedent, which can open the claim to the creditors of the decedent in most states. More than 40% of life insurance policies in America have no named beneficiary! Failure to name the beneficiary can leave your loved ones in a bind. Always name your beneficiaries. List one or more in each category (primary, contingent, tertiary) too. Most people name their spouse first, children as contingent, and parents or siblings as tertiary.

A beneficiary is a third party to a contract between and insurance company (insurer) and an insured (customer). Since the contract allows the beneficiary to be changed at any time (revocable beneficiary), there is no way for any attorney to know in advance whether any one person is named as a beneficiary on a contract of life insurance. If someone you know has died, your first step is to determine if any life insurance exists. This can be accomplished by going through important papers, contacting employers, looking through bank statements for payments to insurers, etc. Once located, contact the insurer to file a claim. The insurer is required in most states to provide claim forms within 30 days. Once a proof of loss (claim form) is received, the insurer will begin the process of locating and paying beneficiaries. If no beneficiary can be found (alive or otherwise), the insurer will pay the estate of the decedent. Unfortunately, paying the estate can open the claim to creditors of the decedent and probate, depending on the rules of your specific state.

By carrying out its instructions. The step by step depends on the content of the estate plan.

If you have a life estate it remains a benefit to you and an encumbrance on the property until you release it in writing and record the release in the land records, or until your death. An exception would be if there was some provision in the grant or reservation that would extinguish it if you moved from tha property.

Generally the devise of the dwelling house mean the home and real property on which it stands. The contents of the house are personal property. Usually a will provides more explicit instructions for the distribution of the personal property inside the house. If not, that property may pass into the "residue" of the estate and would be shared by the heirs as intestate property. You should seek the advice of the attorney who is handling the estate. The estate must be probated if there is real property in order that the title to the real property will vest in the devisee.

You need to examine the trust instrument for any provisions that may address your question but generally the trust pays trust expenses. Those expenses should come out of the trust funds before the beneficiary is paid.

You need to review the document that created the trust is order to determine what the provision are, how the trust is managed and the powers of the trustee.

A disclaimer is a repudiation of your right to claim or possess something you inherited in an estate. See discussion page.

If the will has no language that directs how the share of a predecesed devisee will pass then in most jurisdictions it will pass to his heirs in intestate succession.

Your attorney will have the trust instrument notarized at the time of the signing.

In Texas, they must act jointly.

A person with assets sometimes decides to set aside some of those assets in a trust that will pay over the profits, or assets for the use and benefit of another person. A trustee is appointed to act in regards to the trust property. Generally, the power to reinvest the trust property is included in the powers of the trustee. A beneficiary would not be required to sign away rights as a beneficiary so the trust funds could be reinvested.

The beneficiary is someone the donor cares about. The trust instrument, written by the donor, directs what the trustee may do with the trust property and how the payments must be made to the beneficiary. The trustee MUST follow the provisions of the trust unless the trust instrument allows her/him to use discretion.

To your question: It raises suspicion that the trustee has asked that you "sign away your rights in the trust".

You should seek the advice of an attorney who could review the trust and the actions of the trustee and advise you on how you should proceed in order to protect your interests as a beneficiary. Until then, sign nothing.

Yes, that would be legal. However, you would be giving up any rights you have to benefits under the trust. You are under no obligation to sign away your rights as a beneficiary under a trust.

If you know the attorney who drafted the trust you should discuss the situation with her/him. You should have access to a copy and the attorney's name should be on it. If that attorney is no longer available then consult with your own attorney. You should determine why your father wants you to waive your interest in the trust and perhaps review the trust assets.

The question is ambiguous, but generally, there is no particular advantage to capital gains for a trust v. an individual. It's still the same rate.

I can't think of any reason why you would. You can always just make the payments. If the payments are made, the mortgage company probably won't even blink.

If he left a Will, it would be there. If not, it would be whatever your state's intestacy laws provide for a surviving spouse. If he had retirement assets or life insurance, those are disposed of by beneficiary designation. Bank accounts might also pass outside of probate, if held in a joint tenancy with right of survivorship or payable on death account. Start with whatever records you have, and then start asking questions.

You have whatever interest is bequeathed you under the Will. If that's an "equity interest" (whatever that is), then, yes. You only acquire your interest upon the death of the testator. Until that happens you have no interest in any property devised to you in a will. Clarification: If you are asking whether you have an expectancy under the Will of a testator who is still alive, no. The Will can be revoked as long as the testator has capacity. An exception would be in a situation in which the testator has obligated himself by contract to make you his beneficiary.

You will not get paid twice if that's what you're asking. Generally, medical forms you will need to fill out always ask if you have other insurance. The two companies will make an arrangement to co-ordinate the payment of your bills relating to the accident.

When co-executors cannot agree then they each need to have their own attorney (or solicitor) and then allow the attorneys to complete the proceedings. Generally, an attorney will not allow the client to impede the process unnecessarily. Generally, the attorneys will be paid by the estate so it benefits the estate for the co-executors to act reasonably and responsibly to preserve the assets that will eventually pass to the beneficiaries.

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