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Can a beneficiary get his share of the Trust before age 25 if the Trust says that his share will remain in the Trust until he is 25?
Generally, if the Trust document explicitly states that a beneficiary's share will remain in the Trust until they reach the age of 25, the beneficiary cannot access their share before that age unless there are provisions for early distributions. Trustees may have discretion to make distributions for specific needs, but this typically requires a legitimate reason and adherence to the Trust's terms. It's essential to review the Trust document for any specific clauses that might allow for exceptions.
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What is beneficiary share?
A beneficiary share refers to the portion of an estate or trust that is allocated to a beneficiary, typically outlined in a will or trust document. It represents the entitlement of the beneficiary to receive assets, income, or profits from the estate or trust. The specific share can be determined by the terms of the governing document, and it may vary based on the nature of the assets and the intentions of the grantor or testator. In some cases, beneficiary shares can also refer to shares in a corporation or investment fund that are designated for specific individuals.
In CA If a beneficiary dies after the original truster but before the final sale of the property does his share of the estate go to his surviving spouse or to his children?
You need to review the provisions of the trust to determine where the proceeds will go if a beneficiary is deceased. The provisions of the trust would govern.
Can a per stirpes beneficiary be a trust?
Yes, a per stirpes beneficiary can be a trust. In this context, "per stirpes" refers to a method of distributing an estate where a beneficiary's share is passed down to their descendants if they predecease the testator. If a trust is named as a beneficiary and one of its beneficiaries passes away, the trust can distribute the inherited assets according to its terms, potentially to the deceased beneficiary's descendants.
What happens is a beneficiary die's but there are other beneificiaries before an estate is settled?
The beneficiary's share goes into their own estate.
How do you get stirpes inheritance?
In a stirpes inheritance, the share that a deceased beneficiary would have received is passed on to their descendants. This means that if a beneficiary dies before the inheritance is distributed, their share goes to their children or next of kin, following the principle of representation. It is important to clearly outline this provision in a will or trust document to ensure that distribution is in accordance with the testator's wishes.
What happens when one of a group of beneficiary dies before the property is settled?
Their share goes into their estate.
What happens if the beneficiary absolute of a will dies before the testator?
If a beneficiary named in a will dies before the testator, the treatment of their share depends on the will's provisions and state law. If the will includes a substitution clause, the share may pass to a contingent beneficiary or the deceased beneficiary's heirs. If there are no such provisions, the share may be distributed according to the laws of intestacy, potentially leading to a redistribution among other beneficiaries or the estate. It's essential to consult legal advice to understand the specific implications in such cases.
What type of tax is levied on the beneficiary share of an estate?
The type of tax that is levied on the beneficiary share of an estate is known as inheritance tax. This will be assessed based on the legacies the beneficiary receives.
What happens to the per stripes share of a beneficiary in a trust who never had children but was survived by his wife?
That person's share (who died without issue) would go to his parents first, or to his siblings next, or to his siblings' children.
If a trustee who is also one of 7 other beneficiaries of the trust dies before any trust assets are distributed what happens to the part of the trust that was to go to the trustee this is in Calif?
You need to review the trust document for the answer to your question. It should contain a provision for distribution of the share of a deceased beneficiary. If the trustee has died a new trustee needs to be appointed to make the distribution. The trust document should also have provisions for the appointment of a successor trustee.
How can you find out who is a beneficiary and the share entitled to in a living trust?
That's a difficult situation. You would need to ask the grantor of the trust if you can review a copy of their trust. It is a private document and they may not want to share it with you. If you think you are a beneficiary and are not receiving income you may be able to petition a court of equity to examine the trust document. If you are very serious about wanting to know more you should consult with an attorney.
What type of tax is levied on the beneficiary and share of an estate?
The tax levied on the beneficiary and share of an estate is typically referred to as an inheritance tax. This tax is imposed on the value of the property or assets received by the beneficiary from the deceased. In some jurisdictions, the estate itself may be subject to an estate tax before distribution to the beneficiaries. The specifics can vary significantly based on local laws and regulations.
