You’ve appointed a primary beneficiary for your living trust. However, have you thought about selecting a contingent beneficiary too? Find out more of the advantages of having a contingent beneficiary for your trust. Living trusts, also called revocable trusts, are vital devices for estate planning. When you devise a living trust, you, being the trust’s…
A fast guide to the terminology of inheritance to assist you in making sense of who is who in an estate plan. The law has many various terms for individuals that inherit property from a deceased individual’s estate, some which are “beneficiary,” “legatee,” “devisee,” and “heir.” To make matters even more complex, the use of…
Are you contemplating creating a living trust? If you are, you need to know the distinction between the trustor and trustee, how they’re associated, and each of their roles. If you are thinking about creating a living trust, you need to comprehend the differences between the trustor and the trustee, in addition to the association…
Commonly, a beneficiary is an individual that receives returns or benefits from something. In the insurance field, individuals generally use the term beneficiary in reference to the recipient of life insurance returns. Individuals that receive dispersals from a trust, will, pension, or retirement account, are also beneficiaries. Key Takeaways A beneficiary is an individual that…
When a loved one passes away, especially following a lengthy illness, relatives often worry about managing debts following their passing. Are they going to be responsible for paying any of their debts? Are there enough funds in their financial institution to cover those debts? Or will the debts be reprieved following death? This post discusses…
Use a POD financial institution account for avoiding probate. Payable on death financial institution accounts provides an easy way to keep capital—even larger sums of it—out of probate. All you are required to do is properly give notice to your financial institution of the person you want to inherit the capital in the account and/or…
It’s easy: Fill the blanks in on the life insurance application and you’ve designated a beneficiary. But do not write off the task as insignificant. Designating the right individual to receive the proceeds of your life insurance policy is a vital decision that could have long ranging impact on your loved ones. Why is picking…
