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Settling an estate can be a complicated and sometimes time-consuming process. It's the job of the executor to inventory assets, determine what expenses need to be paid and distribute the remainder ...
For example, while most non-spouse beneficiaries must spend down the accounts in 10 years, they only have a required minimum distribution (RMD) each year if the decedent was past the RMD age.
Estate planning may involve a will, trusts, beneficiary designations, powers of appointment, property ownership (for example, joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifts, and powers of attorney (specifically a durable financial power of attorney and a durable medical power of attorney).
Legatee – beneficiary of personal property under a will, i.e., a person receiving a legacy. Probate – legal process of settling the estate of a deceased person. Residuary estate - the portion of an estate remaining after the payment of expenses and the distribution of specific bequests; this passes to the residuary legatees.
One of the most significant aspects of trusts is the ability to partition and shield assets from the trustee, multiple beneficiaries, and their respective creditors (particularly the trustee's creditors), making it "bankruptcy remote", and leading to its use in pensions, mutual funds, and asset securitization [11] as well protection of ...
Reverting to the estate: In rare cases, the deceased beneficiary’s share might revert to the insured’s estate. This can complicate matters, as the death benefit would be subject to probate.
Creditors of the beneficiary generally cannot reach the funds in the trust, and the funds are not actually under the control of the beneficiary. [1] The creator of a trust is often called the "trustor", "grantor", or "settlor" of the trust. A trust generally will not be treated as a spendthrift trust unless the trust agreement contains language ...
Continue reading → The post Estate as Beneficiary of IRA appeared first on SmartAsset Blog. In the case of passing on your individual retirement account or an IRA, you have two choices.