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In Riley’s case, if she wants to buy a house, she could consider using a portion of that money for a down payment. She may also want to consider opening a 529 college savings plan for her future ...
Life insurance policies also have beneficiaries. These are the persons who will get checks from the insurance company to pay the death benefit. You also will name beneficiaries for annuities and ...
If you don’t name a beneficiary on a specific account, the money goes to your estate. From there, the beneficiaries named in your will may be able to inherit the accounts you didn’t designate ...
An estate can be an estate for years, an estate at will, a life estate (extinguishing at the death of the holder), an estate pur autre vie (a life interest for the life of another person) or a fee tail estate (to the heirs of one's body) or some more limited kind of heir (e.g. to heirs male of one's body).
You can name adult children ages 18 or older directly as beneficiaries on your accounts through a transfer-on-death designation or in your will, giving them full control of the assets.
If the children are under 18, or under some other age mentioned in the will (21 and 25 are common), a trust must come into existence until the 'contingency age' is reached. The executor of the will is (usually) the trustee and the children are the beneficiaries. The trustee will have authority to assist the beneficiaries during their minority. [29]
For example, if A makes a contract with B that A will pay C a certain sum of money, B has the legal interest in the contract, and C the beneficial interest. More generally, a beneficial interest is any "interest of value, worth, or use in property one does not own", for example, "the interest that a beneficiary of a trust has in the trust". [2]
For instance, you can buy a house or set up a savings account without … Continue reading → The post Differences of Beneficiary Designations vs. Wills appeared first on SmartAsset Blog.