Search results
Results From The WOW.Com Content Network
The biggest mistake is not naming a beneficiary and forcing assets through the surrogate court for no reason, which can take added time and expenses. In addition, it opens the estate up to creditors.
When your deceased relative created the trust, they set distribution guidelines for the time of distributions or … Continue reading → The post How Does a Beneficiary Get Money From a Trust ...
A secondary beneficiary, also called a contingent beneficiary, is a person or entity entitled to get a distribution of assets from an estate or trust after the estate owner's death if the primary ...
The most infamous example would be beneficiaries who clamor against the trustee to "bust the trust" based on the strict limits the trust (or the trustee) may impose on the trust assets. In many of these cases, the UTC provides beneficiaries (and trustees) relief to provide the flexibility needed to dispose of trust property under certain rules.
If a trust calls for a distribution to the beneficiary, but the beneficiary refuses such distribution and elects to retain property in the trust, the spendthrift protection of the trust ceases with respect to that distribution and the beneficiary's creditors can now reach trust assets. [citation needed]
Family trusts are vehicles for the protection of family assets or the employ of a tax minimisation strategy. [2] Commonly used to arrange family affairs, family trusts place an obligation on a trusteed to hold and manage assets on behalf of beneficiaries. This method of financial structuring removes assets from ownership of an individual.
An irrevocable trust, on the other hand, cannot be changed without a court order or the approval of the trust's beneficiaries. However, assets placed into an irrevocable trust are excluded from ...
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.