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Also referred to as a POD account or Totten trust, a payable on death account can be established at a … Continue reading → The post Pros and Cons: Payable on Death (POD) Accounts appeared ...
What is the difference between a TOD account and a will? A TOD account and a will serve different purposes in estate planning. A TOD account allows for the direct transfer of assets to ...
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.
A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has a fiduciary obligation to the beneficiary. [1]
discretionary beneficiaries, whom the trustees must make decisions as to the respective entitlements. Where a trust gives rise to sequential interests, from a tax perspective (and also from the point of view of trustee's duties), it is often necessary to differentiate beneficiaries sequentially, between:
In practical terms testamentary trusts tend to be driven more by the needs of the beneficiaries (particularly infant beneficiaries) than by tax considerations, which are the usual considerations in inter vivos trusts. If a testamentary trust fails, the property usually will be held on resulting trusts for the testator's residuary estate.
What’s the difference between an irrevocable beneficiary and a primary beneficiary? A primary beneficiary is the person or entity first in line to receive the death benefit when the policyholder ...
A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured. In trust law, beneficiaries are also known as cestui que use.