beneficiaries: Churches Often Get Gypped Out of Their Part of the Inheritance.
- 05/07/13 01:17 PM
Many people name their church as a beneficiary of their estate. The problem is that more often than not, the church never gets its part of the inheritance. In the case of a will, the executor or trustee never lets the church know that it was named as a beneficiary; the other beneficiaries spend all of the assets….that which was left to the church, too. In the case of a testamentary trust, the trust reads that, say, family members can use the income created by the estate for life, then the corpus – the assets themselves – will pass to the church. What … (0 comments)
beneficiaries: Ponder These Often Overlooked Hang Ups of the Living Trust.
- 04/13/13 09:13 PM
They’re called Living Trusts, and they’ve become very popular in recent years. The idea is that you legally transfer all of your property from individual ownership to a revocable trust that you have had drawn. You name yourself as the trustee. You also appoint and name a successor trustee, the person or persons who will follow you. Here’s the main selling points. When you die, there is no need for probate because the trust automatically becomes non-revocable and the successor trustee can distribute your estate in accordance with the provisions of the trust without any approval of the probate court. … (0 comments)
beneficiaries: IS A LIVING TRUST RIGHT FOR YOU? OR SHOULD YOU STICK WITH AN OLD FASHIONED WILL?
- 01/25/12 01:30 PM
I am not an attorney; however, I’ve been forced to mess with Wills and Living Trusts for at least thirty years. One of them was one that one of my mother’s attorneys convinced her to initiate to replace a Will that had been drawn by another of her attorneys a few years before. So the other day, a friend of mine, knowing all of this, asked me to address what I feel are the issues with Living Trusts because in his own case, he is beginning to see “cracks” in his that he doesn’t like. I thought I’d share with you … (4 comments)
beneficiaries: It's Time for You to Offfer Your Clients an Important Reminder -- Your Public Service to Them
- 10/08/10 12:48 AM
About this time every year, I send a reminder to clients of the present and the past and to my personal friends as well, that they need to make certain that the documents that will govern the disposition of their estates are still in proper order and current with their wishes. I suggest that you consider adopting this public service to be one that you do as well. One of those reviews that is often overlooked, for an example, is who a client has listed on each of his life insurance policies, retirement plan trusts, Social Security account, and the like, … (5 comments)
beneficiaries: YOUR LIFE INSURANCE BENEFITS: GOING TO THE WRONG PERSON?
- 12/17/09 09:42 PM
There is a universal rule of law in the United States that many people either don't know or they fail to take it into consideration. Here it is paraphrased: When you designate beneficiaries on financial contracts, those elections take precedence over how you've directed your executor or trustee to distribute your assets after you have died. Often times, for an example, people have named a spouse as the beneficiary of a life insurance policy, their Social Security benefits, bank accounts, or their retirement account. Later they divorce. Perhaps they even remarry. But they never change the beneficiary designation from their ex-spouse … (3 comments)
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Many people name their church as a beneficiary of their estate.
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