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Once appointed by the court, the administrator or the executor has the authority to access any accounts of the decedent. Any other person would need to obtain a court order to access those records. If you think the estate representative is being dishonest you can take your concerns to the court and if necessary the court will appoint a new representative.
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What is a deceased beneficiary?
A 'deceased beneficiary' is the beneficiary of a life insurance policy or a 'payable on death' bank account who predeceased the insured or the account owner. A 'deceased beneficiary' could also be a beneficiary named in a will who predeceased the testator or who died during the probate of the estate.
Is life insurance considered as the estate of the deceased?
only if there is no beneficiary named on the policy, or if the beneficiary(ies) deceased before the insured.
If a beneficiary to an estate becomes deceased and that beneficiary had a distribution in that year would the heirs of the now deceased beneficiary receive a K-1 and be taxed on that distribution?
If the distribution to the beneficiary was mandatory, and the trust agreement does not provide for alternative disposition on the beneficiary's death, and/or the trust agreement provides that the distribution is mandatory and not discretionary, then the distribution should be payable to the deceased beneficiary's estate, which could get the K-1 as to any portion of the distribution that constitutes income rather than principal. The distribution to the deceased beneficiary's estate could flow through to the heirs of the deceased beneficiary's estate.
Who becomes the beneficiary of a CD when the designated beneficiary is deceased?
Generally, when the named beneficiary is deceased and there is no contingent beneficiary named then the account will revert to the estate of the owner and pass as intestate property unless there was a will with a residuary clause.
How do I find out if I am a beneficiary on a deceased person's bank account?
Bank accounts do not have beneficiaries. If you are not an authorized account holder, and you would know if you are, you have not access. The estate will distribute in accordance with the will.
Does to the issue of deceased beneficiary have the same meaning as surviving issue of beneficiary?
No, not exactly.The issue of a deceased beneficiary includes any issue that has predeceased that beneficiary.Surviving issue means only the issue living at the time of death of the beneficiary.
Should statements of accounts be sent to beneficiary?
what information should executor give to beneficiary regarding accounts.
Can ex-spouse collect deceased husbands insurance if first deceased wife name is still listed as beneficiary?
No, an ex-spouse can't collect a deceased husbands insurance if the first wife is listed as beneficiary even if the fist wife is now deceased. The money will go to the beneficiary's heirs.
What is a decease?
A 'deceased beneficiary' is the beneficiary of a life insurance policy or a 'payable on death' bank account who predeceased the insured or the account owner. A 'deceased beneficiary' could also be a beneficiary named in a will who predeceased the testator or who died during the probate of the estate.
Life insurance part of estate?
Life Insurance and EstatesNO, not if the named beneficiary is not deceased. The proceeds of a life insurance policy belong to the named beneficiary not to the deceased. It should not under any circumstances be included in the estate of a deceased or the probate process. If no beneficiary is named or if all beneficiaries are deceased then their is no alternative. When their is no named beneficiary then the value of the life insurance policy reverts to the insured and must then be included as part of the deceased estate
Is a living widow the beneficiary of her deceased husband's IRA when no other beneficiary is named?
If the deceased has no children, yes. Otherwise the children share in his estate. This may vary by State.
What happens if the beneficiary of a life insurance policy is deceased?
Generally, if the beneficiary is deceased, the proceeds go to the contingent beneficiary, or if none, to the estate of the insured. An attorney must be consulted to direct you on how to handle this in your state. It depends on whether the beneficiary predeceased the insured. If the beneficiary died before the insured then the proceeds go the the contingent beneficiary. If there is not a contingent, check the contract, it probably is paid to the Owner of the Estate of the Insured. If the Beneficiary died after the Insured, the proceeds go to the Beneficiary's Estate. It is important to have a contingent beneficiary specified in your life insurance policy. This way, if the beneficiary passes away, the contingent beneficiary will benefit. If there is no contingent beneficiary, and the beneficiary has deceased, the proceeds of the life insurance policy, go to the estate and is distributed according to the Will.
