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.
yes. unless the will state otherwise
That all depends on the provisions of the trust. You need to review the trust document to determine if there is a contingent beneficiary named who will receive the deceased beneficiary's portion. You should ask the trustee if you can have the trust reviewed by your own attorney.
It depends on the terms outlined in the deceased person's will and retirement account. If the sole beneficiary is named as the beneficiary in the retirement account documentation, then they may be entitled to receive the funds. However, if there are specific instructions in the will regarding the distribution of the retirement account, those would generally take precedence.
Yes. A secondary beneficiary only becomes beneficiary if the primary beneficiary dies before the insured. Say the insured and primary beneficiary are involved in a fatal auto accident but the insured dies an hour before the primary beneficiary. The insurance proceeds would not go to the secondary beneficiary but to the estate of the primary beneficiary. If the primary beneficiary dies an hour before the insured then the secondary beneficiary receives the proceeds. If an insured wants both to receive monies they can name more than one person as primary beneficiary and in what percentage for each person. They could also leave it to their estate and handle distribution by a will.
When a Canadian RRIF owner dies, the RRIF funds are usually paid out to the beneficiary named by the deceased owner. The beneficiary can choose to receive the funds as a lump sum, periodic payments, or transfer the RRIF funds to their own RRIF if they are a qualified beneficiary. Taxes may be owed on the RRIF funds depending on the beneficiary's relationship to the deceased owner and the amount of the funds.
When you are a beneficiary in a will you are contacted by the executor of the will as it is their legal duty to carry out the wishes of the deceased and to show that all wishes have been met to the court before they can receive their payment
All the rights required. He or she does not need to be an executor to receive any bequest. It is the responsibility and legal duty of the executor to carry out the wishes of the deceased.
In fact, this is how most wills are set up. They pay out a percentage of the estate. For example, if the estate was worth $100,000.00 and a beneficiary was to receive 15% of the estate, they would receive $15,000.00.
Sure you do have to report the pension amount on your 1040 federal income tax return and the taxable amount of the distribution will be taxed to you in the same way that it was taxed to the deceased taxpayer.
A sole beneficiary should, in theory, receive the entire estate, minus the fees of the executor.
You must take that mortuary to a court in order to receive a court order. good luck
A relative who happens to be next-of-kin is not necessarily the same thing as a beneficiary. A Beneficiary is a person who receives something tangible. For example, a person named to receive something in a will is a beneficiary under such will. Similarly, a person named to receive the proceeds under an insurance proceeds is referred to as a beneficiary. Next of kin refers to the nearest blood relatives of a person who has died, including the surviving spouse. It may also be used to refer to anyone who would inherit part of the estate by the laws of descent and distribution. See related link below: