Trust Beneficiaries Right Without Consent
Description
How to fill out Irrevocable Life Insurance Trust - Beneficiaries Have Crummey Right Of Withdrawal?
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FAQ
Consider your kids or the person/people taking over guardianship as the primary beneficiary. Your ex-spouse is another option. You could name your parents or siblings as contingent beneficiaries. Most single people with no kids will name their parents or siblings as primary beneficiaries.
In the case of ignoring the beneficiary, the court intervention could be enough to prod the Trustee to action. If an unresponsive trustee has demonstrated animosity toward the beneficiary that results in unreasonable refusal to distribute assets or has a conflict of interest, the court may remove the Trustee.
And you shouldn't name a minor or a pet, either, because they won't be legally allowed to receive the money you left for them. Naming your estate as your beneficiary could give creditors access to your life insurance death benefit, which means your loved ones could get less money.
To leave property to your living trust, name your trust as beneficiary for that property, using the trustee's name and the name of the trust. For example: John Doe as trustee of the John Doe Living Trust, dated January 1, 20xx.
By stealing from a trust or otherwise breaching fiduciary duty, a trustee keeps beneficiaries from obtaining the assets or funds that they're entitled to. In such cases, a trustee could face civil and criminal charges.