"altenate" - 1 õppematerjal

Estate Planning Basics Referaat

court proceedings are required to turn property over to beneficiaries. Because of this, living trusts are the most popular probate- avoidance device. Beneficiaries Direct beneficiaries come in two types: · Primary beneficiaries- people or institutions named to receive specially identified property. · Residuary beneficiaries- people or organizations named to receive any property not specifically left to primary beneficiaries. An altenate beneficiary is a person or organization you name to receive a gift you left to a direct beneficiary, if that direct beneficiary dies before you, or does not outlive you by a defined period of time, often 30 to 45 days. Children In this book ,,children" can have two meanings. The first is ,,minors" ­ individuals who are not yet 18. The second meaning is offspring of any age; parents who live long enough can have ,,children" who are in their 40s, 50s, or even older.