Sentences with phrase «as irrevocable beneficiary»

«It is a challenge for family lawyers to assure clients in the event somebody dies who is paying support doesn't name you as an irrevocable beneficiary.

Furthermore, the separation agreement set out the husband's obligation to maintain a life insurance policy naming the wife as an irrevocable beneficiary.

Sometimes, even if people lose touch over the years, they may still be listed on a policy, either because they were originally listed as irrevocable beneficiary and couldn't be changed, or because the person who passed away just wanted to leave it as a surprise gift.

Does he sign as irrevocable beneficiary?

A final Order was eventually issued, with the requirement for Stephane to maintain Anastasia as irrevocable beneficiary to continue.

In particular, the question was where a support payor owns a life insurance policy and is required to name the support recipient as irrevocable beneficiary of the policy, what rights does the support recipient have to the policy proceeds in the face of a competing claim of another dependant of the deceased payor brought under the Succession Law Reform Act («SLRA»).

For example, if the husband is required to pay support, he may also be required to obtain a life insurance policy and name his spouse as irrevocable beneficiary of the policy so that if he dies, the spouse will have sufficient funds for his or her support.

Several consent orders were made holding that Stephen would maintain Anastasia as irrevocable beneficiary on any life insurance policy.

It has been a long standing practice in family law to include provisions that a support recipient be named as an irrevocable beneficiary in separation agreements and court orders.

Under the Family Law Act or the Divorce Act, a court can order a support payor to designate the support recipient as the irrevocable beneficiary of a life insurance policy to ensure funds exist at the time of the payor's death to satisfy his (or her) support obligations specified in the support order.

While many arguments were raised in the courts below, Justice Brown focused the issue on what happens where a support payor dies with a life insurance policy who was required by court order to name a spousal or child support recipient as the irrevocable beneficiary of the policy.

Does he sign as irrevocable beneficiary?

In Bielny, the separation agreement required the insured to name the children of the first marriage as irrevocable beneficiaries.

Not exact matches

Although, some states allow «self settled» trusts which allow you to set up an irrevocable trust naming yourself as beneficiary.

In certain cases, such as the establishment of an irrevocable life insurance trust or charitable remainder trust, the designation of a beneficiary, in this case, the charity, must be irrevocable.

Change of Beneficiary: A contract provision that allows the policy owner to change the beneficiary whenever desired, unless the beneficiary has been designated as iBeneficiary: A contract provision that allows the policy owner to change the beneficiary whenever desired, unless the beneficiary has been designated as ibeneficiary whenever desired, unless the beneficiary has been designated as ibeneficiary has been designated as irrevocable.

If, for some reason, you can not obtain new insurance, have his or her existing policies transferred to you as the new, outright policy owner or irrevocable beneficiary.

There's no technical limitation or minimum requirement, but two practical factors would be: 1) in an irrevocable trust, you are placing some of your assets forever outside of your control and you can not directly benefit from them, and 2) since you can not be a trustee of your own irrevocable trust the trust will have to contain enough assets to pay the trustees for their time as well as to pay the beneficiaries for whom the trust is set up.

If an estate is larger and therefore vulnerable to federal or state estate tax exposure, an irrevocable trust may be used to provide liquidity for the estate without being subject to estate taxes by owning the policy and being designated as the beneficiary upon the death of the insured.

Living Trusts can be set up as «revocable» (meaning you can change or cancel them) or «irrevocable» (meaning that they're essentially gifts that can not be revoked unless the beneficiary consents).

In Fraser v. Fraser, the trial judge found on the facts that the terms of the separation agreement requiring the insured to maintain the plaintiff as beneficiary were tantamount to an irrevocable designation.

Change of Beneficiary: A contract provision that allows the policy owner to change the beneficiary whenever desired, unless the beneficiary has been designated as iBeneficiary: A contract provision that allows the policy owner to change the beneficiary whenever desired, unless the beneficiary has been designated as ibeneficiary whenever desired, unless the beneficiary has been designated as ibeneficiary has been designated as irrevocable.

Change of Beneficiary Provision A life insurance or annuity policy provision allowing you to change the beneficiary whenever desired (unless the beneficiary has been designated as irBeneficiary Provision A life insurance or annuity policy provision allowing you to change the beneficiary whenever desired (unless the beneficiary has been designated as irbeneficiary whenever desired (unless the beneficiary has been designated as irbeneficiary has been designated as irrevocable).

As the policy owner, you may amend beneficiaries — unless the policy has an irrevocable beneficiary designation.

If you want to or need to select a beneficiary as someone other than your spouse, you may need to set up an irrevocable life insurance trust (ILIT).

The TD T10, TD T20 and TD T100 policies offer the option to designate the beneficiary as revocable (i.e. the beneficiary can be changed by the policy owner), or irrevocable, (i.e. the beneficiary is set at the beginning of the coverage and can not be changed except with the beneficiary's consent).

Parents can name an irrevocable life insurance trust as the owner and beneficiary of the policy.

With an irrevocable beneficiary, creditors can not touch the policy proceeds as these monies are not considered to be a part of your assets.

The owner is the only person who can change beneficiaries (as long as they are not irrevocable beneficiaries) and permission does not need to be taken from the old or new beneficiaries to enact the change.

If an estate is larger and therefore vulnerable to federal or state estate tax exposure, an irrevocable trust may be used to provide liquidity for the estate without being subject to estate taxes by owning the policy and being designated as the beneficiary upon the death of the insured.

An Irrevocable Life Insurance Trust (ILIT) is simply explained as a way of having a life insurance policy that does not hold any estate tax consequences for your beneficiaries.

Whereas you'll normally list family members or a charity as beneficiaries for other policies, life insurance for estate protection must have your irrevocable trust.

Another option is to set up an irrevocable life insurance trust and designate it as your policy's primary beneficiary.

It serves as a great estate planning tool as it can be purchased by an irrevocable trust, with your heirs as the beneficiary and the insurance proceeds are kept out of the estate for tax purposes.

If so, you can change the beneficiary at any time with a simple form as long as the beneficiary is not irrevocable, in which case the beneficiary's written consent would also be needed.

Most trust attorneys and financial advisers recommend creating an Irrevocable Life Insurance Trust or «ILIT» to both fund (pay your policy) and to serve as the beneficiary of your second to die or survivorship policy.