Comments on: Transferring Assets Upon Death With a Trust http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/ Helping a unique generation achieve financial independence. Mon, 15 Mar 2010 19:39:52 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Rich http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/#comment-119024 Rich Tue, 28 Apr 2009 13:38:36 +0000 http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/#comment-119024 Can you list a trust as a beneficiary and is this a good idea? Can you list a trust as a beneficiary and is this a good idea?

]]> By: Your Finances Blog » Late breaking news http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/#comment-25110 Your Finances Blog » Late breaking news Mon, 24 Sep 2007 00:03:59 +0000 http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/#comment-25110 [...] Comment on Transferring Assets Upon Death With a Trust by Comment <b>…</b> [...] [...] Comment on Transferring Assets Upon Death With a Trust by Comment <b>…</b> [...]

]]> By: Comment on Transferring Assets Upon Death With a Trust by Posts I … - Personal Finance http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/#comment-25043 Comment on Transferring Assets Upon Death With a Trust by Posts I … - Personal Finance Sun, 23 Sep 2007 16:57:32 +0000 http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/#comment-25043 [...] on Transferring Assets Upon Death With a Trust by Posts I … Sales Tactics, Organizational Tactics And A Kitchen Renovation: The Roundup » Money and... wrote an interesting post today onHere’s a quick excerptat Generation X Finance took a look [...] [...] on Transferring Assets Upon Death With a Trust by Posts I … Sales Tactics, Organizational Tactics And A Kitchen Renovation: The Roundup » Money and… wrote an interesting post today onHere’s a quick excerptat Generation X Finance took a look [...]

]]> By: Sales Tactics, Organizational Tactics And A Kitchen Renovation: The Roundup » Money and Personal Finance Blog In Silicon Valley http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/#comment-25021 Sales Tactics, Organizational Tactics And A Kitchen Renovation: The Roundup » Money and Personal Finance Blog In Silicon Valley Sun, 23 Sep 2007 15:17:09 +0000 http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/#comment-25021 [...] X Finance: Find out more about how to deal with the money consequences of death right here! Jeremy wrote up an entire series this week on this [...] [...] X Finance: Find out more about how to deal with the money consequences of death right here! Jeremy wrote up an entire series this week on this [...]

]]> By: Posts I Enjoyed Last Week | The Sun’s Financial Diary | A Personal Finance Blog on Saving and Investing http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/#comment-25018 Posts I Enjoyed Last Week | The Sun’s Financial Diary | A Personal Finance Blog on Saving and Investing Sun, 23 Sep 2007 15:11:26 +0000 http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/#comment-25018 [...] at Generation X Finance took a look at asset transfer related issues in a series of posts. It’s a very informative discussion on the means to [...] [...] at Generation X Finance took a look at asset transfer related issues in a series of posts. It’s a very informative discussion on the means to [...]

]]> By: Hot Topics: Passive Income, Messy Desks, Trusts, and The Green Eyed Monster | MoneySocket http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/#comment-24817 Hot Topics: Passive Income, Messy Desks, Trusts, and The Green Eyed Monster | MoneySocket Sat, 22 Sep 2007 06:23:28 +0000 http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/#comment-24817 [...] at Gen X Finance talks about trusts and explains what they are. It’s an easy read and gives a short and sweet definition of trusts and the benefits of [...] [...] at Gen X Finance talks about trusts and explains what they are. It’s an easy read and gives a short and sweet definition of trusts and the benefits of [...]

]]> By: Jeremy http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/#comment-24694 Jeremy Fri, 21 Sep 2007 16:09:20 +0000 http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/#comment-24694 When talking about beneficiaries and contracts, yes, and that is typically the case because the asset is usually transfered to a new owner, who would then have to assign their own beneficiaries. Once the benefactor dies, the asset is either liquidated and given to the primary beneficiary (since it was liquidated, there are no more beneficiaries), or the asset remains intact, but now has a new owner, which would require the assignment of new beneficiaries. I'm sure there may be some instances where the contingents may carry over, but with the types of accounts and assets I deal with, this is never the case. Of course, I'm strictly referring to beneficiaries as it relates to contracts. Once you get into a trust, there are more intricate ways you can plan for contingencies. So the information you were reading was probably more related to establishing the chain of beneficiaries in a trust, which is more flexible. When talking about beneficiaries and contracts, yes, and that is typically the case because the asset is usually transfered to a new owner, who would then have to assign their own beneficiaries. Once the benefactor dies, the asset is either liquidated and given to the primary beneficiary (since it was liquidated, there are no more beneficiaries), or the asset remains intact, but now has a new owner, which would require the assignment of new beneficiaries.

I’m sure there may be some instances where the contingents may carry over, but with the types of accounts and assets I deal with, this is never the case.

Of course, I’m strictly referring to beneficiaries as it relates to contracts. Once you get into a trust, there are more intricate ways you can plan for contingencies. So the information you were reading was probably more related to establishing the chain of beneficiaries in a trust, which is more flexible.

]]> By: Steve Austin http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/#comment-24687 Steve Austin Fri, 21 Sep 2007 14:55:48 +0000 http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/#comment-24687 I see; so the only contingency is death. When I stumbled onto the concept, I was thinking of a broader more intricate contingency, something like: "when I die, if [this] AND [that] happens within [this period of time], then [person A] is the beneficiary; otherwise [person B] is the beneficiary". But back to the death contingency, you're saying that all contingencies expire/reset when the benefactor dies? In other words, each time the asset changes hands, prior beneficiary assignments are lost? I see; so the only contingency is death. When I stumbled onto the concept, I was thinking of a broader more intricate contingency, something like: “when I die, if [this] AND [that] happens within [this period of time], then [person A] is the beneficiary; otherwise [person B] is the beneficiary”.

But back to the death contingency, you’re saying that all contingencies expire/reset when the benefactor dies? In other words, each time the asset changes hands, prior beneficiary assignments are lost?

]]> By: Jeremy http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/#comment-24685 Jeremy Fri, 21 Sep 2007 13:40:47 +0000 http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/#comment-24685 Contingent beneficiaries are common when there are children in the picture. For example, for the beneficiaries listed for a 401(k) plan, you are assign primary and contingent beneficiaries. Typically, someone would list the spouse as the sole primary beneficiary to receive 100%, and then list their child, or children as contingent. The contingent is in force if the primary beneficiary is also deceased. This is a good thing to do since there are certainly possibilities where both parents could die together in an accident of some sort, so it could go directly to the children (or some other contingent beneficiary). It is also worth noting that the use of contingent beneficiaries only works if the primary beneficiary is also dead. If the account holder dies, and the primary beneficiary receives the assets, it would be up to them to restate the beneficiaries as the contingents don't automatically get "promoted" to primary in that case. Good question, and that is something I should have addressed when discussing contracts. Contingent beneficiaries are common when there are children in the picture. For example, for the beneficiaries listed for a 401(k) plan, you are assign primary and contingent beneficiaries. Typically, someone would list the spouse as the sole primary beneficiary to receive 100%, and then list their child, or children as contingent.

The contingent is in force if the primary beneficiary is also deceased. This is a good thing to do since there are certainly possibilities where both parents could die together in an accident of some sort, so it could go directly to the children (or some other contingent beneficiary).

It is also worth noting that the use of contingent beneficiaries only works if the primary beneficiary is also dead. If the account holder dies, and the primary beneficiary receives the assets, it would be up to them to restate the beneficiaries as the contingents don’t automatically get “promoted” to primary in that case.

Good question, and that is something I should have addressed when discussing contracts.

]]> By: Steve Austin http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/#comment-24678 Steve Austin Fri, 21 Sep 2007 13:04:30 +0000 http://genxfinance.com/2007/09/20/transferring-assets-upon-death-with-a-trust/#comment-24678 Missed a word in my prior comment: how would you fit that approach into an estate plan? Missed a word in my prior comment: how would you fit that approach into an estate plan?

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