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We have a durable power of attorney. and a will. Where should the beneficiaries be listed for the house and the IRA's in the will or the POA?

Should the beneficiaries be listed as people or as the trust?

Posted by Anonymous on

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Posted on Jan 02, 2017

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SOURCE: What stops a trustee from stealing from a trust the beneficiaries don't know how much money is in the trust

trust is all that stops theft
there is a criminal law that applies if theft is proved but you will need a court order to check the trust and the people running the trust
time to get the services of a good lawyer

Posted on Nov 09, 2015

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How to stop a annuity policy from paying out if ***** is suspected by the beneficiery.


Added:
The information in this article regarding challenging a will in South Africa may prove informative and encourage you to seek legal assistance from an attorney who specializes in wills and estates:
http://www.saflii.org/za/journals/DEREBUS/2013/196.html
(Copy and paste the web address above into the address box of your browser.)

Hello, Evanwyk24 -

From this question and others you have recently posted on Fixya.com, it seems your concern is in regards to the settlement of a will of a deceased person and the payment of that person's annuity policy to some beneficiary. Plus, you reside in South Africa.

I find that in South Africa there is an agency, Ombudsman for Long Term Insurance. Someone there may be able to advise you. See information on the organization's home page:
http://www.ombud.co.za/

From the many questions you posted about your concern, it seems you feel the deceased in question might have been manipulated to change his or her will or there was some sort of unlawful activities involved and you want to contest the will.

If I am correct in my understanding of your concerns, then you need to find an attorney who specializes in estates and related law. This is the link to the website of one such law firm in South Africa:
https://www.empowerlaw.co.za/deceased-estates/

Honestly, I doubt if you will find anyone knowledgeable about South African estate law and challenging a will there volunteering to answer questions on Fixya.com.

Note: Those who answer questions on Fixya are volunteers.

Jan 12, 2018 | Miscellaneous

Tip

Let's make our IRAs (ac)count!


IRAs (Individual Retirement Account) can be very useful if well used. And very wasteful if not taken care of properly.
In order to make sure that your IRAs last longer, and benefit you and your family in the long run, make sure you take the right precautions.

Here are some useful tips:

1. Make sure to fill out the beneficiary designation form.
You may think that the will controls who will benefit from your IRA. Well, it doesn't. While this form does, and it must be filed with your bank.

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The beneficiaries can include your spouse or partner, family members, charity or a trust to benefit family.

2. Be aware that whoever inherits your IRA, if it's not your spouse, will have to withdraw a minimum amount each year.
If it is your spouse who inherits, usually there will be less strict rules.

3. A good way to extend the life of an IRA is by stretching out its withdrawals. Both the owner of the account or the beneficiary can try to withdraw no more than the required minimum distributions from a regular or inherited IRA and this way let the money grow tax-deferred or, in case of Roth IRA, tax-free.

4. The younger the beneficiary is, the less he or she is obligated to take out each year. This way the stretch previously mentioned would last longer.

5. Be careful what a non-spouse does with your IRA.
A non-spousal heir cannot roll your money into his or her IRA. Therefore your IRA should be left intact and designed as Inherited IRA.
On the other hand, a spouse can choose if he or she wants to keep the IRA as "inherited" or roll it into his or her own IRA. The second option is usually better if the spouse is over the age of 59 and a half.

6. Don't name your estate as beneficiary.
This action, as well as in case of the loss of the beneficiary designation form or if you forget to name a beneficiary, would mean that all IRA funds will have to be withdrawn within five years of your death and, in case of traditional IRA, all taxes payed as the money comes out.

7. Name "contingent" beneficiaries.
Since you don't want your estate to inherit the IRA, it's advisable to name "contingent" beneficiaries. This way, if your primary beneficiary dies before you do, the contingent beneficiary can keep stretching out the life of your IRA.
For example is your primary beneficiary is your child and you name the contingent beneficiary your grandchild, if your child dies before you, your grandchild can still stretch out the life of your IRA.

8. By choosing a Roth IRA rather than a traditional one, you pay your taxes in advance but you relieve your heirs from this weight when their time comes to withdraw.
Also, with a Roth IRA, after the age of 70 and a half you are no longer obligated to withdraw an yearly amount. This way you can take out what you need when you need it, and let the rest sit in the account, growing.

Good luck!

on Sep 04, 2013 | Finance

1 Answer

What site can I ask about my benefit from his retired pay? He died 4 months ago.


Having lost my spouse recently also, I wish to offer my condolences on your loss first. You mention "retired pay", which I would assume to be from a private retirement fund, IRA or 401k. You should contact the administrators of those accounts and report the ***** to determine what is yours as a beneficiary. It may also be a previous employer that has a pension benefit in his name (as it was for my wife), so you should contact previous employers also.
Finally, there is Social Security. You are entitled to a small ***** benefit payment, and also can receive an ongoing lifetime benefit as a spouse of the deceased account holder. It's too complicated to go into here, so you should contact SS and schedule a phone interview to review your options. I hope this helps.

Nov 02, 2017 | Washing Machines

5 Answers

Does the person with the power of attorney at someones ***** are they responcible for the funeral expenses?


This is really technical based on the professional terms and should be on a logical angle towards the contents of the questions asked. First less give a breakdown of POA

A power of attorney (POA) or letter of attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter. The person authorizing to act on anything less to above should not be his attorney, so based on the content of asked question, it is NO. Not responsible for funeral expenses.

Hope this clear and answer the your question.
Thanks
Best regards.

Sep 27, 2017 | Miscellaneous

1 Answer

Do you have to record a health power of attorney, a durable power of attorney and a living will for them to be valid?


Yes. They must be notarized and filed with your county recorders office to be recognized as valid. This requirement prevents someone from changing your will without your knowledge, getting it notarized and filing it.

Jun 13, 2017 | Power Computers & Internet

3 Answers

Beneficiary


I can give you some information. Mainly Beneficiary is someone who receives income from property which he uses as collateral when signing an agreement. Sometime amongst other things it could be income from the rental of property or the transfer of stocks for the broker to use. And Beneficiaries are defined by issuing banks as the holder of a credit letter. Howover, a beneficiary could be someone who receives an insurance payment from an insurer. For any kind of information please visit Forex Trading Trade Forex with Alpari International Forex Broker and gather knowledge.

Dec 27, 2015 | Cars & Trucks

2 Answers

Beneficiaries


That would depend on the laws of your country, province, or state.

Jan 06, 2014 | Computers & Internet

1 Answer

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