Can an estate be a beneficiary of a will?
Can an estate be a beneficiary of a will?
Yes, an estate can be a beneficiary of a will. A will might name an estate as a beneficiary to receive certain property or assets; or it could appoint the executor of an estate to oversee the distribution of certain property or assets. Either way, a will can designate an estate as a beneficiary.
When you set up a will, you are able to choose who gets your assets after your death. However, it's often overlooked that an estate can be named as a beneficiary of a will. When you leave an inheritance to an estate, the money or property is held in trust by the executor of the estate until one or more beneficiaries reach the age of maturity or become legally emancipated.
When deciding on a beneficiary for your money or property, consider naming an estate. Naming an estate allows you to help someone who might not otherwise have received anything after your death. An estate is typically used when you wish to leave money or property to minor children (those under 18 years old) from a previous relationship. This can be done without affecting the custody rights of their current legal guardian.
If you're the executor of an estate, you may be wondering whether you can include the estate as a beneficiary in a will. It's possible, but it's not always a good idea.
As you may or may not know, a will is a type of legal document that allows you to designate who will inherit your property after you die. If a person dies without leaving a will, known as "dying intestate," their estate will go to their closest relatives according to the laws of intestacy. In the United States, if a person has no spouse or children, his or her estate will go to his parents or other next of kin. Some states also have laws that allow an estate to be inherited by someone who isn't an immediate relative under certain circumstances. In these cases, it can be helpful if the estate is named as a beneficiary of the deceased's will. For example, if someone wanted to make sure his best friend received his car in the event of his death, he could leave it to him in his will and name him as a beneficiary.
If you have any questions or in need a Will and Estate Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
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Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
