Alternative Designation of Beneficiaries,
Alternative Designation of Beneficiaries
The agreement for alternative designation of beneficiaries states that if there is just one beneficiary, he or she is entitled to 100% of the beneficial interest. However, if there are multiple beneficiaries each person is allocated a percentage of the interest. Incase of spouses the husband and wife as joint tenants have the right of survivorship and are not tenants in common. Incase of single beneficiary who has contingent remainder beneficiary, the person who is named gets 100% of the beneficial interest but on the death of the person specified, when the trust is in existence, whatever beneficial interest has not been disposed of, will be given to the person who is named as a beneficiary if he or she survives.
The remainder beneficiary succeeds all the rights of the beneficiary but if the life interest is still in existence, the remainder beneficiary has no rights or powers. Incase of life estate and vesterd remainder interest, the person mentioned gets 100% of the beneficial interest during their lifetime and on their death when the trust is in existence, the entire beneficial interest which is not disposed, is given to the owner of the remainder or to his or her estate. The life estate of the person named cannot be disposed of or encumbered or assigned without the consent in writing of the remainder holder. Or incase of a general partnership, the name of the partnership with its individual partners. Or in case of a limited partnership, the names of the partners.
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