Ifa unified credit trust is set up and1 of the2 beneficiaries passes away, who receives their share?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Ifa unified credit trust is set up and1 of the2 beneficiaries passes away, who receives their share?
Asked on January 10, 2012 under Estate Planning, New York
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the unified credit trust (bypass trust) has been established and one of of two beneficiaries of the trust passes, the surviving beneficiary named in the trust (unified credit trust aka bypass trust) is entitled to the amount designated within the document.
In such a situation, the surviving beneficiary should retain a Wills and trust attorney to assist in the administration of the trust that you have written about for the survivor.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.