Ifa unified credit trust is set up and1 of the2 beneficiaries passes away, who receives their share?

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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 9 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.


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