beneficiary designation

John Griswold on

If beneficiary designation says the benificary is a trust in
the partners name do we need to know if the trust actualy
exists. and if it does not should the check go to the
estate?

Norman Gee on

If you look at bivio help they do not recommend beneficiary forms

https://www.bivio.com/site-help/bp/Beneficiary_Forms_Help

On Sat, Aug 1, 2020 at 12:03 PM John Griswold via bivio.com <user*27984100001@bivio.com> wrote:

If beneficiary designation says the benificary is a trust in
the partners name do we need to know if the trust actualy
exists. and if it does not should the check go to the
estate?

ira smilovitz on

Check with a local attorney. Beneficiary forms may have no legal standing with regard to a partnership interest. It's not the same as a bank or brokerage account. Your question illustrates the biggest risk with beneficiary statements - if the club pays the wrong party, the club and each of its members, singly and collectively, are responsible for paying the correct party when it is discovered whether or not the club can recover the misdirected funds. The club may have to bring legal action to recover the misdirected funds.

It is always easiest and safest to pay any death withdrawals to the estate of decedent. It's not the club's responsibility to involve itself with the disposition of the decedent's assets.

Ira Smilovitz, EA

On Sat, Aug 1, 2020 at 4:29 PM Norman Gee via bivio.com <user*125100001@bivio.com> wrote:

If you look at bivio help they do not recommend beneficiary forms
https://www.bivio.com/site-help/bp/Beneficiary_Forms_Help

On Sat, Aug 1, 2020 at 12:03 PM John Griswold via bivio.com <user*27984100001@bivio.com> wrote:
If beneficiary designation says the benificary is a trust in
the partners name do we need to know if the trust actualy
exists. and if it does not should the check go to the
estate?

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