Absolute Beneficiary
What is 'Absolute Beneficiary'
A designation of a beneficiary that can not be changed without the written consent of that beneficiary. Also referred to as an "irrevocable beneficiary", absolute beneficiaries can also refer to a trust, an employee benefit plan such as a pension, or any other instrument or contract with a beneficiary clause.
Explaining 'Absolute Beneficiary'
The naming of absolute beneficiaries is common in divorce settlements or liability cases where part of the settlement is the naming of a given person as a beneficiary. Any designations of absolute beneficiaries should be made very carefully and with professional consultation.
Further Reading
Does access to finance alleviate poverty? A case study of SGSY beneficiaries in Kashmir Valley
www.emerald.com [PDF]
… The state has witnessed an absolute absence of complimentary institutions to support financial inclusion … the impact of financial access on the poverty of participants/beneficiaries of financial … of an arbitrarily fixed criterion for the determination of a beneficiary under government …
www.emerald.com [PDF]
… The state has witnessed an absolute absence of complimentary institutions to support financial inclusion … the impact of financial access on the poverty of participants/beneficiaries of financial … of an arbitrarily fixed criterion for the determination of a beneficiary under government …
jamanetwork.com [PDF]
… The state has witnessed an absolute absence of complimentary institutions to support financial inclusion … the impact of financial access on the poverty of participants/beneficiaries of financial … of an arbitrarily fixed criterion for the determination of a beneficiary under government …
papers.ssrn.com [PDF]
… The state has witnessed an absolute absence of complimentary institutions to support financial inclusion … the impact of financial access on the poverty of participants/beneficiaries of financial … of an arbitrarily fixed criterion for the determination of a beneficiary under government …
www.cabdirect.org [PDF]
… The state has witnessed an absolute absence of complimentary institutions to support financial inclusion … the impact of financial access on the poverty of participants/beneficiaries of financial … of an arbitrarily fixed criterion for the determination of a beneficiary under government …
academic.oup.com [PDF]
… The state has witnessed an absolute absence of complimentary institutions to support financial inclusion … the impact of financial access on the poverty of participants/beneficiaries of financial … of an arbitrarily fixed criterion for the determination of a beneficiary under government …
www.ceeol.com [PDF]
… The state has witnessed an absolute absence of complimentary institutions to support financial inclusion … the impact of financial access on the poverty of participants/beneficiaries of financial … of an arbitrarily fixed criterion for the determination of a beneficiary under government …
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Q&A About Absolute Beneficiary
What does "irrevocable" mean in this context?
Irrevocable means that the designation cannot be changed.
What is an absolute beneficiary?
An absolute beneficiary is a designation of a beneficiary that can not be changed without the written consent of that beneficiary.
What is the Absolute Beneficiary?
The absolute beneficiary is a person who has been named to receive all of the assets in a trust.
Why should designations of absolute beneficiaries be made very carefully and with professional consultation?
Absolute beneficiaries should be designated very carefully because they cannot change their mind about who will receive their assets if they die without changing the designation.
How can you name an absolute beneficiary?
You can name an absolute beneficiary by naming them as such in your will or trust agreement.
Who are some examples of people who might be named as an absolute beneficiaries?
Some examples include children, grandchildren, siblings and friends.
What does an absolute beneficiary have control over?
An absolute beneficiary has control over all of the assets in a trust.
Who are common beneficiaries named in divorce settlements and liability cases?
Common beneficiaries named in divorce settlements and liability cases are trusts, employee benefit plans such as pension plans, or any other instrument or contract with a beneficiary clause.
What happens if there is no designated beneficiary for a trust?
If there is no designated beneficiary for a trust then it will pass to other family members according to state law.
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