Can legally separated spouse stay on health insurance?
Can legally separated spouse stay on health insurance?
Yes, as long as spouses remain married, health insurance in place prior to a separation should continue. If a spouse was protected by a policy of insurance prior to a separation, that health insurance coverage should continue during a period of separation.
Can you carry life insurance on an ex-spouse?
Yes, you can take out a life insurance policy on your ex-spouse if there is an insurable interest such as maintenance (alimony) and/or child support and your ex agrees to sign the application and go through underwriting.
What happens to joint life insurance after divorce?
What happens if you have a joint life insurance policy? Unless you have what’s called a ‘separation benefit’, joint policies can’t be divided. In this instance, one of you can decide to take over the joint policy as a single policy or you’ll need to cancel it entirely.
Can a divorce affect a trust?
Marital Property in a Trust If marital property is placed in an irrevocable trust, that trust cannot be changed and the assets in it cannot be removed and divided in the divorce.
When can a trust be terminated?
Further, a trust will be considered as terminated when all the assets have been distributed except for a reasonable amount which is set aside in good faith for the payment of unascertained or contingent liabilities and expenses (not including a claim by a beneficiary in the capacity of beneficiary).
How do you cancel a family trust?
The settlor or the trustee can close a family trust by revoking it if the trust deed gives them the power to do so. The trust deed will set out the process for the settlor or trustee to revoke the trust. You will need to formally record the revocation of the trust, and make the records available to the beneficiaries.
How do you cancel a trust agreement?
If you want to revoke your trust, you must formally take all of the trust assets out of the living trust and transfer title back to you. Basically, you must reverse the process you followed when you transferred ownership of the property to yourself as trustee.
What happens when a trust dissolves?
When a trust dissolves, all income and assets moving to its beneficiaries, it becomes an empty vessel. That’s why no income tax return is required – it no longer has any income. That income is charged to the beneficiaries instead, and they must report it on their own personal tax returns.
What happens if trustee does not follow trust?
If you fail to receive a trust distribution, you may want to consider filing a petition to remove the trustee. A trust beneficiary has the right to file a petition with the court seeking to remove the trustee. A beneficiary can also ask the court to suspend the trustee pending removal.
