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So my 3 years old will receive a settlement and im curious can we put a contigent beneficiaries on the settlement?
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Automobile Accidents Attorney serving New York, NY
Partner at
Kramer, Dunleavy & Ratchik, PLLC
4 Awards
You could but it's probably not necessary. In most settlements involving a minor the Infant Compromise Order (which the judge signs to approve the settlement) does not include a provision for contingent beneficiaries. Under New York Estate Powers & Trust Law § 4-1.1(a)(4), if a child dies without a Will, the infant's propery (such as the settlement proceeds) goes to the surviving parents. Best to confirm with your child's attorney.
Best regards,
Jonathan R. Ratchik, Esq.
Kramer, Dunleavy & Ratchik, PLLC
61 Broadway, Suite 2220
New York, NY 10006
(212) 226-6662
http://kdrpilawyers.com/
Answered on Jul 15th, 2020 at 7:22 AM