QUESTION

Contigent beneficiaries

Asked on Jul 10th, 2020 on Personal Injury - New York
More details to this question:
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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1 ANSWER

Automobile Accidents Attorney serving New York, NY
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

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