This process is called collateral assignment. The primary disadvantage of having an irrevocable beneficiary is inflexibility. As to irrevocable trusts, an additional disadvantage is that you lose control of the assets in the trust, ceding that control to a trustee. A policyholder can be ordered by a court to designate their ex-spouse as a designated beneficiary. Most often, this is seen in cases where there are dependent children, child support, or alimony involved. In such a case, the ex-spouse can work with a divorce lawyer to persuade a court to make the policyholder designate the ex-spouse as an irrevocable beneficiary to secure child support.
Policyholders should be clear with any beneficiary as to what the terms and conditions of a life insurance policy will be. Some financial planners, including insurance companies themselves, recommend that you review your beneficiaries annually.
That might be unnecessary, especially if you have named irrevocable beneficiaries. However, whenever a major life change occurs—marriage, divorce, the birth of a child, or death—you definitely should look over your beneficiaries.
Irrevocable beneficiaries will always be primary beneficiaries. They take priority over revocable beneficiaries, forcing those others into secondary or tertiary status.
It would be extremely rare for an irrevocable beneficiary to take second place. The point of irrevocable beneficiary status is its permanency. Generally speaking, an irrevocable beneficiary can only be removed if the beneficiary agrees to be displaced, voluntarily surrendering their status.
Haven Life Insurance Agency. Werner Law Firm. Legal Forms. The Law Dictionary. Life Insurance. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content.
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Your Money. Personal Finance. The irrevocable trust allows you to plan five years ahead, securing assets for your named beneficiaries.
A trustee is appointed to manage the irrevocable trust; generally, this can be a family member or an unbiased 3 rd party depending on your situation. The Trustee exercises independent control over assets of the trust and is bound to uphold the provisions of the trust. You know how you always tell me and Dad you want to live in this house forever? Well, if we set up a revocable trust, you could legally live here for the rest of your life.
But we can take one more step that will be even better…the irrevocable trust. He can explain it much better. Which type of trust is best for you? This depends on your ultimate asset protection goals. Estate planning laws are complex, so always consult with a qualified attorney.
Contact St. Louis estate planning attorney Brian Quinn for knowledgeable assistance. Previous Next. I agree with Adams that this grant is not particularly well-drafted; however, I differ from him a bit on why I think it is not a well-drafted clause.
Regarding the strings of adjectives, this is just how licenses are drafted. Having said this, Adams is correct in stating that some of these adjectives are unnecessary.
Licenses are either exclusive or non-exclusive, and a well-drafted license will identify which type of license you are dealing with in the license grant clause. In addition, the geographic scope of the license is critical and needs to be identified, if the territory of the license is not defined elsewhere in the Agreement.
Typically, if the territory is worldwide, this would be identified in the license grant rather than in a separate clause of the agreement. The grant clause should define exactly what constitutes the scope of the license. Can the licensee grant sublicenses to the Software? Can the licensee distribute the Software? Can the licensee manufacture the Software? You get the picture. The license grant needs to spell out what exactly constitutes a license to the Software.
If it fails to do so, then it is poorly drafted. In summary, I agree with some of the criticism raised by Adams regarding this license grant. It is wordier than necessary. At the same time, there are some critical elements of a license grant that are clearly missing from the clause, and these omissions are what concern me most about the specific clause identified by Adams in his posting.
I agree that it is poorly drafted. It is also missing the nature of the intellectual property being licensed i. It is also not clear if the software can be used by subsidiaries of the Licensee or outsourced vendors. I agree, Mark, that there is some additional information that could have been addressed in the grant clause, beyond what I mentioned in my posting.
Certainly the nature of the IP being licensed and the issue of whether there are certain third parties who can use the software must be addressed in the agreement, in order to define the scope of the license. Thanks for your feedback. Skip to content Skip to navigation Skip to footer Published by. Print this post.
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