Assets that might be used include real estate, bank accounts, and in many cases, mutual fund accounts.A mutual fund account's inclusion as part of the estate depends on what type of account it is, as well as the ownership type of the account.No, you would not need to complete a new application.
Or he can begin taking withdrawals based on his own life expectancy, creating a lifelong source of income.
The beneficiary must pay applicable taxes on these withdrawals, but he isn't charged penalties for early withdrawals.
9th Street Kansas City, MO 64105-1514 Yes, dividend or redemption checks may be made payable to a third party.
AIG Funds requires a letter of instruction, affixed with a Medallion Guarantee, signed by the shareowner(s), indicating payment instructions.
Investments in mutual funds are not FDIC insured, not guaranteed and may lose value.
Dividends can be paid monthly, quarterly or annually depending on the fund you own.
If the mutual fund is part of a retirement account such as a 401(k) or IRA, a beneficiary was named as part of the setup process.
IRAs and 401(k)s pass on to the beneficiary outside of the estate of the original owner.
Craig Woodman began writing professionally in 2007.
Woodman's articles have been published in "Professional Distributor" magazine and in various online publications.
For additional information, contact your financial representative or refer to the fund prospectus.